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If you have been shopping around for a Low Interest Credit Card you will notice that the UK market is awash with Credit Card companies offering low rates to entice you to apply for their Cards.

The Halifax One Credit Card offes you a great balance transfer rate in order to consolidate your credit cards. With all the offers out there you will notice they offer pretty much the same thing. The only thing that varies is the APR the 0% balance transfer period and possibly reward points for using the card.

The Halifax All on One Card offers 0% for 9 months on both balance transfers and purchases. This is available within the first 90 days of receiving your card. But there are many other types of cards out there so you can be very selective and apply for a card that suits your needs and spending habits.

Looking to consolidate you existing credit cards?

Points to consider:

How long is the 0% balance transfer period for?

These can usually range between 6 and 9 months. These periods of 0% interest may seem attractive but make sure you know what the APR will revert to after the period comes to an end. Read the fine print as some credit card companies will expect you to spend a min amount to secure this low rate. Don’t fall for this as there are many that do not expect you to spend anything.

Do you plan on clearing the balance within the 0% period?

If you are not able to pay the full balance off then it may be a good idea to get credit card that has a low balance transfer rate. Some credit cards will set a low interest rate until you pay off the balance in full, whether it takes 6 months or 6 years. This way you don’t have to worry about paying a sudden increase in interest rates at the end of an introductory period.

Once you have established how to manage your credit card debt you will be in a much better position to choose the right credit card. The UK is in the grip of a huge debt epidemic and it’s important to ensure that you are paying the least amount of interest on your debt. Also ensure that you are making your monthly payments. Its always prudent to try and pay off more than the minimum amount every month as this will reduce the amount of time it takes to pay off the balance.

Many people will transfer their credit card balances every time the 0% introductory period runs out. A term used for this is a “Card Tart” and as far as I know it’s not illegal. The amount of times you apply for a credit card in a 12 month period may have an adverse effect on your credit rating so beware you are not damaging a perfectly good credit history by continuously applying for a 0% credit card.

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Tags: Halifax One Card