Halifax launches new simple, low rate credit card

Halifax has just launched a new low rate credit card offering a single rate of 6.45% interest on purchases and balance transfers.

According to personal finance experts this card just pips the long time best buy low rate card from MBNA at 6.6% APR. Other competitive cards in this space are Tesco Bank at 7.8% and Virgin Money at 7.9% APR.

Andrew Hagger of Moneycomms said: “The good thing about these cards is that you know if you need to carry a balance over on your statement for a couple of months then the interest charges aren’t going to be too severe.”
He added: “For example if you had a £2,000 balance and took three months to clear it you’d pay pack £21 in interest at 6.45% APR compared with £60 on an average card charging 18.9% APR.”
If you’re going to take longer to clear your balance then a 0% purchase of balance transfer card will work out as a cheaper option.

 

A spokesman for Halifax Credit Cards, said“By launching this simple, low rate product Halifax is demonstrating its continued commitment to providing extra value and choice to customers.

“The Halifax Low Rate Card is designed to help customers keep things simple, with the same low rate across purchases and balance transfers, enabling customers to keep track of their spending more easily.”

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