Halifax 0% Purchase and Balance Transfer Credit Card review 2024
- Representative example:
- When you spend £1,200 at a purchase rate of 24.94% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on balance transfers
- 17 months
- 0% interest on purchases
- 17 months
- Account fee
- £0
Our verdict
For those seeking for more than just a break from interest, this versatile card has a lengthy offers on balance transfers and purchases.This is a so-called “balanced” card, which means that the 0% offer applies both to balance transfers and future purchases. If you need to transfer an existing credit card balance to save interest, but also anticipate making further purchases on your card, this deal ticks both boxes.
The 0% deal is fairly long (although not the longest on the market) and there is no annual fee. However, the 2.99% for 3 months reverting to 5% balance transfer fee can amount to quite a sum, especially if you have a large balance to transfer. If your only focus is paying back debt while spending as little as possible in fees and interest, there are more competitive deals out there. If you also want the 0% deal on purchases instead, this card is worth a thought.
In any case, if you go for this card, keep in mind that after the introductory rate period expires any outstanding balance will be charged interest at a significantly higher rate, both on purchases and old balances. You really need a plan to have paid it all off by then.
Finally, don’t expect too much in terms of rewards and perks. This card is strictly about the financial side of things, so you’ll have to get your cool discounts and treats someplace else.
Pros
- Customers report excellent customer service when dealing with Halifax
- Over a year of 0% interest to focus on reducing existing card debt
- Over a year to spread the cost of purchases
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
- A punishing fee of 5% on cash withdrawals (you should avoid using a credit card to withdraw cash in any case)
Details
Product Overview
| Issuer | Bank of Scotland |
| Network | Mastercard |
| Representative APR | 24.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 17 months reverting to 24.94% |
| Balance transfer fee | 2.99% for 3 months reverting to 5% |
| Purchases | 0% for 17 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 | 8.9Great |
| Doing its job | 7.7Great |
| Extras | 8.1Great |
| Overall Finder Score | 8.6Great |
Fees and charges
| 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 | 2.99% 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 |
Application Requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
How does it compare?
Halifax's card
Finder Score for credit cards
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 methodologyOther popular matched 0% deals
Finder Score for credit cards
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 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.
Repayment options
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 either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result. 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 17 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.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | |
|---|---|
| Fixed amount | |
| Fixed percentage | |
| Full amount |
How to apply
If you've compared cards and settled on the Halifax 0% Purchase and Balance Transfer Mastercard, 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.
Frequently asked questions
Can I withdraw cash using the Halifax 0% Purchase and Balance Transfer Mastercard?
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 0% Purchase and Balance Transfer Mastercard 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).
How much does it cost to use the Halifax 0% Purchase and Balance Transfer Mastercard abroad?
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.
What is the minimum payment on the Halifax 0% Purchase and Balance Transfer Mastercard?
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.
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