Halifax has a wide range of balance transfer deals available, and this one's somewhere in the middle – with its respectably-lengthy 0% period, a low transfer fee and a 0% period on purchases.
The offers a solid balance transfer deal that stands somewhere between the longest available on the market (that tend to have a costly balance transfer fee) and those with a 0% balance transfer fee (that tend to be shorter).
With a 3.49% for 3 months reverting to 5% balance transfer fee and a 27-month-long 0% deal on balance transfers, this card is likely to suit those transferring larger balances that might take a while to pay off, and who might need to use the card for upcoming purchases as well.
Realistically, for most people, there's probably going to be a slightly more suitable card out there. But for a niche minority, this fine-tuned card will be perfect (and it's certainly a competitive deal).
As usual, you should aim to clear the balance before the 0% interest period expires, otherwise the outstanding balance will start to accrue interest at a much less competitive rate. Don’t forget to plan in advance and set alarms for it . Since the purchase and the balance transfer deal don’t expire at the same time, you should be careful not to mix up these two different sets of debt and pay off your purchase balance first.
Halifax has a wide range of balance transfer deals available, and this one's somewhere in the middle – with its respectably-lengthy 0% period, a low transfer fee and a 0% period on purchases.
Issuer | Bank of Scotland |
Network | Mastercard |
Representative APR | 24.9% |
Annual/monthly fees | £0 |
Balance transfers | 0% for 27 months reverting to 24.94% |
Balance transfer fee | 3.49% for 3 months reverting to 5% |
Purchases | 0% for 6 months reverting to 24.94% |
Purchases interest-free period | Up to 56 days |
Cash advances | 24.94% |
Minimum credit limit | £0 |
Maximum credit limit | Subject to status |
Additional cards available | 1 |
Incentive | |
Potential costs | 7.8Great |
Doing its job | 8.1Great |
Extras | 8.1Great |
Overall Finder Score | 8.3Great |
Minimum monthly payment | 2.5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
Annual/monthly fees | £0 |
Balance transfer fee | 3.49% for 3 months reverting to 5% |
Foreign usage charge (EU) | 2.95% |
Foreign usage charge (rest of world) | 2.95% |
Cash advance fee | 5% (min. £0) |
Late payment fee | £12 |
Replacement card fee | £0 |
Duplicate statement fee | £0 |
Exceeding limit fee | £0 |
Additional card fee | £0 |
Dormancy fee | £0 |
Minimum Age | 18 |
Availability | Available to new customers |
The Halifax Low Fee 0% Balance Transfer Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
"I had £3,000 of debt on another card at an interest rate of 22.47%. I transferred my balance to the Halifax Low Fee 0% Balance Transfer credit card and found the transfer process really easy. Now I can focus on paying my bill without building up interest. I’d rate this card a 4/5 and would definitely recommend it to others."
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyTo make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
You can make manual repayments through Halifax's app by logging in to your online banking or over the phone (0345 944 4555). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 27 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Minimum amount | |
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Fixed amount | |
Fixed percentage | |
Full amount |
If you've compared cards and settled on the Halifax Low Fee 0% Balance Transfer Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible. You can request a balance transfer as part of your application.
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Halifax Low Fee 0% Balance Transfer Credit Card is 5%.
The interest rate on this part of your balance will be 24.94% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you) and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£164.83), it'll cost you around £4.86 in fees.
Each month, you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.