Shift debt and earn £35 with this top credit card

Transfer £1,500 or more onto Halifax’s new 37-month balance transfer credit card and you’ll earn a tasty £35 cashback bonus.

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You also won’t have to pay any interest on what you owe for more than THREE years.

But if you’re interested, you’ll need to act soon as this cashback offer is only around until the end of November.

The basics

Halifax’s new balance transfer credit card offers 0% interest on balance transfers for a whopping 37 months, so long as you move them within 90 days of opening your account.

This means it now offers the longest 0% balance transfer deal on the market, alongside the Virgin Money Balance Transfer credit card, the Barclaycard Platinum credit card with extended balance transfer and the MBNA Platinum credit card.

The Halifax card charges a transfer fee of 2.65% (an initial 3% fee applies, but 0.35% is refunded), providing transfers are completed within the first 90 days. After that, the fee rises to 3%.

In comparison, Virgin charges 2.59% (min £3), Barclaycard charges 2.55% (a 3.5% fee applies, but is reduced to 2.55% by a refund) and MBNA charges 2.89%. These three cards have a representative rate of 18.9% APR (variable)*.

But where the Halifax card really stands out is through its offer of £35 cashback when you transfer a balance of £1,500 or more onto the card.

The £1,500 doesn’t have to be transferred in one go – it can be made up of multiple balance transfers which collectively total this amount, so long as they are completed within the first 90 days of opening your account.

You must have applied for the card online by November 30 to qualify. T&Cs apply.

You’ll need to ensure you can clear your balance within the 37 months as after that a representative rate of 18.9% APR (variable)** kicks in.

Is this for you?

If you’ve got a big balance sitting on an existing credit card with a different provider, particularly a Barclaycard, Virgin or MBNA credit card, and you’re paying interest on what you owe, transferring it over to Halifax’s 37-month balance transfer card could be a great move.

The card is a particularly good choice if you know you’re going to need a long time to pay off what you owe, and the cashback is an added bonus, especially in the run up to Christmas.

What makes it special?

It’s not often a credit card pays YOU to transfer a balance onto it.

Usually you only earn cashback from credit cards if you spend a certain amount on them, which is what sets Halifax’s offer apart from its rivals.

Watch out for

Halifax’s offer may look very tempting but remember that the advertised rates only have to go to 51% of customers.

That means if you don’t have an impeccable credit rating, you might be charged higher rates of interest.

For example, Halifax says that if you apply for the 37-month card, you might have to pay a steeper rate of 21.9% APR (variable) once the introductory rate ends.

Alternatively, you might only be offered 0% on balance transfers for 26 months, rising to 25.9% APR (variable) thereafter, or you could only get 0% for 18 months, with the same 25.9% APR (variable) after that.

Also be aware you cannot transfer debt from an existing Halifax credit card on to this one.

Remember too that you must pay at least the minimum payment by the due date every month and stay within your credit limit, otherwise Halifax could withdraw the introductory rate.

Finally, as we’ve mentioned, if you want to take advantage of the cashback deal, you must have applied for your card by November 30.

What else is worth a look?

If you think you might not need as long as 37 months to clear your credit card debt, Halifax has also launched a 32-month balance transfer card.

The advantage of this card is it comes with a lower fee of 1.39% (an initial fee of 3% applies, but 1.61% is refunded), providing you move your balance within the first 90 days.

In other words, if you transferred a balance of £3,200, you’d pay a fee of £44.48 instead of the £88 you’d pay with the 37-month card.

The 32-month card also offers £35 cashback if you transfer £1,500 or more within the first 90 days. It has a representative rate of 18.9% APR (variable).**

But if you haven’t got as much as £1,500 to transfer, and so can’t benefit from the £35 cashback offer, it’s worth applying for a card with an even lower transfer fee.

For example, if you can afford to clear your balance within two years, instead of three, the new Post Office Money balance transfer card offers 0% for 26 months with a 0.4% fee. It has a representative rate of 18.9% APR (variable).*

*Representative Example: If you spend £1,200 at a purchase interest rate of 18.9% p.a. (variable) your representative rate will be 18.9% APR (variable).

** Representative Example: If you spend £1,200 at a purchase interest rate of 18.95% p.a. (variable) your representative rate will be 18.9% APR (variable).

All credit cards are subject to status and terms and conditions. Over 18s, UK residents only. Terms and conditions apply. See MoneySuperMarket.com for further information.

Know someone who might be interested in this credit card? Click here to email this page to them.

Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

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