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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.
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.
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.
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.
You need to make at least the minimum payment every month, and stay within your credit limit, to keep any introductory or promotional interest rates, and to avoid extra fees, charges and damage to 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:
For each balance type, the oldest transactions, along with any related fees, charges and insurance, will be repaid first.
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.