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If you want to keep all your existing balances in one place, a balance transfer credit card could be a good way to do this.
What is a balance transfer credit card?
Transfers are subject to security checks, so they’re not guaranteed. However, once approved, balance transfers should be complete by the next working day. Transfers can’t be cancelled, and fees can’t be returned.
The minimum amount for balance transfers is £100. You can transfer up to 93% of your credit limit, including your existing balance, just to allow for fees and any other in-flight transactions.
You can’t transfer a balance between Halifax credit cards. You can only transfer balances from credit or store cards which have the Mastercard®, American Express® or Visa® logo.
It’s important to keep track of your payments and balance. You could lose any promotional interest rates if you break the terms and conditions of your credit card account, for example, by missing a payment or going over your credit limit.
When introductory interest rates expire, the standard interest rates will apply to any balances you haven’t repaid, potentially increasing your borrowing costs.
It’s important to know that you could lose your introductory rate if you don’t make at least the minimum payment on time each month, or you go over your credit limit. Making the monthly minimum payment probably won’t be enough to clear your balance before any offers expire, especially if you’ve used your card for other things, so pay more whenever you can.
Things to look out for:
When applying for a credit card, it’s important to make sure the one you choose suits your needs.
If you have existing credit or store cards, a balance transfer credit card could help you bring everything together, making your finances easier to manage month-to-month.
Transferring your balances to another provider could also reduce your borrowing costs, but remember that transfer fees may apply.
Balance transfer credit cards might offer introductory interest rates for a period of time, sometimes as low as 0%, but make sure you understand any associated terms and conditions.
If you have other debts, such as a personal loan or overdraft that you want to combine, a debt consolidation loan could be an alternative borrowing option.
There are also other types of credit cards available that may be more suitable for your needs. Do your homework about what each card offers to find the one that’s right for you.
Rather than display all of the credit cards we offer, we’ll only show you the ones you’re eligible to apply for.
Provide a few basic details and our eligibility checker will do the rest, giving you a clearer idea of the credit limit and interest rate you could get. It also means you’re less likely to be declined, or offered a different rate when you submit a full credit application.
This check takes about five minutes to complete, and won’t affect your credit score.
You can apply for a credit card if:
You’ll need to complete an eligibility check first, then we’ll show you the credit cards, interest rates and credit limit we could offer you.
This check takes about five minutes to complete, and won’t affect your credit score. We’ll just need some basic details from you, including your name, address, and some information about your income and outgoings.
Once you’ve found the card you want to apply for, simply follow the instructions to complete a full credit application.
Your credit score can impact what cards and interest rates you could get. Learn more about how credit works, how to check and improve your credit score, and more.