You are here: Home - Credit Cards & Loans - News -

Balance transfer cards: Halifax launches 41-month deal with 3.5% fee

Written by:
Halifax has launched a new balance transfer deal offering 0% interest for up to 41 months.

It follows the announcement of Virgin Money’s record 41-month card last month.

Both however come with hefty fees. The Virgin Money card charges a 4% balance transfer fee, while holders of the new Halifax offering will pay 3.5%.

Details of the Halifax deal

After the 41-month 0% period, the Halifax fee drops to 3%. Balance transfers must be made within 90 days of opening the account and must be a minimum of £100.

Halifax has also launched a card offering borrowers 0% interest for up to 25 months with no fee. Again, balance transfers must be made within the first 90 days and be at least £100. After the 25-month 0% period, the fee jumps to 3%.


A number of 40 month 0% interest balance transfer cards come with significantly lower fees. For example, Lloyds Bank and Bank of Scotland currently charge 2.41%. So it seems borrowers are being hit fairly hard for the one extra month of 0%.

On a £4,000 balance, you’d pay a balance transfer free of £160 with Virgin Money, £140 with Halifax but just £96.40 with Lloyds bank.

Andrew Hagger of said: “It’s almost as if lenders are trying to reset the market rate higher for balance transfer fees to justify the longest i.e. 41 month deals.

“41 month deals may appear at the top of the best buy deals but you have to question why anyone would choose these over the raft of 40 month offers with a far lower fee.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week