Credit card balance transfers.

[Tempnametoday]

Name changed for this, I may be identifiable on my other posts.

We paid for some work to be done an a 0% credit card. Paying above minimum, will be cleared well before end date of promotional period. This is with NatWest.

I also have a credit card with Halifax. I have a balance on there at the moment, a couple of thousand, isn’t on a promotional rate. Halifax have offered me a 12 months interest free for only 3% transfer fee.

natwest are 0% transfer fee but I cannot add to me 0% interest.

Is it possible to move the Halifax to NatWest, fee free, to then move it back to Halifax, the same amount I moved, or even £50 more, to trigger the 0% for 12 months? It’s the equivalent to a 2 months interest so worth doing, but I am unsure if I would be allowed to.

I am also assuming in doing so that the transfer back from NatWest to Halifax will come from the amount I will be charged interest from? And not the interest free amount.

I can't answer the question, but double checking that they haven't offered a good Money Transfer deal too? If they have, it cuts out the faff, as they transfer the cash into your bank account, which you can then use to pay off the cc balance.

I will check, I have never used a money transfer before. I know there was an option with NatWest when we had the work done, but the period wasn’t as long.

No option for a money transfer, they do email every now and then with one, possibly when there’s no outstanding balance 😂.

natwest are 0% transfer fee but I cannot add to me 0% interest.
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Is it possible to move the Halifax to NatWest, fee free, to then move it back to Halifax,

How much do you owe on the NatWest card and what is your credit limit? If you have enough spare in your credit limit to move the balance from Halifax to NatWest, then you could do that and move it back again. But it’s not clear what the deal is with your NatWest card from what you’ve posted here. Can you post figures? Will NatWest charge you a BT fee? If they will, it’s going to mean you are charged twice over by moving things this way. Probably simpler to just apply for a new 0% card.

Apologies, I will try and explain again.

Natwest… 0% transfer fee. New transfers 29% apr.
Available credit £3973.

Halifax, 3% transfer fee, will be 0% apr until July 2025.

£2138 balance outstanding on Halifax.

I wanted to move the £2138 to from Halifax to NatWest, for free, then move it back again, at 3% to trigger the 0% offer from Halifax.

I am not sure however if NatWest will still charge me 29% apr on £2138 that is currently in my 0% promotion with them.

If you go on a comparison site like money supermarket and search for balance transfer credit cards you should get a variety that offer over 12 months interest free with 0% fee.

@Swissrollover, Halifax do offer a money transfer, I was t looking properly. 3.3% fee and then 0% for 15 months.

For the sake of 0.3% I may as well do that hadn’t I?

How much can you withdraw on a money transfer? You’d need to be able to withdraw £2138 into your bank account, then pay it off straightaway again, leaving 2138 +3.3% fee to pay off at 0%.

Or you could do your original plan, move it to NatWest and then back again. It shouldn’t affect the 0% original amount on NatWest as any payments should go towards the highest rate, which would be the new 29% BT, but do double-check the small print.

Honestly, I’d just get a new 0% card then close the Halifax altogether. I like keeping things simple!

There’s enough credit limit to cover it, my Halifax has a £15k credit limit so it is one I would like to keep open for every eventuality.

I will see if there are any 0% offers out and look at that too.

Thank you all :)

I probably would, to be certain of your outcome. So long as you aren't tempted to spend the money elsewhere and definitely pay off the cc balance.

I'd just open a new 0% card.