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Halifax all in one credit card help please?

Last post Sat, Mar 07 2009, 11:36 AM by lawman. 1 replies.
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  •  Thu, Mar 05 2009, 12:51 PM

    Halifax all in one credit card help please?

    Hello,

    I need to borrow £2500 quite quickly. I plan to pay as little interest as is possible as I can pay it back within 9 months. Would this be the best card to do so? I know there is a 3% fee, is this monthly? If I pay it off within say 8 months (£300+ a month) would it be interest free completely? I probably sound stupid but I have never had a credit card before, I usually save but dont have time to as I need to make a large purchase:)

    Any help would be much appreciated,

    Lulu x

    • Post Points: 20
  •  Sat, Mar 07 2009, 11:36 AM

    Re: Halifax all in one credit card help please?

    How do you need the £2500?

    If it's for a purchase that can be put on a credit card, the most efficient way would be to go for a 0% on purchases card. Then you'd pay no fee at all.

    If you need "cash" or equivalent (ie you need it in your bank current account), then you need a card that would allow you to do a transfer to a current account or give you credit card cheques. Typically there is a one off 3% fee. Many cards have introductory deals, so apart from the 3% you wouldn't pay interest for a set period - typically 6 to 12 months. My Halifax card came with such a deal - including credit card cheques.

    One problem is the amount. The best deals are on "new" credit cards. But unfortunately initial credit card limits can be quite low. You could apply for more than one a time. Repeated searches can be a problem, but a couple should be OK. Also if you do them at the same time you're in a better position than getting one set up and then applying for a second. (Because at the time of the second application, the credit limit + balance on the first will be visible.)

    • Post Points: 5