BoS and Halifax credit cards take a turn for the worse

Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk, comments: “These market leading ‘12 month’ One cards from Halifax and Bank of Scotland were launched earlier this year, offering an impressive 12 months 0% on purchases. But this week sees these deals become far less attractive.

“The BoS and Halifax One MasterCards and the BT One card from Halifax have increased cash rates by 1%, to 23.95%. But the biggest downside is the reduction in the 0% deals available, falling from 12 months to six.

“Keeping rate tarts satisfied with 0% deals cannot be profitable in the long term, considering the administration costs, bad debt provisions and lack of interest income. But while some card providers continue to offer such deals, why not take full advantage? It’s not often that you will get something for nothing from your bank.”