Halifax Purchase: longest 0% purchase credit card ever

Pay no interest on spending for 20 months.

Halifax has launched a new credit card offering the longest 0% period on purchases ever!

The Halifax Purchase Credit Card will not charge any interest on purchases for an incredible 20 months from when the card is first taken out. After that it carries a representative APR of 18.9%.

The card also offers a six-month 0% period on balance transfers.

If you don’t have a perfect credit record you may still be accepted, but offered a slightly lower 16 months of 0% interest on spending.

Let’s take a look at how it compares to the rest of the market.

Credit card

0% period on purchases

Representative APR

Halifax Purchase Credit Card

20 months

18.9%

Tesco Bank Clubcard Credit Card for Purchases

19 months

18.9%

Santander Credit Card for Purchases

18 months

18.9%

Santander 123 Credit Card

18 months

16.5%

Clydesdale Bank Gold MasterCard

17 months

18.9%

Yorkshire Bank Gold MasterCard

17 months

18.9%

Bank of Scotland Platinum

16 months

18.9%

Halifax Balance Transfer & Purchase Card

16 months

18.9%

Lloyds Bank Platinum

16 months

18.9%

Sainsbury’s Nectar Purchase Credit Card

16 months

16.9%

 

So while Halifax now clearly offers the top 0% purchase card around, there’s plenty of competition offering around a year and a half free from interest.

The pros and cons of a 0% purchase credit card

The benefits of a 0% purchase credit card are very simple. You get to pay off your balance in chunks, without worrying about racking up interest.

They are best used when you’ve got some big purchases coming up, as you can then clear that debt in stages rather than trying to do it all in one go.

However, the fact that you aren’t being charged interest can prove a temptation to overspend for some borrowers. So it’s a good idea to work out exactly how much you will need to pay each month in order to clear the balance before you start paying interest, set up a monthly standing order for that amount, then stick the card at the back of the drawer so you won’t be tempted to use it.

More on borrowing:

The best balance transfer credit cards

The best cashback credit cards

The best reward credit cards

The best credit cards to use abroad

How to build an excellent credit history

Comments


View Comments

Share the love