July 6, 2006

Halifax has relaunched its One credit card with a typical APR of 9.9 per cent and a zero per cent rate for nine months on balance transfers and purchases.

A three per cent balance transfer fee will be charged, however, although no annual fee will be placed on the card.

Up to 59 days interest free credit will be offered on all purchases for customers who pay off their balance in full each month as well as cover against fraud for online purchases.

Halifax states that, based on recent Apacs figures that the average outstanding credit card balance in the UK is £1,880, a cardholder with a rate of 16.9 per cent could save £261 over a year by switching to a One card.

Ian Larkin, head of Halifax Credit Cards, said: "Many providers will offer zero per cent on either balance transfers or purchases.

"We're offering customers both, coupled with a market leading typical APR. No other high-street provider has such a strong overall offer."