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Friday 2nd May 2008
The Halifax has recently launched a new all in one credit card, which enables consumers to enjoy ten month worth of interest free credit on both balance transfers and on new purchases. This is one of a number of similar offers that allow consumers to get interest free credit on purchases and balance transfers for the same period of time, with Marks and Spencer having recently launched a similar offer but for a shorter period of six months.
One industry official said: "Halifax's All-in-One card looks like a pretty generous offer in a market where as many as five million of us are struggling to make repayments and some credit card companies are either looking to dump customers or reduce the credit limits of certain customers."
He added: "Savvy consumers with a strong credit record can do better however if they're after a balance transfer card. Halifax's 10 month 0% balance transfer period looks pretty small when compared to the Virgin Money 15 month offer and the 14 months Barclaycard are offering on two of their cards. Similarly, if you're looking for the longest possible introductory purchase rate, then you can expect a full 12 months with the HSBC MasterCard."
He went on to say: "Having said this, the combination of the generous balance transfer period and purchase period will be attractive to anyone looking to make purchases without fear of racking up interest charges on their spending and existing balance. Barclaycard's 14 month balance transfer card for example comes with an introductory purchase period of just 3 months."
This indicates that whilst the offer from Halifax may prove popular amongst many, there are also those that may benefit more from finding longer interest free period on either purchases or balance transfers with another card provider.
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