halifax card says 0% so why do you have to pay 3%? Confused....

sweetnsimple

I've been looking for a card to transfer my balance over to (3000+) but don't understand why the halifax card says 0% on balance transfers and then goes on to say it will charge 3%. This has confused me greatly, also what would the 3% be on my balance roughly?

joughtib

The 0% refers to the interest charged on the transfer, but the 3% is an "admin" fee, which on £3000 would equate to £90.

Phantom_Flan_Flinger

What it means is that for the 10 months of the offer, you won't pay any interest on the balance transfer.

Halifax will charge you 3% for this privilege, which means that for every £1000 you transfer, they'll charge you £30.

So you transfer £3000 (for example) and Halifax will add £90 as a fee. You won't pay any further interest for the duration of the offer. but you then need to make at least the minimum payment each month.

sweetnsimple

Thank you ever so much, i think i understand what it means now!!! I hope so anyway, i'm new to this and am trying to reduce my cc balance.

Gorgeous_George

sweetnsimple wrote: »

Thank you ever so much, i think i understand what it means now!!! I hope so anyway, i'm new to this and am trying to reduce my cc balance.

In that case, you need to pay it off - a bit at a time.

Transferring it just moves the debt and only delays the pain UNLESS you reduce what you owe.

GG

joughtib

Good luck with the cc balance, you've come to the right place to try and crack it. BTW, roughly what is your balance, and who is it with?

NickX

Gorgeous_George wrote: »

In that case, you need to pay it off - a bit at a time.

Transferring it just moves the debt and only delays the pain UNLESS you reduce what you owe.

True George, but getting the debt onto a 0% card is a good move for the OP. They will be paying a lot less in interest and should be able to eat away at the Capital Balance more quickly.

sweetnsimple

it's 3878 with abbey

joughtib

sweetnsimple wrote: »

it's 3878 with abbey

Will you be paying the whole balance off within the offer period, or will you be moving onto the standard rate?

sweetnsimple

just hoping to pay off as much as i can:undecided. Do you think it's a good idea to get this card then?

sweetnsimple

by the way gorgeous george, if you need toner have you checked ebay or google it you may find some helpful sites?