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Credit Card Cheques- Halifax
brummiebird443
Posts: 129 Forumite
in Credit cards
I've just received some Halifax credit card cheques that have no handling fee and a interest rate of 21.95% pa. My plan is to cash a cheque for an amount close to my credit limt (£8000) and transfer the then balance to a new 0% card. Which is the best way of doing this to avoid paying the 21.95% and which cards would give me a similar credit limit? Cheers
0
Comments
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The best way is probably not to. You pay interest from day 1 with the cheque, the BT is under the control of the other card issuer and could take some time to actually appear. You might try it the other way around BT first then write the cheque when it arrives though this may set alarm bells ringing with the Halifax who have been known to reject large overpayments to cards. It may also be (technically) against the terms of the new card (since you are not paying off an existing debt).0
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