Halifax 3.94% APR for life of balance

Elmer1975

Hi All.

I wanted to let everyone know about the offer I recieved from Halifax for my credit card. Every few months I receive a letter which has 4 cheques attached with various offers on special rates for current customers. The ones I received this week are 0% for 9 months on transfers on for any purchases with the cheques or (and this is the one that interested me as I'm too lazy to tart) 3.94% for the life of the balance. Now I have had a few of these and have used them in the past and it does make a huge difference to the interest that I pay. I plan to transfer both credit cards to this offer, does mean that I need to transfer away from Halifax and back again incuring 2x transfer fees but worth it in the long run plus the remainder of my car loan which is about 27.9% APR and pay the same amount off that I currently pay plus probably a little extra.

Now the main reason for this post is not just to gloat at what I think is the best life time APR I have ever heard of or seen but to sugest the following.

If you have credit cards and like me you are too lazy to tart then it MAY be in your inteest to take out a Halifax credit card, NOTto use it or only if you intend to pay the balance off in full before the end of the month and you should after a few months receive these type of letters. This is only a suggestion and I would like to see what other people think.

J.

Dan:_4

This is intertesting. I currently have a Halifax One card carrying 6K at 0% until July. It would be useful if they follow this up with a 3.94% LOB deal.

edit to say: I would of course clear the orgional 6K first.

Elmer1975

I have had these letters a few time since I have had a Halifax card so I would expect people who have had a card for a year+ to have seen them, my card is a basic card. I hope you get a letter soon and the interest for LOB is at least as good as the one I received.

If I can help let me know.

J.

polyalloy

I called loyality department. BT either 0% for 6 month or 3.94% for LOB. Both have 3% fee. I accepted the latter one. Also got £1000 increase in limit.
I was told that this offer ends by the end of this month--this saturday.

clarus79

aaaaargh - wish I'd seen this before agreeing a lob rate of 6.92% with Halifax today! I went through the loyalty department aswell as the first rate they offered was higher than this so I thought I was getting not a bad deal, until I saw this thread! Is there anything I can do to get out of the 6.92% deal and get the 3.54% (? forgotten what it was) deal??

anotherpaul_2

Elmer1975 wrote: »

...plus the remainder of my car loan which is about 27.9% APR

You need to check the T+Cs. Mine say you can't use them to pay into a current account or to pay off a loan - condition 4 on the back of the letter.

Also, so this thread:
http://forums.moneysavingexpert.com/showthread.html?t=1506815

bigstevex

My 3.94 and 0% for 9 months offer is valid until the 24th march so I think they had you there!

bigstevex

polyalloy wrote: »

I called loyality department. BT either 0% for 6 month or 3.94% for LOB. Both have 3% fee. I accepted the latter one. Also got £1000 increase in limit.
I was told that this offer ends by the end of this month--this saturday.

sorry should have included the quote for previous post

anotherpaul_2

clarus79 wrote: »

aaaaargh - wish I'd seen this before agreeing a lob rate of 6.92% with Halifax today! I went through the loyalty department aswell as the first rate they offered was higher than this so I thought I was getting not a bad deal, until I saw this thread! Is there anything I can do to get out of the 6.92% deal and get the 3.54% (? forgotten what it was) deal??

No, not without moving the money off the card and back on again, probably incuring two 3% fees (so not worth it). Have you had a letter offering you the other rate? If you haven't they may not be offering it to you - others have reported different interest rates in the LoB offer.

polyalloy

My virgin card 15 month offer ends 9th March. I asked a naughty question that if I balance transfer more than the balance into virgin card, can I withdraw the credit to my bank account. I said I made a mistake. The answer was YES.
So I have a problem ;)here
1. user my bank balance to pay back the balance (5000).
2. use halifax's offer to cover the balance and withdraw the extra (2000) to bank account. So I will have 5000+2000 to earn interest or invest it. In the mean time pay 3.94% interest to halifax for LoB (7000 pounds).

Which one would you choose?

RavingMad

Hmm, I got an email with an offer of 7.92% recently. I'm guessing that if I rang up they wouldn't offer me the lower rate? Does anyone have a code that I could try?