You can now get the best of both interest-free balance transfers and purchases for less!
Halifax has slashed the balance transfer fee on its All in One Credit Card from 3% to 1%.
The move makes it one of the cheapest balance transfer cards on the market.
But it's not just a one trick pony...
Save and spend
With the Halifax All in One Credit Card you can save and spend at the same time.
That’s because it comes with 15 months interest free on both balance transfers and purchases.
So you can continue to make big purchases without racking up any interest, while freezing the size of any existing debt – for more than a year.
An all-round credit card like this one is certainly a great tool to have in your wallet and saves you taking out separate credit cards to do the same job, especially if you have one or two already.
[SPOTLIGHT]Dual deals on all-round credit cards can come in all sorts of shapes and sizes; some are equally spread between balance transfers and purchases while others put more emphasis on one side over the other.
But most have balance transfer fees of around 3%.
To put that into context transferring a £2,000 debt would cost £60. But with the 1% fee that Halifax is offering it would only cost £20. That’s a pretty significant difference!
Low fee all-rounders
You can visit our credit card comparison centre to root out some all-rounder deals that suit your needs. But I have picked out those that have balance transfer fees less than 3% and arranged them by which is cheapest.
|
Credit card |
Interest free period balance transfers |
Interest free period purchases |
Fee on balance transfers |
APR |
|
15 months |
15 months |
1% |
17.9% |
|
|
13 months |
6 months |
1% |
17.9% |
|
|
13 months |
6 months |
1% |
17.9% |
|
|
9 months |
15 months |
1.5% |
17.9% |
|
|
9 months |
15 months |
1.5% |
17.9% |
|
|
21 months |
3 months |
1.5% |
17.9% |
|
|
16 months |
3 months |
1.5% |
18.9% |
|
|
15 months |
5 months |
1.5% |
15.9% |
|
|
22 months |
3 months |
2% |
16.9% |
|
|
17 months |
7 months |
2% |
11.9% |
|
|
25 months |
6 months |
2.4% |
18.9% |
|
|
23 months |
3 months |
2.5% |
16.9% |
|
|
25 months |
3 months |
2.9% |
16.9% |
|
|
14 months |
14 months |
2.9% |
18.9% |
|
|
12 months |
15 months |
2.9% |
16.9% |
|
|
9 months |
16 months |
2.9% |
16.9% |
* Existing current account holders only
As you can see the Halifax All in One Credit Card is the top all-round card you can get on the cheap. But as well as a low handling fee it is also among the top for the longest lasting deal on purchases.
You can get better balance transfer periods if you're willing to sacrifice on the purchase side of the deal though
The Barclaycard 25-Month Platinum Visa is one that caught my eye as it comes with over two years interest free on balance transfers. It comes with a 2.4% fee but only six months interest free on purchases.
Keeping it separate
Although an all-round credit card is a handy tool there is some logic to keeping your credit cards separate - you can get a better deal.
You can dodge paying any interest on purchases for 17 months with the Halifax Purchase Credit Card or 16 months with the Tesco Clubcard Credit Card. Although these both come with deals on balance transfers, they aren't market leading, so you could get another top card to help manage existing debt instead.
The market-leading balance transfer credit card is the Barclaycard 26-Month Platinum Visa which comes with 26 months interest free on transfers for a 3.5% fee. This card also comes with interest free purchases of six months, but again getting a separate card might be more beneficial.
Be careful
All this talk of interest-free money can lull you into a false sense of security.
Remember that no matter how long a deal lasts you will need to pay it back eventually, so whichever credit card you go for you should devise a plan on how to repay what you spend or transfer.
More on credit cards:
The best cashback credit cards
The best 0% purchase credit cards
The best money transfer credit cards