Paying off card and then paying 0% cheques into bank account?

ChrisA2

Hi all,

Just received some cheques for my Halifax card offering 0% over 12 months. The letter specifically says I'm allowed to pay these into my bank account. Now I already have some debt on the card which is at 16.9% I believe, my question is would I be able to pay off this debt first from my bank account and then pay the cheque into my bank account in order to effectively refinance all the debt on the card at 0%? There's nothing in the terms and conditions that specifically says I wouldn't be allowed to do this. Just wondered if anybody had done anything similar?

Thanks in advance

sicker

I believe you will find there is a cash advance fee applied to the cheque altho' it is a 0% card. Other than that your idea seems feasible.

jamesdrew

If you pay the cheque in to your bank account there should be no fee but check the smallprint. Even so, it should work out ceaper than the 16.9% you are paying now. It is perfectly acceptable to use the funds to refinance the debt.

anewstoozer

Yes, check the small print carefully.

I recently paid a Halifax card off in full, as the 0% BT period had ended. Then ring them up and ask for a new 0% period, usually 6 months but sometimes 12. BT this to a mule card like Egg Money then transfer this fee free into your bank account.