Best for Borrowing (Halifax FlatRate Card 5.9%APR) |
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 Looking for a flexible alternative to a bank loan? Then this is it. The Halifax Flat Rate card charges just 5.9%, which is excellent value for a mortgage let alone a credit card. You must make minimum payments each month but – unlike most ordinary loans – it’s entirely up to you when you pay it off. |
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| Is there a catch? Well, yes, the Halifax Flat Rate card is no use whatever as an ordinary credit card. This is because – unlike most credit cards which cost you nothing if you pay off your balance each month – there is no interest free period with the Halifax Flat Rate card. Instead the interest charge is applied immediately. |
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 But while it may be no use as an ordinary credit card, the Halifax Flat Rate card is an excellent alternative to a personal loan. Not only is it a very cheap way of borrowing but it is extremely flexible, allowing you to pay off the balance at any time of your choosing, subject only to a minimum payment of 2% a month.
If you have ever taken out an ordinary bank loan only to discover that there are penalties for repaying the loan early, you will understand immediately how valuable such flexibility can be.
In Summary: The Halifax Flat Rate card is excellent for borrowers looking for a more flexible alternative to an unsecured bank loan. But it’s not a regular credit card and should not be treated as one. |
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Pros
- Very competitive interest rate
- Much cheaper than most bank loans
- No fixed repayment terms
Cons
- No interest free period |
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