Our prediction for next great credit card to go? The Halifax All In One

By David Stevens Personal Finance Correspondent Wednesday, 19 November 2008

Compare Credit Cards What are the last remaining joint 0% balance transfer and 0% purchase credit cards available? Halifax All In One 0% on balance transfers for 10 months (3% fee) 0% on purchases for 10 months 15.9% APR (typical) Apply online for Halifax All in One now! GM Card 0% on balance transfers for 5 months (2% fee) 0% on purchases for 5 months 14.9% APR (typical) Compare credit cards offering 0% balance transfer Compare credit cards offering 0% on purchases Related Money News See our other recent related news stories: Compare credit cards now in short supply It's official - the number of really good credit cards available is dwindling fast. In this guide we show you how to compare credit cards to make sure you don't miss out on any credit card deals before they disappear.

AS the good folks at Moneyfacts reported last week, the days of plentiful credit cards stacked with brilliant features are sadly numbered, with all the best credit cards dropping off like flies.

The latest casualty is the very popular Bank of Scotland All In One credit card which offered 0% interest on balance transfers for 10 months while also offering 0% on purchases for the first 10 months.

Pulled

Part of the struggling HBOS family, it comes as no surprise that this chart-topping favourite credit card has been pulled.

Which leads us to predict that the next card to go will be its direct HBOS counterpart: Halifax All In One credit card which offered the exact same benefits: 0% on balance transfers for 10 months and 0% on purchases for the same period.

In the run up to Christmas, there can be few cards better suited to the current economic climate than the Halifax All In One credit card – which is all the more reason to apply for it before it disappears.

Why take it out now?

What is so good about a credit card that offers 0% on balance transfers and purchases for the same period of time?

This rare combination means that this card’s interest free period is good for two things in equal measures: transferring a balance and making purchases.

Since the introductory periods end at the same time, debts of one activity (eg. purchases) will not get stuck behind debts from the other as the cards ‘allocation of payments’ terms do not favour one form of repayment over another.

Common problem

This is a common problem with many other cards offering 0% balance transfers for a lengthier period than 0% purchases.

Unwitting card users end up unable to pay off their purchases until the balance transfer has been paid off, as the card’s allocation of payments terms require transferred balances to be paid off in full before repayments can be made on any purchases.

Despite what you may think, the number of cards that do not do this is tiny – after the Halifax All In One credit card, only the GM credit card offers anything similar, promising 0% on balance transfers and purchases for 5 months.

Users wanting a 0% balance transfer and a 0% purchase period should either apply for the Halifax All In One credit card before it is pulled, or apply for separate 0% balance transfer and 0% on purchases credit cards.