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How to make a money transfer
Moving money from your Halifax credit card to your UK bank account could be handy if you need to make cash-only purchases, or deal with unplanned expenses.
Transfer in four easy steps
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If you don’t bank online, you can request a transfer by giving us a call or visiting your local branch.
Let’s take a closer look
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A fee could apply to each individual money transfer you request. This is usually a percentage of the transfer value and will be added to the total transfer amount. For example, a transfer of £1,000 with a 3% fee would total £1,030.
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Money transfers may be offered at 0% interest, or a low interest rate, for a set period of time. Either could be good options, depending on how long you plan to borrow for.
Both types of transfer interest rate could be available on your account.
More on credit card interest rates
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You could apply to increase your credit limit if you’d like to transfer more, or larger amounts, than your current credit limit would allow. Just be aware, requests are subject to status and security checks.
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You need to make at least the minimum payment every month to keep any introductory or promotional interest rates, If you pay late or miss a payment, you may have to pay fees, lose any promotional offers you have, and it could damage your credit score.
If you’ve got a Direct Debit set up to make payments to your account, check the amount. If you normally pay the full balance, you might want to reduce that once you’ve submitted your money transfer request, unless of course you want to pay everything off when your next statement arrives.
You might know that different interest rates apply to portions of your balance, based on transaction type and whether the standard or any promotional rates apply. Your latest credit card statement includes a summary of your interest rates.
As soon as transactions show on your monthly statements, those with a higher-interest rate will be paid before any lower-rate balances, including any promotional rates that might be ending soon.
Balances with the same interest rate will be paid off in this order:
- Cash transactions (ATM or over the counter withdrawals).
- Card purchases.
- Balance and money transfers.
- Default fees, including interest and other charges added.
For each balance type, the oldest transactions, along with any related fees, charges and insurance, will be repaid first.
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If you transfer money to your bank account and make purchases using a debit card or cash, these transactions are not protected under Section 75 of the Consumer Credit Act 1974.
Only purchases over £100 and up to £30,000, made with a credit card, are covered.
A summary on requesting money transfers
You could move money from your Halifax credit card, to your UK bank account.
- A handy option if you need to make cash-only purchases, or manage unplanned expenses.
- Request a transfer using Online Banking, the Mobile Banking app, or by phone.
- The minimum balance you can transfer is £100, the maximum depends on your credit limit.
- So we can process your money transfer, we’ll just need the details of your UK bank account.