Halifax

BABYCAKES027

Hi,

I've just applied for and been excepted for a Halifax 22 months 0% BT card. Was wondering if any one could answer these questions? I couldn't see the answers!

How long after opening the account can you do B.T ? (My Natwest card was upto 3 months after opening the account)

Can you do B.T to payoff overdraft?

Thanks

chanz4

should think right away, call them although they dont send cards quick

BABYCAKES027

chanz4 wrote: »

should think right away, call them although they dont send cards quick

Thanks, I was wondering if you have a certain period of time to make transfers before the offer stops. On my natwest balance transfers has to be done within 3 months of opening the account, and 60 days for my Barclay card? Do you know how long Halifax's period is?

sfax

BABYCAKES027 wrote: »

Hi,

I've just applied for and been excepted for a Halifax 22 months 0% BT card. Was wondering if any one could answer these questions? I couldn't see the answers!

How long after opening the account can you do B.T ? (My Natwest card was upto 3 months after opening the account)

Can you do B.T to payoff overdraft?

Thanks

You can't use it to pay off an overdraft directly unless explicitly stated in the balance transfer offer. If you have a purchase credit card you can potentially move it over time by BT'ing from your purchase card rather than paying the balance in full each month

BOS (same parent company) allowed a BT before receiving the card, as did Tesco

sfax

BABYCAKES027 wrote: »

Thanks, I was wondering if you have a certain period of time to make transfers before the offer stops. On my natwest balance transfers has to be done within 3 months of opening the account, and 60 days for my Barclay card? Do you know how long Halifax's period is?

Halifax is first 3 months

BABYCAKES027

sfax wrote: »

You can't use it to pay off an overdraft directly unless explicitly stated in the balance transfer offer. If you have a purchase credit card you can potentially move it over time by BT'ing from your purchase card rather than paying the balance in full each month

BOS (same parent company) allowed a BT before receiving the card, as did Tesco

Thank you, I have a virgin card with e cheques, so if cant use it pay overdraft was going to use echeque to pay off into my account, then transfer the balance from virgin to halifax so its interest free. (the fees for doing this will be about 2 months worth of the interest i'm paying now, so worth doing)
The only problem is, my credit limit isn't quite big enough on the virgin card so will have to do it in 2 parts - so was wondering if i'll have time before the b.t offer runs out?

sfax

It's definitely 0% on balances transferred in the first 3 months so you should easily have enough time

YorkshireBoy

BABYCAKES027 wrote: »

I have a virgin card with e cheques, so if cant use it pay overdraft was going to use echeque to pay off into my account, then transfer the balance from virgin to halifax so its interest free. (the fees for doing this will be about 2 months worth of the interest i'm paying now, so worth doing)

It's certainly worth it for 22 months of 0%, but are you sure about your 2 month figure? Presumably the Virgin cheques have a 3% fee? So in total you'll be paying 6.5% in fees? That's some overdraft EAR at 46.7%!

sfax

YorkshireBoy wrote: »

It's certainly worth it for 22 months of 0%, but are you sure about your 2 month figure? Presumably the Virgin cheques have a 3% fee? So in total you'll be paying 6.5% in fees? That's some overdraft EAR at 46.7%!

I think you'd do the comparison over the term of the BT so 22 months not 2 which is an equivalent APR of about 6.7% assuming you'll pay off the BT evenly over the term

BABYCAKES027

YorkshireBoy wrote: »

It's certainly worth it for 22 months of 0%, but are you sure about your 2 month figure? Presumably the Virgin cheques have a 3% fee? So in total you'll be paying 6.5% in fees? That's some overdraft EAR at 46.7%!

I think so, unless I have my calculations wrong! Currently pay £25 for benefits on bank account, which i am going to get rid of once overdraft gone, as not using benefits (part of the reason i am paying this is because it gives a £1000 interest free overdraft and lower interest rate for rest) and interest is about £28 per month. Over draft is 3500 so fee to move should be about £105 - so each move would be about 2 months worth of interest. Total fee of about 210- a saving of £1854 over 20 month period - or have i got that wrong?!

sfax

So you get £1,000 interest free + about 14.5% APR interest on the £2,500 balance and you pay £25/month only for this facility??? Wow.

The saving depends on whether you are paying off your overdraft or just leaving it there. If you are paying it off, the interest is being reduced each month. You'll save more like £800 though. Not sure where you get £1800? 25x20=500 in fees, 28x20=560 in interest (assuming you don't reduce the overdraft but do pay the interest accrued). 6.5% in fees is £227.50. I also thought Halifax was 22 months at 0% not 20?