I’ve had Credit Cards for many years and in all that time I have owed money to the bank or, more recently held a £0 balance.

Having had to cancel our holiday, where I had used a Halifax Clarity Card* to pay for both the RV hire and Car hire for both ends of the road trip, I found myself in the very novel situation of having a credit balance.

Since, having already cleared the credit card, this was money that was not really needed immediately. I didn’t want to make the phone call and sit waiting in a queue when others might need their refunds more urgently. Yes I know it would be better in a savings account or ISA, but the interest rates aren’t that attractive at the moment so I held back.

Yesterday I went online to check my account and found that Halifax have added a message to the screen telling customers that refund credit balances can now be transferred without incurring any charge using the Money Transfer system. I know other banks have already done this so well done to all of them. I’m now back to a £0 balance until the next refund comes in.

*Halifax Clarity Card: this is a great card to have when you need to use a credit card pay in foreign currencies, such as vehicle hire. It is a MasterCard, which means you get their exchange rates which are way better than the Post Office or any currency exchange office, and Halifax don’t charge a transaction fee.