Credit cards Date:
Halifax has increased the interest-free term on its balance transfer credit card, a move that has propelled it to the very top of the Moneyfacts charts.
The newly-named Halifax 40 Month Balance Transfer Credit Card now has a 40-month interest-free balance transfer term, the joint market-leading offer in its sector. It also has a new introductory transfer fee of 2.54% after a partial refund, while standard purchases will be charged at 18.9% APR.
Borrowers have a 90-day period in which to transfer their balances to qualify for the interest-free period. Once this period expires, balance transfers will be charged at an annual rate of 18.95% with a fee of 3.00%.
Applications can be made online or by phone by borrowers who are at least 18 years old. Applicants must remember that rates are representative and dependent on their credit rating.
By upping the 0% interest balance transfer term to 40 months, Halifax has secured the top place on the charts. This market-leading term comes alongside a competitive introductory fee, which will appeal to borrowers who are looking to keep down the cost of moving their balance. As a result, this product fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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