Halifax Balance Transfer Credit Card Review: Some of the Best Deals?

Halifax Balance Transfer Credit Card Review: Some of the Best Deals?

Some of the best balance transfer deals on the market

Good for

  • Reducing interest charges on existing credit card debt
  • Reducing interest charges on purchases
  • Checking your odds of acceptance before you apply

Bad for

  • Those needing to move existing balances from another Halifax credit card
  • Those who don't want a shorter promotional period (which you may get)

Editor's Rating

4.5/5.0

The guidance on this site is based on our own analysis and is meant to help you identify options and narrow down your choices. We do not advise or tell you which product to buy; undertake your own due diligence before entering into any agreement. Read our full disclosure here.

Note: The Halifax Longest Balance Transfer deal is currently not available for new applicants.**

If you're carrying a sizable balance on your existing credit cards, Halifax offers a number of 0% intro APR balance transfer credit cards for reducing your interest payments and managing outstanding debt. In addition, all the cards include a 0% intro APR for new purchases. Halifax's no-interest promotional periods range from 22 months to 36 months, with initial transfer fees from 0% to 0%, respectively. Our favourite for almost three years without interest charges is the Low Rate deal.

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. As you read through the options below remember that, generally speaking, cards with a shorter 0% APR promotional period will charge a lower fee to transfer balances to the card.

Halifax Balance Transfer Card: No Balance Transfer Fee

Consider this if you don't want to pay a transfer fee.

Purchase Rate (variable) 19.9%
0% on Purchases for up to 6 months
0% on Balance Transfers for up to up to 22 months
Initial Balance Transfer Fee 0%
FX Fee 2.95%
Cash Fee 3% (min £3)

Halifax's No Balance Transfer Fee card is one of the best No Fee balance transfer deals in the market, ideal for those who hope to bring their outstanding debt under control within up to 22 months before the 0% APR promotional period ends. Consumers who can manage with this shorter promotional period benefit from paying NO fee to transfer balances in the first 90 days. When the transfer fee is waived altogether like on this card—potentially saving hundreds of pounds—more of your funds can be put towards reducing your debts. If you don't think 22 months of 0% APR is long enough for you, one of the cards below might be a better option—but you'll pay a higher transfer fee.

Halifax Balance Transfer Card: Low Fee and Longer 0% Period

Consider this if you need a longer 0% time but want to pay a low fee.

Purchase Rate (variable) 19.9%
0% on Purchases for up to up to 12 months
0% on Balance Transfers for up to up to 28 months
Initial Balance Transfer Fee 1.5%
FX Fee 2.95%
Cash Fee 3% (min £3)

Consumers needing a bit more breathing room to bring debt under control in a no-interest environment should consider the Low Fee Halifax offer, with up to 28 months of 0% APR on balances transferred in the first 90 days. This slightly longer promotional period will cost you a bit more in the form of a 1.5% fee charged on all initial transferred balances. New purchases made on the Low Fee card also benefit from no interest for up to 12 months.

For consumers needing a longer 0% period, we think this Low Fee deal is Halifax's best offer (it ends up being cheaper than the Longest 0% deal, discussed below, due to the balance transfer fees).

Halifax Balance Transfer Card: Longest 0% Period

Consider this if you need a long time to get your debt under control.

Purchase Rate (variable) 19.9%
0% on Purchases for up to 3 months
0% on Balance Transfers for up to up to 36 months
Initial Balance Transfer Fee 2.68%
FX Fee 2.95%
Cash Fee 3% (min £3)

Halifax's longest balance transfer deal is meant for consumers who need the most time to efficiently reduce their credit card debt. The 0% period is up to 36 months, but the 2.68% fee on initially transferred balances is a bit high.

Before choosing this offer, we urge you to consider Halifax's Low Fee balance transfer, mentioned above. While you'll get a shorter 0% APR period on the Low Fee card, it's only shorter by a few months but you pay a significantly lower transfer fee. As a result, in most cases the Low Fee deal ends up cheaper than the Longest 0% deal.

Halifax Balance Transfer & Purchases Card

Consider this if you're managing existing debt and want a 0% purchases card.

Purchase Rate (variable) 19.9%
0% on Purchases for up to up to 20 months
0% on Balance Transfers for up to up to 20 months
Initial Balance Transfer Fee 3%
FX Fee 2.95%
Cash Fee 3% (min £3)

Those worried about paying interest on existing credit card balances AND upcoming purchases might find the Balance Transfer and Purchases card most suitable. The card gives you up to 20 months without interest accumulating for both balance transfers and new purchases. We don't recommend this card if your priority is balance transfers and you don't really need a full 20 months of 0% APR on purchases, because you'll pay a relatively high transfer fee of 3%. If balance transfers are your priority, the Low Fee deal charges a lower transfer fee for a longer 0% APR on transferred balances.

Bottom Line: The Halifax Credit Card provides a number of balance transfer options, but our favourite is the Low Fee deal. You'll only pay a 1% fee when you transfer balances onto the card, which won't charge interest on those transferred balances for up to 32 months. Plus you get up to 12 months of no interest on purchases.

Choosing the Best Balance Transfer Credit Card

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 (29 months or less), medium duration (29-33 months), or long duration (33 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

To understand which Halifax balance transfer is right for you, consider how long you'll need to repay your existing credit card balances, once they're transferred to a 0% APR card:

How Long to Pay Your Debts?Halifax Balance Transfer Offer
26 Months or Less"No Fee 0% Balance Transfer"
Between 26 and 32 Months"Low Fee 0% Balance Transfer"
Between 32 and 35 Months"Our Longest 0% Balance Transfer"

How Halifax Balance Transfers Work

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.

The Halifax cards charge a reduced balance transfer fee when you transfer any balances during the first 90 days your account is open. Any transfer made after this time will be charged the full 3% transfer fee. Depending on how much debt you have, that full fee alone can cost you hundreds of pounds. By paying a lower intro transfer fee, the Halifax Balance Transfer offers allow you to put all your available funds toward your outstanding credit card debt.

What to be Aware of

As with any 0% card, 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 (instead of 0% APR).

Transferring a balance after the initial 90-day window is much more expensive, as the transfer fees go up to 3% on all cards AND the interest rate you pay on transferred balances will jump from 0% up to 18.9% - 27.9%—losing the benefits of a balance transfer credit card.

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.

Here's How Much You Can 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 1% fee to transfer the balance, which works out to £30 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.

chart showing how monthly payments affect debt repayment
Pay more each month to eliminate debt sooner

Comments and Questions

The guidance on this site is based on our own analysis and is meant to help you identify options and narrow down your choices. We do not advise or tell you which product to buy; undertake your own due diligence before entering into any agreement. Read our full disclosure here.