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When you move an existing credit card or store card balance, to a single credit card with a different provider, that’s a balance transfer.
For a quick run through, watch our short video.
Imagine you’ve got a credit card offering 0% on balance transfers for 12 months, with no other balances on the card.
Once approved, balance transfers should be complete by the next working day.
The minimum transfer amount at Halifax is £100. The maximum is up to 93% of your credit limit.
Keep in mind that fees might apply to each transfer.
To request a balance transfer with Halifax, you’ll need:
Before you transfer, it’s worth checking we’ve got the right contact details for you.
At Halifax, you can transfer balances from most credit and store cards displaying the Mastercard®, American Express® or Visa® logo, but not from loan companies, bank accounts or other Halifax credit cards.
Transferring a balance, in itself, won’t damage your credit score.
However, if you’ve taken out a new credit card with the intention of transferring balances, that in itself could affect your credit score, as you’ve increased the level of credit available to you.
New credit applications can damage your credit score in the short term too.
It’s a good idea, once you’ve transferred your balances, to close any accounts you don’t need anymore. That could help your credit score to recover.
On the transactions pages of your PDF or paper statement there is a of breakdown your balance and the interest rates that apply. If you have a balance transfer that has a promotional or introductory interest rate the expiry dates will also be shown here.
With a balance transfer, move existing credit or store card balances to single credit card.