Halifax launches new student credit card

Halifax is launching a new credit card exclusively for students. The new card, with a competitive rate of 17.9% APR, is designed to put students in control of their finances.

The card will have a number of new features to help students manage their finances:

Free monthly text alert reminding cardholders of their payment due date
Free weekly text alert informing cardholders of their balance
Minimum repayments of 5% or £5 whichever is the greater
Maximum credit limit of £500 (cardholders can choose to set a lower limit when they activate their card)

Unlike a number of other providers, students won't have to have a Halifax Student Current Account to qualify for the Halifax Student Credit Card.

According to Halifax research, 43% of students have a credit card. The research showed that of these, almost three quarters (73%) had a balance under £500.

The new Halifax Student Credit Card will feature the same market leading number of grace days as other leading Halifax cards – up to 59 days.

Ken Stannard, Head of Halifax Credit Cards, comments: "Halifax already boasts a market leading student current account and our student credit card is no exception. We offer students a lower APR than rivals such as Lloyds TSB and NatWest.

"Our new text service will allow students to monitor and control their finances more closely as well as giving them the convenience of using a credit card."