20 August 2008
The interest-free credit period on Halifax's All-in-One credit card has been extended by a month. This means that balance transfers and purchases on the card now remain free of interest for 11 months, not ten. It is a bonus offer than is available until September 21st for customers crediting their Halifax accounts with £1,000 or more per month, customers with a Halifax Ultimate Reward current account and those transferring their current account to the bank. The card has a typical interest rate of 15.9 per cent APR. Ken Stannard of Halifax said the bonus could save customers hundreds of pounds of interest. Recent statistics from the UK payments association Apacs found that in 2008's second quarter, there were 1.8 billion purchases made on plastic cards. The total value of these purchases was £92.6 billion. In addition, outstanding credit card balances have increased by £1.8 billion in the 12 months to the end of June this year. Gross credit card lending in the second quarter of 2008 totalled £32.8 billion.
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