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Halifax 33 months 0% interest on balance transfers, 0.59% fee, £20 cashback
Halifax 33 months 0% interest on balance transfers, 0.59% fee, £20 cashback

Halifax 33 months 0% interest on balance transfers, 0.59% fee, £20 cashback

Editor
If you’ve got any existing credit card debt you want to switch to a new card, this deal from Halifax is worth checking out.

This is what you get:

• 33 months’ interest-free for balance transfers
• 0.59% effective fee applies on each balance transfer made in the first 90 days. (An initial 3% fee applies but Halifax refunds 2.41% within 90 days, so the effective fee is 0.59%.)
• If you transfer balances outside the initial 90 days, the 3% fee stands.
• £20 cashback direct from Halifax (not a cashback site) on your first balance transfer made within 90 days of account opening. This ends on 13 June.
• 0% interest for three months from account opening on purchases, then 18.9% APR.

If my maths is correct, that means you can transfer up to £3,390 for free as the £20 cashback will cancel out the 0.59% fee.

Note: This isn’t Halifax’s longest 0% balance transfer offer – it has 41 months with a 2.29% fee and 37 months with a 1.39% fee. It’s the 0.59% fee and £20 cashback that makes it a good deal if you reckon you can pay off your debt in 33 months.

Small print to note

• Minimum £100 balance transfer.

• At least 51% of customers will get 0% on balance transfers for the first 33 months and a representative rate of 18.9% APR (variable). Others will get 0% on balance transfers for the first 33 months and a rate of 21.9% APR (variable), or 0% on balance transfers for the first 18 months and a rate of 25.9% APR (variable).

• The £20 cashback will be paid in to your credit card account within 90 days of the balance transfer being made.

• To keep any promotional rates, you must pay at least the minimum payment on time and stay within your credit limit.

Why I like it

33 months might not be the longest 0% balance transfer deal around but it’s not bad, while the 0.59% fee and £20 cashback keeps the cost of transferring balances low or free in some cases.

40 Comments

Thanks, will look into it later need one to transfer some balance

what does this mean, i don't have any credit cards, what does free balance on 3k mean

Could I overpay my mortgage by £3k if I had this?

Surely I'd save quite a bit of mortgage interest as long as I can pay off this card within 33 months.

Original Poster Editor

matt3454

Could I overpay my mortgage by £3k if I had this?Surely I'd save quite a … Could I overpay my mortgage by £3k if I had this?Surely I'd save quite a bit of mortgage interest as long as I can pay off this card within 33 months.


No, you can only transfer other credit card debts to a balance transfer card. A "money transfer" card allows you to transfer other debts to a 0% credit card.

Heat added

Beware they tend to give lower limits...

matt3454

Could I overpay my mortgage by £3k if I had this?Surely I'd save quite a … Could I overpay my mortgage by £3k if I had this?Surely I'd save quite a bit of mortgage interest as long as I can pay off this card within 33 months.



Technically it's possible if you have another CC. Do a balance transfer for the most you can to the other CC, then ring up the CC with a (now) positive balance and ask for a credit deposit into your current account. Not sure if this is against Ts & Cs but is certainly a workaround.

whelan189

what does this mean, i don't have any credit cards, what does free … what does this mean, i don't have any credit cards, what does free balance on 3k mean


Doesn't really apply to you since you don't have one. But It means if you owed on an existing card, you could move what you owed over to this Halifax card, and the amount owed wouldn't increase by any interest for 33 months. You'd be charged 0.59% of the balance you transferred.

Edited by: "soap_box" 19th May

soap_box

Doesn't really apply to you since you don't have one. But It means if you … Doesn't really apply to you since you don't have one. But It means if you owed on an existing card, you could move what you owed over to Halifax, and it wouldn't gain any interest for 33 months. You'd be charged 0.59% of the balance you transferred.



ahh okay I see, why don't people just take money out there savings?

writergirl74

No, you can only transfer other credit card debts to a balance transfer … No, you can only transfer other credit card debts to a balance transfer card. A "money transfer" card allows you to transfer other debts to a 0% credit card.



Ah thanks for the reply. I dont currently have any debts other than my mortgage so I guess this is no use to me!

I have the Halifax clarity card for foreign travels but I dont think they allow a positive balance.

whelan189

ahh okay I see, why don't people just take money out there savings?


Because we live in a Buy now, pay later or even worse pay never society these days.
I'm not sayings its right, but seems to be the way for many people these days, me included.

whelan189

ahh okay I see, why don't people just take money out there savings?



Because then you can carry on earning interest (granted not much atm) on the savings and your debts or liability are not subject to any interest.

I have approx 10k of 'debt' on credit cards (non of which I'm paying any interest on). I have the money in savings (earning interest for me) to pay them off tomorrow if I wanted to but as the debt isn't costing me anything why would I? If any of my cards were about to reach the end of their deal I would be seriously considering this card to transfer 3k away again interest free for 33 months.

The other reason might be someone might not have any savings! Doing this will then save them a boat load of interest they would have paid on the card they are shifting the balance from. (they probably shouldn't have spent money they didn't have to begin with but that's a different story)




Edited by: "b33r" 19th May

whelan189

what does this mean, i don't have any credit cards, what does free … what does this mean, i don't have any credit cards, what does free balance on 3k mean


Maybe its best you keep it that way

b33r

Because then you can carry on earning interest (granted not much atm) on … Because then you can carry on earning interest (granted not much atm) on the savings and your debts or liability are not subject to any interest.I have approx 10k of 'debt' on credit cards (non of which I'm paying any interest on). I have the money in savings (earning interest for me) to pay them off tomorrow if I wanted to but as the debt isn't costing me anything why would I? If any of my cards were about to reach the end of their deal I would be seriously considering this card to transfer 3k away again interest free for 33 months.The other reason might be someone might not have any savings! Doing this will then save them a boat load of interest they would have paid on the card they are shifting the balance from. (they probably shouldn't have spent money they didn't have to begin with but that's a different story)



That sounds like a fool proof plan that.

herby247

That sounds like a fool proof plan that.



As long as you a strict and appreciate that you are simply not allowed to spend the money in savings (as it isn't yours!) then yes, it really is. It's called 'stoozing' by the way, over the years it's earn't me thousands.
Edited by: "b33r" 19th May

b33r

Because then you can carry on earning interest (granted not much atm) on … Because then you can carry on earning interest (granted not much atm) on the savings and your debts or liability are not subject to any interest.I have approx 10k of 'debt' on credit cards (non of which I'm paying any interest on). I have the money in savings (earning interest for me) to pay them off tomorrow if I wanted to but as the debt isn't costing me anything why would I? If any of my cards were about to reach the end of their deal I would be seriously considering this card to transfer 3k away again interest free for 33 months.The other reason might be someone might not have any savings! Doing this will then save them a boat load of interest they would have paid on the card they are shifting the balance from. (they probably shouldn't have spent money they didn't have to begin with but that's a different story)



What interest are you earning on this? With all of the major banks paying very little on instant access accounts it seem like a lot of hassle for a couple of hundred pounds which you then have to pay tax on potentially.

Pulpdiction

What interest are you earning on this? With all of the major banks paying … What interest are you earning on this? With all of the major banks paying very little on instant access accounts it seem like a lot of hassle for a couple of hundred pounds which you then have to pay tax on potentially.



Can't comment on this guy's behalf, but, for example, I have:

£2500 with Nationwide Current @ 5%
£6000 with Tesco Current @ 3%
and I'm dripfeeding a 5% Nationwide regular saver from a 1% Tesco savings account... Around £5k in total between the two accounts...

Over 12 months, it should see total interest of roughly £440. Personally I think that's worth it for the effort it takes to apply for a balance transfer credit card every couple of years, but that's your call.

No interest is payable unless basic rate tax payers earn over £1000 in interest and higher rate tax payers over £500.


Edited by: "akajay07" 19th May

so you effectively pay just £39 if you do a 10k balance transfer.
amazing deal !

Pulpdiction

What interest are you earning on this? With all of the major banks paying … What interest are you earning on this? With all of the major banks paying very little on instant access accounts it seem like a lot of hassle for a couple of hundred pounds which you then have to pay tax on potentially.



~5%, all instant access. No tax due on first £1000 of interest. The amount I've had stoozed has varied between 5 and 15k for last 8 years. Also had all the various cash backs, loyalty points and bonuses for the different accounts.

Don't waste your time. I ve a Barclaycard with £10,000 limit, a m & S card with £6000 limit and a golden credit record. Thought I'd finance my kids car by buying on barclaycard and doing a balance transfer to Halifax. Got their card and they gave me a £500 credit limit. Useless.

johnsymes

Don't waste your time. I ve a Barclaycard with £10,000 limit, a m & S … Don't waste your time. I ve a Barclaycard with £10,000 limit, a m & S card with £6000 limit and a golden credit record. Thought I'd finance my kids car by buying on barclaycard and doing a balance transfer to Halifax. Got their card and they gave me a £500 credit limit. Useless.


Only £500?! I need to transfer £5k from my current soon-to-expire interest free period on a credit card. That means I need my new card to give me a £5k limit so I can transfer the lot. Surely there's a way to find out what credit limit you'd get before you apply??

Thanks OP.

Just applied and got accepted, I only needed to balance transfer a small amount (less than 1k) to a 0%.

In reference to the above poster, no they don't tell you your credit limit before you apply, you can put in a figure what you would like it to be but obviously they make the final decision.

johnsymes

Don't waste your time. I ve a Barclaycard with £10,000 limit, a m & S … Don't waste your time. I ve a Barclaycard with £10,000 limit, a m & S card with £6000 limit and a golden credit record. Thought I'd finance my kids car by buying on barclaycard and doing a balance transfer to Halifax. Got their card and they gave me a £500 credit limit. Useless.


I don't know my credit status but I asked for 5k and accepted.

just what i needed, thanks OP.

got the 21.9% APR and a 3k limit, will do for now

whelan189

what does this mean, i don't have any credit cards, what does free … what does this mean, i don't have any credit cards, what does free balance on 3k mean



That means you've done really well. Continue to avoid using credit cards.

matt3454

Could I overpay my mortgage by £3k if I had this?Surely I'd save quite a … Could I overpay my mortgage by £3k if I had this?Surely I'd save quite a bit of mortgage interest as long as I can pay off this card within 33 months.



That's a terrible idea and completely ignores risk you'd be taking on. Just overpay your mortgage rather than adding debt to a credit card.

Does anyone know if you can apply for this if you already have a Halifax credit card that is due to expire soon

Original Poster Editor

redarmy85

Does anyone know if you can apply for this if you already have a Halifax … Does anyone know if you can apply for this if you already have a Halifax credit card that is due to expire soon


You can't transfer a balance from other Halifax cards unfortunately.

johnsymes

Don't waste your time. I ve a Barclaycard with £10,000 limit, a m & S … Don't waste your time. I ve a Barclaycard with £10,000 limit, a m & S card with £6000 limit and a golden credit record. Thought I'd finance my kids car by buying on barclaycard and doing a balance transfer to Halifax. Got their card and they gave me a £500 credit limit. Useless.



​tbh, if you have 16k of credit card debt you are particularly high risk....

This is a very good info, can you pls suggest, which is a good card w/o long interest fee..

smellyonion

​tbh, if you have 16k of credit card debt you are particularly high r … ​tbh, if you have 16k of credit card debt you are particularly high risk....



​they said 'limit' not 'debt'. atd

Original Poster Editor

happyharry

they said 'limit' not 'debt'. atd


Credit card companies take available credit into account when assessing your application - not just debt. In fact I think available credit is all they see - they don't know your balance?

writergirl74

Credit card companies take available credit into account when assessing … Credit card companies take available credit into account when assessing your application - not just debt. In fact I think available credit is all they see - they don't know your balance?



They can definitely see both if they do a full credit search. No one except them will know their lending criteria though so how do you know they take available credit in to account? (They may well do I'm just wondering how you know...)

b33r

Because then you can carry on earning interest (granted not much atm) on … Because then you can carry on earning interest (granted not much atm) on the savings and your debts or liability are not subject to any interest.I have approx 10k of 'debt' on credit cards (non of which I'm paying any interest on). I have the money in savings (earning interest for me) to pay them off tomorrow if I wanted to but as the debt isn't costing me anything why would I? If any of my cards were about to reach the end of their deal I would be seriously considering this card to transfer 3k away again interest free for 33 months.The other reason might be someone might not have any savings! Doing this will then save them a boat load of interest they would have paid on the card they are shifting the balance from. (they probably shouldn't have spent money they didn't have to begin with but that's a different story)



I did the same, just watch your credit rating if you are going to apply to remortgage any time soon.
Edited by: "ukpaz" 23rd May

ukpaz

I did the same, just watch your credit rating if you are going to apply … I did the same, just watch your credit rating if you are going to apply to remortgage any time soon.



My 'credit rating' according to the 3 different agencies is excellent but 'Credit ratings' are a load of made up rubbish. What matters to a lender is if you meet their lending criteria.

I'd prefer the 28 months card with 0% fee, 5 months less but saves 0.6%

Anyone had the cashback or fee reduction yet?Still waiting here ....
Edited by: "snowbrow" 8th Jul

snowbrow

Anyone had the cashback or fee reduction yet?Still waiting here ....


I had the £20 back on the 11th but no sign of fee reduction yet.

pinacolada1234 h, 21 m ago

I had the £20 back on the 11th but no sign of fee reduction yet.


Same here had the £20 credited a few days ago. I know it says up to 90 days but I had hoped it would be a bit quicker.

Finally had reduction fee refund last week
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