CREDIT CARDS, Halifax Credit Card

Halifax launch dual purpose credit card

Halifax has announced the launch of its All In One Credit Card, offering customers 0% on balance transfers and purchases for up to 15 months.

The bank have said that a customer who transfers £3,000 from a competitor’s credit card with a typical APR of 17.9% will save hundreds of pounds in interest charges, if they use the 15 month 0% period to pay off their debt.

The credit card comes with a representative APR of 17.9%. Customers will be able to save interest on purchases made, as the 0% is also applicable to purchases for 15 months.

"We are very pleased to be able to offer this market leading credit card, offering customers the flexibility of 0% interest on balance transfers as well as purchases,” said Richard Washington, Head of Halifax Credit Cards.

“With this new offering, we are making even more options available to customers, be it balance transfers, low rates or fee free cards"

Other features of the All In One Credit Card are protection against online fraud, a replacement card if lost, and no annual fees.

This new offer has increased the average length of 0% promotions on balance transfers in the marketplace to 21 months – an all time high.

Research has found that the average length of a 0% purchase card is also at an all time high, at 15.4 months.

"There is no doubt that a long term dual purpose credit card is a welcome addition to the credit card market as it allows consumers to spread the cost of shopping and debt consolidation,” said Kevin Mountford, head of banking at MoneySupermarket.com.

"The appetite for lenders to attract new credit card customers continues despite the current economic climate. But it is worth bearing in mind that this card is risk-based, so if you have a less than good credit profile you are unlikely to get this specific deal and may be offered an alternative.”

Tags: 0% balance transfer, APR, CREDIT CARDS, Halifax Credit Card