Halifax 0% fee / 4.9% interest balance transfer rate worth it?

discostu303

Afternoon all. Longtime lurker of these forums but this is the first time I've needed specific advice (thanks Covid!)

I have a £6000 balance on a 36 month interest free card (M&S) with the interest free period due to end next March. I've been stoozing between cards for a good few years now and have paid zero interest and hardly any balance transfer fees. If I was still in work that balance would have been fully paid off by next March. Debt free!
However, I've recently been made redundant because of corona and have had to take a new job on less than half my previous salary. This situation won't change in the short to medium term due to my sector being pretty much decimated in terms of job offers / work.

An older card I own (Halifax Clarity) with a £0 balance has a current balance transfer offer of 0% fees although will go straight onto a 4.9% APR rate for 48 months. This would be a huge help if the offer was still available next March, as I could transfer the remaining balance from the M&S card if the situation arises that I can't land another interest free balance transfer card (quite possible due to reduced income and savings). Without doing something, my minimum payments on the M&S card (taking into account the interest) will be impossible and I will end up defaulting.

Do Halifax run these balance transfer offers very often? Is it worth taking the offer now or wait until nearer to the time and hope the offer is still valid? I calculated that the additional interest I will pay over the next 8 months will be approx £130 so £16ish interest a month.

Any other suggestions would be welcome.

[Deleted User]

In your situation, you would be wise to take the offer now.