Halifax Low Fee 0% Balance Transfer Credit Card review 2022

This lengthy balance transfer card gives you time to pay off a large credit card bill, for a low transfer fee.

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.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 22.94% (variable) p.a., your representative rate is 22.9% APR (variable).

29 months

0% interest on balance transfers

22.9%

Representative APR

£0

Account fee

6 months

0% interest on purchases

Details

IssuerBank of Scotland
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 29 months reverting to 22.94%
Balance transfer fee3.49% for 3 months reverting to 5%
Purchases0% for 6 months reverting to 22.94%
Purchases interest-free periodUp to 56 days
Cash advances22.94%
Minimum credit limit£0
Maximum credit limitSubject to status
Additional cards available1

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.

Expert review

The Halifax Low Fee 0% Balance Transfer Credit Card 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 29-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.

Pros and cons

Pros

  • Customers report excellent customer service when dealing with Halifax
  • Over two years of 0% interest to focus on reducing existing card debt
  • Six months to spread the cost of purchases
  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible
  • Relatively high balance transfer fee

How does it compare?

Halifax's card

1 - 1 of 1
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
Halifax Low Fee 0% Balance Transfer Credit Card
0% for 29 months reverting to 22.94%
3.49% for 3 months reverting to 5%
0% for 6 months reverting to 22.94%
£0
22.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 22.94% (variable) p.a., your representative rate is 22.9% APR (variable).
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Other popular balance transfer deals

Table: sorted by length of 0% balance transfer offer, promoted deals first
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
The NatWest Longer Balance Transfer Credit Card (existing customers only)
0% for 33 months reverting to 22.9%
0%
0% for 3 months reverting to 22.9%
£0
22.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
Check eligibility
Royal Bank of Scotland Longer Balance Transfer Credit Card (existing customers only)
0% for 33 months reverting to 22.9%
0%
0% for 3 months reverting to 22.9%
£0
22.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
Check eligibility
M&S Bank Credit Card Transfer Plus Offer Mastercard
0% for 28 months reverting to 23.9%
2.99% fee, min £5
0% for 3 months reverting to 23.9%
£0
23.9% APR (variable)
1 point per £1 spent with M&S and 1 point per £5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card.
Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
Check eligibility
HSBC Balance Transfer Credit Card
0% for 27 months reverting to 23.9%
2.99% (min. £5) for 2 months reverting to 2% (min. £5)
0% for 3 months reverting to 23.9%
£0
23.9% APR (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable). You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
Check eligibility
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Approval for any credit card will depend 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.

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 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 29 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 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.

Frequently asked questions

Can I withdraw cash using the Halifax Low Fee 0% Balance Transfer Credit Card?

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 22.94% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

What should I do with my old credit card after transferring the balance to the Halifax Low Fee 0% Balance Transfer Credit Card?

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.

How much does it cost to use the Halifax Low Fee 0% Balance Transfer Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£172.58), it'll cost you around £5.09 in fees.

What is the minimum payment on the Halifax Low Fee 0% Balance Transfer Credit Card?

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.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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