Halifax Retail Promotional Rate

The_Fitz

Ends next month. My new interest rate will be 19.9% p.a.

Is this interest just charged on new transactions after the end of the promo rate?

I balance transferred onto this card, used it a little for new purchases but really just paying it all off.

Don't need to actually use it again for new purchases so wondering if I should get a new one.

Cheers

MallyGirl

It will be applied to the balance on the card, regardless of the transaction date

[Deleted User]

No. It's charged on your outstanding balance.

The_Fitz

Cheers folks.

So say my balance is £1k. I would be paying £15.83ish interest per month to begin with unless I switch?

MallyGirl

about that

The_Fitz

Quick question - If I move to a CC with a 29 month balance transfer offer. If I don't put any new purchases on it, can I pay it off in 29 months without incurring any interest?

chattychappy

The_Fitz wrote: »

Quick question - If I move to a CC with a 29 month balance transfer offer. If I don't put any new purchases on it, can I pay it off in 29 months without incurring any interest?

Yes. You will most likely have to pay a BT fee, typically 3%. Bear in mind that when you apply for a new card you won't necessarily get a credit limit high enough to take the whole balance. If you don't, then shift as much as you can and consider apply for a third card to shift the rest.

Also, of course, bear in mind that these balances have to be paid off one day. If by clearing the Halifax card you are tempted to spend more, then it's not such a great deal.