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Barclaycard increases 0% balance transfer period to two years!

John Fitzsimons
by Lovemoney Staff John Fitzsimons on 16 November 2012  |  Comments 3 comments

Pay no interest for two years with the Barclaycard Platinum credit card.

Barclaycard increases 0% balance transfer period to two years!

Barclaycard has increased the period before you will start paying interest on its top balance transfer card to a whopping 24 months.

That’s two years free of interest in which to pay off your debt.

The lender last offered a card with such a long 0% interest period back in January, but has relaunched in time for Christmas.

Making the most of your interest-free period

Balance transfer cards are designed to help borrowers clear existing credit card debt in manageable chunks. You pay a balance transfer fee of around 3% of the sum being moved, and get to benefit from as much as two years before any interest is charged on your debt.

That means every penny you pay each month goes directly towards reducing that debt, rather than being wasted on interest charges.

Obviously, the larger your debt, the more attractive a long-term interest-free card becomes. £5,000 in credit card debt is a sum that will lead to sleepless nights, but knowing that you can pay it off in 24 £208 chunks means it doesn’t seem quite so scary.

How it compares

Let’s take a look at how the new 24-Month Platinum Visa compares with the rest of the balance transfer market

Card

0% period

Balance transfer fee

Barclaycard Platinum Visa

24 months

2.8% minus £30 discount

NatWest Platinum

23 months

3.5%

RBS Platinum

23 months

3.5%

Barclaycard 22-Month Platinum

22 months

2.6% minus £30 discount

Halifax 22-Month MasterCard

22 months

3%

NatWest Platinum MasterCard

22 months

3.2%

RBS Platinum MasterCard

22 months

3.2%

Tesco Clubcard Credit Card for Balance Transfers

22 months

2.9%

Lloyds TSB Platinum MasterCard

21 months

3%

Nationwide Select

20 months

3.1%

So the new Barclaycard credit card offers not only the longest interest-free period but also a fantastic balance transfer fee, a fantastic combination.

Is it the card for you?

The two-year Barclaycard is a pretty amazing card, but it won’t be the best card for everyone. For starters, you aren’t able to transfer debt between cards from the same provider. So if your credit card debt is already sitting on a Barclaycard, you’ll need to go for an alternative.

It’s also important to remember that only borrowers with an impeccable credit record are going to get a killer card like this. You can check your credit rating with a free trial with Experian via Lovemoney. And if your record isn’t that great, why not follow some of the tips in How to build an excellent credit history.

Do you need two years?

So your credit record is impeccable and your credit card debt is sitting on a card that’s not run by Barclaycard. That still doesn’t mean that this is necessarily the right card for you.

Two years is a really long time. Do you really need that long to pay off the debt? If you go for a card offering a smaller 0% period, you may be able to save cash on the balance transfer fee. So not only will the debt cost you less to pay off, but you’ll shift it quicker too!

Below are the five cards offering the lowest balance transfer fees. And they all come with 0% periods of at least 12 months.

Card

0% period

Balance transfer fee

Fee paid on £2,000 transfer

Fee paid on £5,000 transfer

Fee paid on £7,500 transfer

Barclaycard Platinum Lowest Ever Balance Transfer Visa

12 months

0.9%

£18

£45

£67.50

NatWest Platinum Low Balance Transfer Fee

13 months

1%

£20

£50

£75

RBS Platinum Low Balance Transfer Fee

13 months

1%

£20

£50

£75

Fluid Card

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.

I want a free monkey!

As if two years free of the spectre of interest charges wasn’t enough, there’s an extra reason to go for a Barclaycard credit card – a free cuddly toy.

Barclaycard has launched a new advertising campaign featuring a series of animals, including Mr B the monkey. Anyone who takes out a card will get their own Mr B.

I’d hope it goes without saying that a free toy monkey is an awful reason to take out a credit card. That said, I know my little boy would like one, so if I was in the market for a credit card, knowing that I’d get a freebie as well as a market-leading card wouldn’t strike me as the worst deal in the world.

More on credit cards:

Top credit cards for Christmas shopping

John Lewis is your favourite credit card

Capital One: the best cashback credit card around

Credit card interest rates reach 18-month high

The best low-fee balance transfer credit cards

The best reward credit cards

The best cashback credit cards

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Comments (3)

  • gpowell
    Love rating 0
    gpowell said

    I tried applying for this deal both online and in branch. I was knocked back on both occasions. I'm not sure why as I tick most of the right boxes for credit worthyness. I may be that this deal is only available for Barclays customers who use it as their main bank but that is a guess.

    Report on 23 November 2012  |  Love thisLove  0 loves
  • lilacstella
    Love rating 0
    lilacstella said

    I think I would rather have a 'monkey' in money terms..... :)

    Report on 26 November 2012  |  Love thisLove  0 loves

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