transferring out then back in to halifax

rafhelp

i have an offer of 18months 0% on a halifax credit card.

and have some debt that is getting interest on.

I have another card with different bank but it does not have 0%.

if i transferred from halifax to this one, then transferred back to halifax on their 0% offer would that work?

after transfer to other card sould I wait say 1 week?

i know there will be two 3% transfer fees but im paying £25 interest/month so over 18months it would save money

Candyapple

rafhelp wrote: »

if i transferred from halifax to this one, then transferred back to halifax on their 0% offer would that work?

Yes.

rafhelp wrote: »

after transfer to other card sould I wait say 1 week?

Some card companies quote 5 days to cover their back, but most balance transfers in my experience go through in 1-2 days. As soon as the balance transfer has gone through and the balance is showing in the other card, you can do the transfer back to Halifax any time after that.

rafhelp wrote: »

i know there will be two 3% transfer fees but im paying £25 interest/month so over 18months it would save money

Yes, that's the whole point of balance transfers, you are off-setting the cost of interest vs the initial balance transfer fee.

sambuca9

I did this last week with Tesco and Nat West CC's, worked fine.

No_6

Don't forget to have the money ! to pay off these deals, when they end,
as they eventually run out.


6

rafhelp

would this however give you a negative ir have negative impact on your credit score rating?

JimmyTheWig

If anything this would show that you were able to pay off high balances on your credit cards so improve how you looked to other credit providers.