Barclaycard has introduced a £30 discount on balance transfer fees on two its best credit cards.
The discount is on offer on all balance transfers of £2,000 or more on the 23-Month Platinum Visa and the 22-Month Platinum Visa.
The cards are already two of the best in the market, as they offer some of the longest interest-free periods around. That’s a big selling point, as it gives you longer in which to clear your debt before you have to start paying interest on it.
Charging a smaller fee for transferring the balance on to the cards make them even more attractive.
Below are the ten cards offering the longest 0% periods on balance transfers, and the size of the fee you’ll need to pay to transfer over a variety of different debts
|
Card |
0% period |
Balance transfer fee |
Fee paid on £2,000 transfer |
Fee paid on £5,000 transfer |
Fee paid on £7,500 transfer |
|
24 months |
2.8% minus £30 discount |
£24 |
£110 |
£180 |
|
|
23 months |
3.5% |
£70 |
£175 |
£262.50 |
|
|
23 months |
3.5% |
£70 |
£175 |
£262.50 |
|
|
22 months |
2.6% minus £30 discount |
£22 |
£100 |
£165 |
|
|
22 months |
3% |
£60 |
£150 |
£225 |
|
|
22 months |
3.2% |
£64 |
£160 |
£240 |
|
|
22 months |
3.2% |
£64 |
£160 |
£240 |
|
|
22 months |
2.9% |
£58 |
£145 |
£217.50 |
|
|
21 months |
3% |
£60 |
£150 |
£225 |
|
|
20 months |
3.1% |
£62 |
£155 |
£232.50 |
So not only do the two Barclaycard credit cards offer the longest interest-free periods, but they also charge the smallest balance transfer fees. That’s a pretty compelling proposition.
Who they won’t be an option for?
That said, they won’t be an option for everybody. First off, it should almost go without saying that in order to get these market-leading cards you’ll need to have a great credit record. You can check how good yours in with a free trial with Experian via lovemoney.com. It’s also worth having a read of How to build an excellent credit history.
Secondly, these cards won’t be much use if the debt you want to transfer is already on a Barclaycard, as you can’t transfer debt between cards from the same provider. If that’s you, you’ll need to consider one of the other cards in the table above.
Paying an even smaller balance transfer fee
Despite these discounts, it’s possible to pay an even smaller balance transfer fee, though you’ll have to sacrifice a large slice of that interest-free period.
Indeed, the smallest balance transfer fee around – and you won't be surprised to hear it’s once again on offer from a Barclaycard credit card – charges a fee of just 0.9% of the balance transferred.
Here are the five cards offering a 0% period on balance transfers that charge the lowest balance transfer fees.
|
Card |
0% period |
Balance transfer fee |
Fee paid on £2,000 transfer |
Fee paid on £5,000 transfer |
Fee paid on £7,500 transfer |
|
12 months |
0.9% |
£18 |
£45 |
£67.50 |
|
|
13 months |
1% |
£20 |
£50 |
£75 |
|
|
13 months |
1% |
£20 |
£50 |
£75 |
|
|
15 months |
1.5% |
£30 |
£75 |
£112.50 |
|
|
Barclaycard Platinum Low Fee Balance Transfer Visa |
16 months |
1.5% |
£30 |
£75 |
£112.50 |
For more check out The best low-fee balance transfer credit cards.
Have you used a balance transfer fee lately? What card did you go for? Did you manage to clear the debt before the interest-free period finished? Let us know your thoughts in the comment box below.
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