Halifax Balance Transfer Credit Card

The Halifax Balance Transfer Credit Card offers a family of balance-transfer options to those looking to reduce their outstanding credit card debt. No-interest promotional periods range from 26 months to 41 months, with initial transfer fees from 0% to 2.29%, respectively. Currently the Halifax Balance Transfer Credit Card has four options on offer.

Halifax Balance Transfer Features

Balance Transfer Offer0% Balance Transfer APR Duration0% Purchase APR DurationOngoing APR, variableBalance Transfer Fee
"0% Balance Transfer Fee Offer"26 (13^) months6 months18.9%, 21.9% or 25.9%None on transfers made within 90 days. 3% thereafter.
"Balance Transfer and Purchase Offer"29 months29 months18.9%, 21.9% or 25.9%Effective 2.5% fee on transfers made within 90 days. 3% thereafter.
"Long, low Fee Balance Transfer Offer"32 months12 months18.9%, 21.9% or 25.9%0.7% fee on transfers made within 90 days of account opening. 3% thereafter.
"Longest Balance Transfer Offer"41 (20^) months6 months18.9%, 21.9%, or 27.9%Effective 2.29% fee on transfers made within 90 days (initial 3% fee will have 0.71% refunded). 3% thereafter.

^Some applicants may receive a shorter 0% APR duration on their balance transfers.

Pros...

  • Eligibility Checker

Cons...

  • Shorter promotional periods for weaker credits, in some cases
  • Cannot transfer a balance from another Halifax card

Halifax Credit Card Balance Transfer Review

The Halifax Balance Transfer Credit Card offers a family of balance-transfer options for those looking to get their credit card debt under control. If you have a credit card balance elsewhere that is accruing interest, a balance transfer card should be able to save you money, so long as you always stay within your credit limit and pay at least the minimum monthly payment on time ("stay and pay"). Missing a payment or exceeding the credit limit will trigger an early end to any promotional periods, meaning you'll start paying stated interest rates of at least 18.9% on remaining balances.

To understand which Halifax balance transfer is right for you, consider how long you need to repay the balances you wish to transfer:

How Long to Pay Your Debts?Halifax Balance Transfer Offer
26 Months or Less26 Month Balance Transfer: "0% balance transfer fee offer"
Between 26 and 32 Months32 Month Balance Transfer: "our long, low Fee balance transfer offer"
Between 32 and 41 Months41 Month Balance Transfer: "our longest balance transfer offer"

The promotional 0% purchases window varies across the family of Halifax Credit Card balance transfer options, but you’ll get at least 6 months of 0% interest on your purchases. After this introductory 0% period, however, the purchases rate jumps up to 18.9% - 27.9%, variable. Balance transfer users are generally trying to reduce outstanding debt and avoid paying interest charges. Obviously these two goals are not being achieved if you carry a purchases balance beyond the 0% intro period. Keep this in mind when adding to any credit card balances through new purchases, so that you can improve your debt situation.

Bottom Line: The Halifax Credit Card provides a number of balance transfer options, depending on how long you need to pay down your existing credit card debt. The card offers between 26 months and 41 months of 0% interest on transferred balances (note that some applicants will get shorter 0% periods, starting at 13 months).

About Halifax Credit Card Balance Transfers

The Halifax Balance Transfer Credit Card facilitates balance transfers from other interest-charging credit card accounts. Like most balance transfer cards, Halifax offers consumers a 0% introductory period on balance transfers and charges a fee for doing so. Generally speaking, the longer the 0% intro period, the higher the fee.

Like other 0% balance transfer cards, you are meant to transfer the balance during the 0% intro period. Transferring a balance after this window has closed usually does not make sense, as the fees will go up and the interest rate will jump from 0% up to between 18.9% and 27.9%. Similarly, you’ll be charged anywhere from 18.9% to 27.9% on purchase balances after the purchase intro period has ended.

The Halifax Balance Transfer Credit Card's intro window is 90 days long. Existing Halifax customers may need to look elsewhere for a balance transfer card, since the Halifax Balance Transfer Credit Card only accepts balance transfers from other institutions. While you can technically have a second Halifax credit card, you cannot transfer a balance from one Halifax card to a Halifax Balance Transfer Credit Card.

How Much Can I Save with a Balance Transfer?

A cardholder can save hundreds or even thousands of pounds by moving an outstanding balance to a good balance transfer deal (i.e., one with a promotional 0% APR of suitable duration), depending on the size of your existing balances and your current interest rates.

As an example, let’s say you are carrying a £3,000 outstanding balance on another card that charges 18.9% and you are managing to make monthly payments of £100. At that rate it will take 41 months to be debt free, and you'll have paid about £1,000 in interest payments along with way. You’d be better off transferring your outstanding balance to an appropriate-length balance transfer card that will keep that £1,000 of interest in your pocket – if you follow the rules and pay on time, you will not pay any interest charges while you pay down the principle. Plus you'll be debt free within 30 months instead of 41 – that’s nearly a year sooner.

In this case, let's see what happens if you move this £3,000 to the Halifax 32-Month Balance Transfer Credit Card. Halifax charges a 0.7% fee to transfer the balance, which works out to £21 on a £3,000 balance, enabling you to potentially save £1,000 in interest payments.

A graph showing the reduction in Debt in paying down a £3,000 Balance on Two Credit Cards with Different Interest Rates
Reducing Debt: Paying Down a £3,000 Balance on Two Different Credit Cards

To understand the power of early payments, if you can increase your monthly payments on this £3,000 outstanding balance to £125 (from £100), you’d be debt free in 24 months on a 0% balance transfer card. By paying an extra £25 a month you’d pay down your debt another 6 months earlier.

Which is the Right Balance Transfer Credit Card for Me?

Choosing the right balance transfer card will depend primarily on how long you need to pay down your existing credit card debt. Basically, go for the shortest no-interest intro period that you can manage in order to pay down your debt, because a shorter duration means a lower transfer fee. See the chart below to get an understanding of how your monthly payments affect the time to pay off your debt, and consequently what kind of balance transfer card you should go for: short duration (26 months or less), medium duration (27-38 months), or long duration (40 months or more).

Showing how many months it will take to pay back a balance, given the monthly payments. This information is used to determine the duration of the best balance transfer offer for you.
How many Months to Pay Off Your Debt? It Depends on the Balance and Monthly Payments