Halifax

Halifax

October 02, 2013 07:53 ET

Halifax Unveils 0.8% Balance Transfer Fee on All in One Credit Card

0% interest for 15 months on balance transfers and purchases now with a balance transfer fee of just 0.8%

LONDON, ENGLAND--(Marketwired - Oct. 2, 2013) - From today all new customers taking out a Halifax All in One Credit Card will pay an effective balance transfer fee of just 0.8%.

New customers will continue to receive a 15 month interest free period on both balance transfers and new purchases. But in addition, Halifax will now refund 2.2% of the 3% balance transfer fee initially charged, which means all new customers will pay an effective fee of just 0.8%.

Richard Washington, Halifax Credit Cards, said:

"With summer holidays over for another year and Christmas now just around the corner we understand that customers sometimes need a little extra help with managing their finances. That's why as well as a 15 month interest free introductory period on both balance transfers and purchases we're now effectively cutting the balance transfer fee to just 0.8%."

Significant savings

For someone looking to restructure their existing credit or store card balances then, based on a typical balance transfer of £2,000 from a card charging 17.9% APR (variable), with 0% for 15 months and an effective 0.8% balance transfer fee, moving to the All in One Credit Card would mean customers would be £375 better off over the 15 month period*.

And for those people looking to buy something and spread the cost over time, if they paid for it on the All in One Credit Card with 0% for 15 months then, compared to paying for it on a card charging 17.9% APR, on a £1,000 spend they would save themselves £195 in interest over the 15 month period*.

ENDS

Notes to editors:

* Assumes no increase in balance over the period and customer is making minimum payments each month

Notes on the Halifax All in One Credit Card

  • To receive 0% on balance transfers and the balance transfer fee refund, customers must transfer their balance within the first 90 days of opening their All in One card. Any balance transferred after 90 days will be charged at the standard interest rate and balance transfer fee.
  • The refund will be applied within 90 days of the balance transfer being processed.
  • If customers don't make their minimum payment on time or go over their credit limit they will lose the 0% rates and will incur charges.
  • The majority of customers will be offered our best rate of 17.9% APR (variable).

Extra benefits of the Halifax All in One Credit Card

  • Manage your card online using Online Banking and Mobile Banking.
  • Transfers and payments made via Faster Payments
  • You're covered against online fraud on the Internet
  • Card replacement service if you lose it
  • No annual fees to pay
  • No interest on purchases if you pay your balance in full by each payment date
  • Accepted in 31 million locations (just look out for the MasterCard logo)
  • Additional cardholders available
  • Around the clock service.

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