Halifax launches 8.9% APR credit cardEasy Rate credit card competitive for borrowing

09 January 2010

Halifax logo

Halifax has relaunched its Easy Rate credit card offering a competitive 8.9% APR on borrowing, making it a Which? Best Rate card.

The card offers a low interest rate (APR) of 8.9% on both purchases and balance transfers. There is no additional balance transfer fee to pay when you move a balance from another credit card.

However, the card is unlikely to be available to new customers for long, so if this looks like the card for you, it's best to get your application filled in quickly.

Good for borrowing, not so good for balance transfers

Martyn Saville, Which? credit card expert, commented: 'The low standard interest rate on this Halifax card propels it to near the top of the Best Rate table for everyday credit cards for borrowing, with only Barclaycard Simplicity's 6.8% beating it. If you don't always pay off your credit bill, this could be an excellent deal for you.

'However, while there is no transfer fee on this card, it's still not competitive for balance transfers. If you've got debt on another card you can get a much better deal elsewhere. For example, Virgin currently offers a 0% period of 16 months on balance transfers (with a one-off 2.98% balance transfer fee).

'If you think you're going to need longer than 16 months to clear your debt and don't want to keep switching cards, you could still get a better deal with a different provider's life-of-balance credit card. Leeds Building Society, for example, offers a life-of-balance interest rate of just 5.9%. Even after adding the Leeds' 2% transfer fee, this card offers better value than the Halifax deal.'

Find the top credit card deals with Which? Best Rate cards

To find the best type of credit card for you, check out the free Which? guide to choosing a credit card.

Compare the best credit card deals for borrowing with Which? Best Rate cards, or find a top 0% balance transfer deal with our independent Which? reviews.

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