Compare credit cards ñ it’s not looking pretty

Halifax has become the latest provider to scrap a popular but pricy feature on its credit cards.

A wave of providers facing bad consumer debts and balance transfer costs have cancelled the offers they once provided to attract punters who compare credit cards.

Now Halifax has joined the crowd, slashing its zero per cent interest on purchases offer from 12 months down to just three.

It has also boosted its annual best rate by three per cent to 15.9 per cent after the introductory offer ends.

The Halifax move is in line with credit card best rate increases by Sainsbury’s, Mint and Barclaycard.

Capital One and MBNA have also introduced fees on all balance transfer transactions since the summer.

Nationwide has scrapped its zero per cent balance transfer offer and replaced it with a rate of 4.9 per cent for 12 months.

The charges have hit many borrowers who previously relied on various zero per cent offers to juggle their finances.

Some providers are lagging behind the trend however, and still stand out with best rates and free balance transfer deals to observers who compare credit cards.

MBNA still offers a zero per cent balance transfer deal, and Sainsbury’s still offers zero per cent on balance transfer transactions and purchases for five months.

HSBC and Virgin both offer zero per cent on balance transfer payments for nine months, and Morgan Stanley and the Cooperative Bank Platinum Advantage cards both offer zero per cent on balance transfer payments and purchases.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *