Smash your debts with best ever fee-free 0% card from Halifax
New Halifax credit card offers a significant 0% period, and you don't have to pay a penny to transfer your debt over.
Halifax has launched a new balance transfer credit card which boasts a 20-month 0% period, no annual fee, and best of all it doesn't cost you a penny to move your debt over.
Normally when you move a debt from one card to another, your new lender will charge you a fee to do so. This fee is calculated as a percentage of the amount you’re transferring.
But some cards waive this fee, effectively allowing you to shift debt for nothing. Halifax’s new credit card has no fee, and you’ll pay no interest whatsoever on your debt for up to a whopping 20 months. And it’s possible to transfer outstanding balances from multiple credit cards to this one: so long as you move them all within 90 days, you’ll pay nothing in fees.
How the Halifax card compares
The table below highlights some of the best fee-free balance transfer cards out there right now.
|
Credit Card |
0% period on balance transfers |
0% period on purchases |
Annual fee |
Representative APR |
|
23 months |
23 months |
£24 |
16.5% |
|
|
20 months |
6 months |
Free |
18.9% |
|
|
Tesco Bank Clubcard Credit Card 19 Month No Balance Transfer Fee |
19 months |
1 month |
Free |
18.9% |
|
18 months |
3 months |
Free |
17.8% |
|
|
Lloyds Bank Platinum 16 Month Balance Transfer and Purchase Credit Card |
16 months |
6 months |
Free |
18.9% |
As you can see from the above table, there are other options out there, but they either have a shorter 0% period than the Halifax card, or charge a fee.
The Santander card does offer cashback – 3% on transport, 2% on department store spend, and 1% on supermarket spend – but the cashback is capped to £3 per month per category.
While you could enjoy total cashback earnings of up to £108, you’d then lose £24 to the annual fee for a total of £84. You’d need to spend money on the card to earn cashback in the first place, which doesn’t make it the ideal card to help you knuckle down on your debt.
The Halifax card has a long 0% balance transfer period, no transfer fee and is free to use, making it ideal for busting debt without paying anything extra.
I need even longer!
The great thing about a 0% balance transfer card is that you avoid paying interest on your balance for a set period. And while 20 months is a pretty decent 0% period, you can enjoy a much longer interest-free period on a card that charges a transfer fee.
For a full rundown of the top offers on the market today, check out The best 0% balance transfer credit cards.
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