Barclaycard's new 0% credit card offers three years interest free
Barclaycard Platinum card offers a record-breaking 36 months to pay off your debts, but is it the top 0% card overall?
Barclaycard has launched a new 0% balance transfer credit card that offers three years with no interest to pay on your debts.
The Platinum 36-month card offers the longest 0% period ever.
You will have to pay a balance transfer fee of 2.99% of the balance you’re transferring. So, for example, if you’re transferring £2,000 of debt from another card you’ll pay a fee of £59.80.
If you don’t pay off your balance by the end of the 0% period, you’ll pay an APR (the annual combination of interest and charges) of at least 18.9%.
But while it offers the longest 0% period, is it the best card out there? Here’s how it compares.
Barclaycard versus the rest
The new Platinum 36-month card can’t be beaten on interest-free period, as the table below shows.
|
Credit card |
0% period on balance transfers |
Balance transfer fee |
Cost of transferring £2,000 balance |
Representative APR after 0% period ends |
|
Barclaycard 36-Month Platinum Visa |
36 months |
2.99% |
£59.80 |
18.9% |
|
35 months |
2.99% |
£59.80 |
18.9% |
|
|
34 months |
2.74% |
£54.80 |
18.9% |
|
|
34 months |
2.80% |
£56 |
18.9% |
|
|
34 months |
2.90% |
£58 |
18.9% |
|
|
34 months |
3% |
£60 |
18.9% |
|
|
Bank of Scotland Platinum 34-Month Balance Transfer MasterCard |
34 months |
3% |
£60 |
18.9% |
|
HSBC Credit Card |
34 months |
3.3% |
£66 |
18.9% |
For two months less with no interest to pay, you can pay a smaller balance transfer fee.
But could you pay even less to pay off your debt?
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Cheaper balance transfers
However, you could pay a smaller balance transfer fee and get up to 28 months interest free. Indeed, you can get up to 15 months at 0% with no fee of any kind to pay, as this table shows.
|
Credit card |
0% period on balance transfers |
Balance transfer fee |
Fee paid on £2,000 transfer |
Representative APR after 0% period ends |
|
23 months |
None (£24 annual fee applies, free in first year to 123 current account holders) |
£0 |
16.5% |
|
|
15 months |
None |
£0 |
18.9% |
|
|
13 months |
None |
£0 |
18.9% |
|
|
12 months |
None |
£0 |
18.9% |
|
|
15 months |
0.25% |
£5 |
15.9% |
|
|
15 months |
0.35% |
£7 |
17.9% |
|
|
Post Office Platinum Credit Card |
18 months |
0.79% |
£15.80 |
17.8% |
|
19 months |
1% |
£20 |
18.9% |
|
|
25 months |
1.30% |
£26 |
18.9% |
|
|
28 months |
1.50% |
£30 |
18.9% |
|
|
28 months |
1.50% |
£30 |
18.9% |
|
|
28 months |
1.50% |
£30 |
18.9% |
*Nationwide current account customers only
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Be honest with yourself
However, while you could pay a smaller balance transfer fee by opting for a shorter 0% period, that isn’t going to be much use if you still haven’t paid off your debt.
Do some honest maths and work out how much time you really need to get back in the black.
Whatever you do, make sure you make the minimum repayment each month or your 0% period could well be cancelled and you’ll get a black mark on your credit report.
Unfortunately the cards listed above will only be available to people with decent credit ratings.
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