16 February 2007
One of the largest high street banks is offering its customers 0% on balance transfers and purchases for the next 12 months, providing they take out its new, online credit card before the end of February.
Halifax claims that its One Card – which can only be obtained through its website www.halifax.co.uk/creditcards - is a "market leader", although it should be noted that there is a 3% handling fee on each balance transfer.
Apacs, the UK's payments association, states that the average consumer has an outstanding balance of £1,879. Halifax says that if this were transferred from a card paying 16.9% to the special offer Halifax One Card, the average customer would save themselves £93.77 in the first 12 months.
After the 12-month period, the typical APR rate will be a 15.9% and the bank is offering up to 59 days interest-free credit on all purchases if the consumer pays off their balance in full each month.
Ken Stannard, Head of Halifax Credit Cards, said: "This is a market leading card. Unlike many credit card providers, both the balance transfer and purchase rate stays at 0% for the first 12 months. People need to act fast if they want to take advantage of this great deal."
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