Halifax 0% coming o an end.. where next?

getreal_3

I have £8700 on my halifax c/c and another halifax card with £85. the 8700 is on 0% but only until next month, I was thinking of applying for the abbey c/c thats 0% for 6 months, however I am 3600 overdrawn and I accidently missed a store card payment last month although I paid it only 3 days late... should I attempt to get a lw rate off of halifax and keep it where it is or move it?

Moggles_2

getreal wrote: »

I have £8700 on my Halifax c/c and another Halifax card with £85. The £8700 is on 0%, but only until next month... Should I attempt to get a low rate off of Halifax and keep it where it is or move it?

Credit card providers are not there to help you and me. They're there to make money. Ask yourself why a lender would reduce your interest rate, simply because you asked them?

If you were to shift the debt to another card, you would be in a better position to negotiate a lower rate. Depending on your credit history, the Hally may then offer you a balance transfer at a promotional rate. Attracting new business is expensive and most lenders prefer to retain existing customers.

That said, Halifax is certainly not known for great follow-on/existing customer offers. The best deals are reserved for new customers.

Which other credit cards - besides your two Halifax cards - do you have at the mo?

CannyJock

You might be able to get an application in and credit limit approved before your default shows on your credit file.

You might be cutting it a bit fine to do a BT to the other card in time though.

If you've not already got one, consider a Virgin Money or other MBNA backed card, they're known for decent credit limits.

If you're able to successfully transfer all of the balance off of the Halifax cards then you should cancel them to keep your credit file clean and give you a chance of another card when the Virgin Money deal is up.

Like Moggles says, there was some discussion recently and YorkshireBoy commented that he's never seen a workable follow-on deal from Halifax - so if he ain't seen it then it don't exist

NickX

getreal wrote: »

I accidently missed a store card payment last month although I paid it only 3 days late

Personally I don't think the odd late payment will have too much of a detrimental effect on your Credit File.

I would apply for an MBNA backed card, such as Virgin Money because as CannyJock has said they are generous on Credit Limits and you may be able to get another promotional period with them.

YorkshireBoy

CannyJock wrote: »

Like Moggles says, there was some discussion recently and YorkshireBoy commented that he's never seen a workable follow-on deal from Halifax - so if he ain't seen it then it don't exist

I was referring to a "workable" deal in a stoozing context CJ. I suppose if you're faced with 15.9% APR typical then anything below that is workable...at least for a time. Agree with Moggles though; you're in a far stronger negotiating position with an empty card, or at least some spare capacity for bringing more debt to the card at a better rate.

getreal_3

Thank you all for the advice, the reason I said about approaching halifax was because of a piece on mse cant remember where I read it, but it listed what each company responds like to you suggesting them offering you a lower rate rather than losing you as a customer and it suggested that people were getting offered as low as 2.98 for six mnths...


These are the only 2 credit cards we have and will be clearing the other one in the next couple of days. Does virgin money offer a 0% deal?

thank you for all your advice

W1zz

getreal wrote: »

Does virgin money offer a 0% deal?

thank you for all your advice

Yes - 15 months @ 0% http://uk.virginmoney.com/

I've been switching my balances between Virgin, Halifax and Barclaycard for past 3 years. I'll be looking to re-apply for a Halifax Card (3rd time) next Feb when my current Virgin (2nd time) offer expires. Just remember to cancel you old card so you can re-apply for it again 12-15 months later.

I've always got good £10K+ limits from both Virgin and Halifax.

getreal_3

Only problem is the handling charge on the virgin, would I not be better going for the abbey 6 months fee free deal?

Idiophreak

Depends if you'll clear it in 6 months or not...

getreal_3

hmmm might not be at least by the end of the 6 months we can shift again and will be paying less f we ten have to pick a card with a fee ie if we have cut our debt by half to 4300.. 3%.. £129 fee instead of 270 ish?

bethanyrayne

getreal wrote: »

I have £8700 on my halifax c/c and another halifax card with £85. the 8700 is on 0% but only until next month, I was thinking of applying for the abbey c/c thats 0% for 6 months, however I am 3600 overdrawn and I accidently missed a store card payment last month although I paid it only 3 days late... should I attempt to get a lw rate off of halifax and keep it where it is or move it?

Others to consider are Ulster Bank Gold Card 6 months 0% no fee.

Thomas Cook 9 months 0% with fee though.