Credit cards Date:
Halifax has temporarily extended the interest-free balance transfer deal on one of its credit cards to 40 months, enabling it to take the top spot on the Moneyfacts charts.
The newly-named 40 Month Balance Transfer Credit Card MasterCard now has a market-leading 40-month 0% interest balance transfer term, the longest term currently available and the joint-highest ever recorded. It comes with a fee of 2.95% (after a partial refund) and also has a six-month interest-free term for purchases.
Borrowers must transfer their balance within 90 days of the account being opened in order to qualify for the introductory deal. It should be noted that the 40-month interest-free balance transfer term is only available until 15.2.16, after which the offer will revert to a 38-month 0% interest term.
Once the initial offers come to an end, balance transfers will attract an annual charge of 18.95% per annum with a 3% fee, while standard purchases will be charged at 18.9% APR.
Borrowers must apply online and be at least 18 years old. Borrowers should also remember that rates are representative and dependent on their credit rating.
The extension of the introductory balance transfer deal to a market-leading 40 months has moved it smartly to the top of the charts, a shift that is bound to trigger interest among borrowers. The fact this deal also comes with a six-month 0% interest purchase term adds extra gloss to this already highly competitive offer. However, borrowers must move quickly if they wish to benefit from the extended introductory deal, as the increase to the balance transfer term is only temporary. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.