Review: The Halifax credit card UK

© Stepanov purse
© Stepanov
Advantages of the Halifax credit card
Low credit card APR
If you carry your balance forward to the next month, you will pay just 17.9% APR.

0% APR on balance transfers
You can transfer a balance to your new all in one card and avoid interest for the next 12 months. It should take no more than ten working days to complete the transfer.

Increase credit limit
After a period of six months has elapsed, you can apply for an increase to your spending limit.

You should have managed your account properly during that time period.

Improve your credit score
Provided that you make payment within the grace period and don’t over-spend, you will be able to enjoy a better credit rating.

Ease of application
You can make your application online and get a response within 24 hours.

No annual fee
You won’t pay an annual charge for signing-up to a Halifax credit card.

Online account management
Once you’ve registered your card, you can manage your credit card account online.

Card appearance
You can choose from a selection of five different colours and designs.
Disadvantages of the Halifax credit card
Balance transfer fee
Although you will enjoy 12 months of interest-free credit, there is a 3% administrative fee for carrying out the transaction.

Bad credit history
Unless you’ve got a good credit history, your application for credit will be declined.

Failure to make payment
If you don’t make the minimum monthly payment, you will no longer benefit from any of the promotional offers.

Default charges
If you make delayed payments, exceed your credit limit or if a payment is returned, you will be liable to pay Halifax a £12 charge.

Cash advance from an ATM
If you make a cash withdrawal from an ATM, you will have to pay a 3% charge. The minimum fee is £3.

Credit card debt problems
If your circumstances change or you over-spend, you could get into serious debt and damage your credit rating.