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Halifax launches low-rate 6.9% credit card

Low APR deal beats Barclaycard and Co-op on rate

Halifax logo

Halifax has cut the interest rate on its Easy Rate MasterCard, making it an excellent deal for consumers who don’t pay off their credit card balance in full every month.

The card, with a low headline rate of 6.9%, is issued by Bank of Scotland. The advertised rate is likely to only be offered to consumers with an excellent credit rating. Other successful applicants may be offered a higher rate of either 10.9% or 12.9% APR, still much lower than the market average, but not as competitive as other credit cards for borrowing.

Great interest rate, but poor customer service

Martyn Saville, Which? credit card expert, commented: ‘It’s heartening to see competitive, low-rate cards like this coming onto the market and this could be a great deal for consumers who tend to borrow on their card.

‘But Halifax scores poorly in our customer satisfaction survey, scoring a miserable 56%, compared with John Lewis/Waitrose’s impressive 88%. However, in terms of value for money, the new Halifax deal is hard to beat.

‘The advertised rate of 6.9% also applies to balance transfers and it is pleasing to see that no balance transfer fee applies. However, the interest rate can go up in the future, so you may be better considering a low-rate life-of-balance credit card that guarantees your rate until the balance is repaid in full.’

Get the best credit card for your needs

If you need advice to help you choose the best credit card for your needs, read the free Which? guide to choosing a credit card.

Once you know the best type of card for you, check out Which? Best Rate credit cards to find the most competitive deal available today, whether it’s a cashback card, a card for borrowing or the longest 0% deal on balance transfers.

To find out how much you could save by switching to a new credit card, use our free balance transfer calculator. Alternatively, to see how much quicker you could pay off your existing debt by making an extra monthly payment, try our credit card repayment calculator.

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