LONDON, ENGLAND — (Marketwired) — 10/02/13 — From today all new customers taking out a 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, , 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 GBP 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 GBP 375 better off over the 15 month period(i).
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 GBP 1,000 spend they would save themselves GBP 195 in interest over the 15 month period(i).
ENDS
Notes to editors:
(i) 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
Extra benefits of the Halifax All in One Credit Card
Contacts:
Chris Wrigley
0161 9308306