Halifax Credit Card review 2021

With a noticeably low rate on purchases, balance transfers and cash advances, this Halifax card could be an option for those looking to keep their interest costs down.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 9.93% (variable) p.a., your representative rate is 9.9% APR (variable).

9.9%

Representative APR

£0

Account fee

Up to 56 days

Interest-free each billing period

Details

IssuerBank of Scotland
NetworkMastercard
Annual/monthly fees£0
Balance transfers9.93%
Balance transfer fee5%
Purchases9.93%
Purchases interest-free periodUp to 56 days
Cash advances9.93%
Min credit limit£0
Max credit limitNot specified
Additional cards available1
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Review by


Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.

Expert review

If you’re someone who struggles to pay off your credit card balance in full each month, finding a card with a low interest rate could save you a lot of money.

The Halifax credit card offers a noticeably low variable rate on purchases, balance transfers and cash advances, but little beyond that.

While a low rate is never a bad thing, customers looking to keep their costs down may be better off finding a dedicated 0% purchase or balance transfer card, or ideally, making sure they pay off their balance in full each month and avoid paying interest at all.

It’s also worth keeping in mind the fees you’ll need to pay on both balance transfer and cash advances with this card, which could negate much of the savings you’d potentially make based on the lower rate.

Ultimately, the Halifax credit card offers a low interest rate, but not much else, but could be a worthwhile option for those who carry a balance each month.

The Halifax Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.

Pros and cons

Pros

  • A low ongoing interest rate (variable)
  • No annual fee

Cons

  • Relatively high balance transfer fee

How does it compare with other low rate deals?

Table: sorted by representative APR, promoted deals first
Name Product Purchases Balance transfers Annual/monthly fees Representative APR Incentive Link
The Co-operative Bank 3 Year Fixed Rate Credit Card
8.9%
8.9%
(0% fee)
£0
8.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
MBNA Long Term Low Interest Credit Card
4.9% for 48 months reverting to 8.9%
4.9% for 48 months
(0.5% fee)
£0
8.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
TSB Advance Credit Card Mastercard
0% for 3 months reverting to 9.95%
0% for 3 months
(0% fee)
£0
9.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.95% (variable) p.a., your representative rate is 9.9% APR (variable).
Tesco Bank Low APR Card
9.942%
10.362%
(3.99% fee)
£0
9.9% APR (variable)
1 point per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco, must have available credit to earn points. Card can also be used as a Clubcard to collect standard points at 1 point per £1 spent on shopping and 1 point per £2 spent on fuel. Points are converted to Tesco vouchers which can be used towards shopping or exchanged for Partner Rewards.
Representative example: When you spend £1,200 at a purchase rate of 9.942% (variable) p.a., your representative rate is 9.9% APR (variable).
Lloyds Bank Platinum Low Rate Credit Card
9.94%
9.94%
(5% fee)
£0
9.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.94% (variable) p.a., your representative rate is 9.9% APR (variable).
Halifax Credit Card Mastercard
9.93%
9.93%
(5% fee)
£0
9.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.93% (variable) p.a., your representative rate is 9.9% APR (variable).
Bank of Scotland Platinum Low Rate Credit Card
9.93%
9.93%
(5% fee)
£0
9.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.93% (variable) p.a., your representative rate is 9.9% APR (variable).
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Compare up to 4 providers

Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

You can make manual repayments through Halifax's app, by logging in to your online banking or over the phone (0345 944 4555). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.

You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply

If you've compared cards and settled on the Halifax Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.

Frequently asked questions

Can I withdraw cash using the Halifax Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Halifax Credit Card is 5%.

The interest rate on this part of your balance will be 9.93% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

How much does it cost to use the Halifax Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£169.29), it'll cost you around £4.99 in fees.

What is the minimum payment on the Halifax Credit Card?

Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the two figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.

Finder credit card ratings

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★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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