Halifax launches longest fee-free balance transfer offer
Halifax has launched a market leading balance transfer offer for its unique Clarity card.
New customers transferring their balance to Clarity from will benefit from a 2.9% p.a introductory rate for 16 months, with no balance transfer fee.
The typical balance transfer fee charged by major providers currently stands at around 3%. On a balance of £1,500, this equates to £45.
Customers transferring a balance of £1,500 from another credit or store card charging 17.9% APR to the Clarity card (2.9% pa for 16 months) would save £294 in the first two years. If the same balance was moved to Clarity rather than a typical 0% card with a 3% fee, over the same two years, the amount charged would be over £30 less on Clarity.
Richard Washington, Halifax Credit Cards, explains, "Zero percent balance transfer offers might look like they offer the cheapest option, but that won't always be the case. Once you factor in balance transfer fees, and the longer term rate, only then can you can start to weigh up the true cost of these offers."
No balance transfer fee
2.9% p.a. introductory rate for 16 months on balance transfers
After the introductory rate, there's one interest rate for all transactions, representative 12.9% APR (variable)
No fees to use the card
No cash withdrawal fee
No foreign exchange fee
No annual fee
£5 monthly cashback reward for qualifying current account customers