Halifax Clarity transparent but expensive

| July 8, 2010 | 0 Comments
Halifax Clarity is transparent but expensive<br />

Financial pundits have praised Halifax’s new Clarity credit card for its simplicity, but warned it may not be the best deal for customers looking to borrow money long term.

Moneynet.co.uk welcomed the Clarity’s easy to understand fees, with no complex introductory offer and just one rate of interest for purchases, balance transfers and cash withdrawals.

“It’s a refreshing change to see the launch of a good value no nonsense product such as this latest piece of plastic from Halifax,” said Andrew Hagger, Moneynet spokesperson.

However, moneysupermarket.com warned the card might not be the best product for everyone, particularly those looking for a low rate on balance tranfers or who want to borrow long term on their credit card.

“This is an attractive offering from Halifax and is further evidence of the increased innovation, and subsequent customer choice, in the credit card market of late,” said Kevin Mountford, moneysupermarket.com spokesperson.

“Despite the simplicity of the card with its flat rate and lack of balance transfer fee, it won’t be the right option for all consumers, particularly if you’re looking to borrow on a credit card.”

Borrowers looking to leave a balance on their credit card are better off choosing a 0% balance transfer card, such as the Virgin 12/12, Mountford said.

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