Halifax 0% Offer

[malagabob]

Had an email off Halifax, offering a balance and money transfer both at 4.9% pa for 48 months 0% fee. Is this a normal 0% balance transfer. I’ve normally paid a 2 or 4% fee depending length of term.

[Hopkirk]

The answer is in your question. It's not a normal 0% balance transfer. It's a 4.9% balance transfer.

[Bazile]

And that '0 % fee' is nothing of the sort

Nothing is free - the fee costs is all wrapped up in the 4.9 %

[Peter Pedant]

Hi Mal
people who swap cards to cards are called 'rate tarts'
the money for the banks apparently is when 'rate tarts' are late by a day or two and incur the heavier charges ....

[Peter Pedant]

I am an acct holder of Halifax and not a great fan

phone lines unhelpful - hello boys and girls seem to be on commission and finally any problems wivda Halifax is definitely YOUR problem and not Halifax's

clearly if any were better ( and they are not ) I wde change

[malagabob]

So I would be charged 4.9% sometime in the term, different to the normal 0% balance transfer where I’d only be charged the card rate for defaulting on the T&C ie not paying minimum amount each month, not paying off the the balance transfer in the agreed term. 6 months 18 months for example.

[barry1010]

You will be charged 4.9%APR interest on the money you owe. So if you borrow £1000 and repay £50 a month you will take 22 months it and repay £1046.
That is assuming you don't use the card after the initial £1000

[Hopkirk]

Bob, it's fine to just pay the minimum amount. Then you are just charged 4.9 percent interest. If however you miss a payment or don't follow all terms the interest rate shoots up to normal card levels.