Halifax 15 Month Balance Transfer Credit Card Mastercard Review January 2020
Give yourself more time to pay off an existing credit card debt with the Halifax 15 Month Balance Transfer Credit Card Mastercard.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
Balance transfer fee
|Issuer||Bank of Scotland|
|Balance transfers||0% for 15 months reverting to 19.95%|
|Balance transfer fee||0% for 3 months reverting to 3% (min. £3)|
|Purchases||0% for 6 months reverting to 19.95%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||1|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
While it’s not the longest balance transfer deal available from Halifax (let alone other card issuers), this card still gives you a decent break from interest on balances transferred, and provided you transfer the balance soon after opening the account, you won’t incur a transfer fee.
If you can clear your balance before the 0% period expires, this is a great card because it buys you time to pay back your debt completely for free – no fees, no interest rate. However, any debt left outstanding after the 0% period expires will start to accrue interest at much less appealing rate, so make sure you’ve got your repayment plan all ready and that you stick to it like glue.
Finally, no annual fee and an introductory interest-free period on purchases to boot, this card can legitimately claim to be a bit of an all-rounder.
The 0% period on purchases isn’t super long though, so you may not want to rely on it too much and focus on repaying your old balance instead. Once that’s over, you can still use the card for new purchases – as long as you pay your bill in full every month, you’ll benefit from 56 days interest-free each billing cycle.
How does this card compare with other balance transfer cards?
When it comes to repayments, you can make manual repayments online or over the phone (0345 944 4555), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. 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 for the Halifax 15 Month Balance Transfer Credit Card Mastercard
If you’ve compared cards and want to apply, 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.
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Our team evaluates credit cards to determine their value against similar products on the market.
We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.