New best buy credit card from Halifax

Michelle Slade, Analyst at Moneyfacts.co.uk, comments: “After a recent shake up of Halifax cards, with the drastic shortening of some 0% deals, Halifax has turned its attention to the standard rate market. The Flat Rate MasterCard is available online with a standard purchase rate of 8.9% - this is marketing leading.

“Perhaps for those rate tarts who have run out of options, or for those who simply cannot be bothered to continue to switch cards on a regular basis, a low standard rate could be ideal. The 8.9% is a competitive rate even when compared with many personal loans, especially if your borrowing is less than £5K.

“However, don’t be caught out as there are two versions of the Flat Rate Card. The MasterCard version is available online, with a rate of 8.9%, but apply in the branch and you will be offered a Visa card at 14.9%. That’s a huge price to pay for applying in branch, especially when you consider both rates are subject to your credit rating, so the rate you actually pay could be much higher.”