Barclaycard launches 30-month 0% balance transfer card!


Updated on 12 November 2013 | 0 Comments

You won’t have to pay any interest on your debt for two and a half years with the new Barclaycard Platinum credit card.

The balance transfer credit card market is heating up once again with Barclaycard launching the Platinum 30-Month card.

That's great news for borrowers as this move means they could avoid paying any interest on their credit card debt for two and a half years!

This is Barclaycard's responde to Tesco increasing the 0% period on its Clubcard Credit Card for Balance Transfers to 28 months earlier this week.

And to further secure its position at the top of the best buy table, Barclaycard has also launched a new Platinum 28-Month card with a 2.49% fee, which displaces Tesco from being even the second best card around.

As this shows, the market is fiercely competitive but people with credit card debt to pay off can take full advantage of the companies' desire to offer the longest interest-free term.

Let’s take a look at the best balance transfer deals lasting more than 24 months.

Credit card

0% period

Balance transfer fee

Cost of transferring £2,000

Barclaycard 30-Month Platinum Visa

30 months

2.90%

£58

Barclaycard 28-Month Platinum Visa

28 months

2.49%

£49.80

Tesco Clubcard Credit Card for Balance Transfers

28 months

2.90%

£58

NatWest Platinum MasterCard

28 months

2.99%

£59.80

Royal Bank of Scotland Platinum MasterCard

28 months

2.99%

£59.80

Barclaycard 27-Month Freedom Rewards Visa

27 months

2.49%

£49.80

Halifax 27-Month Balance Transfer MasterCard

27 months

2.50%

£50

MBNA Platinum Visa

27 months

2.75%

£55

Nationwide Visa

26 months

2.40%

£48

Virgin Money Credit Card MasterCard

26 months

2.99%

£59.80

As you can see there are plenty of lenders willing to provide over two years of interest-free payments to those who want to clear their debts.

However, the balance transfer fees range from 2.40%-2.99% on these top deals, which are quite high right now.

You might want to go for a cheaper deal instead.

The cheapest balance transfer deals

If you don’t need as long to clear your credit card debt you can get a much cheaper balance transfer credit card.

Here are the best low fee balance transfer credit card deals charging less than 1%.

Credit card

0% period

Balance transfer fee

Cost of transferring £2,000

Fluid Low Fee Visa

12 months

0.75%

£15

Halifax All in One Online MasterCard

15 months

0.8%

£16

Lloyds Bank 15-Month Online Platinum Balance Transfer MasterCard

15 months

0.8%

£16

TSB 15-Month Online Platinum Balance Transfer MasterCard

15 months

0.8%

£16

NatWest Platinum Balance Transfer and Purchase Credit Card

15 months

0.9%

£18

Royal Bank of Scotland Platinum Balance Transfer and Purchase Credit Card

15 months

0.9%

£18

As you can see in exchange for a significantly lower fee you sacrifice the length of the 0% period.

You can pay just £15 to freeze the size of credit card debt for a year with the Fluid Low Fee Visa or pay £18 for 15 months with the NatWest and Royal Bank of Scotland cards.

[SPOTLIGHT]Alternatively, if you do need a bit longer, the Lloyds Bank Platinum 24-Month MasterCard, Bank of Scotland Platinum 24-Month MasterCard and TSB Platinum 24-Month cards all offer two years for a very reasonable 1.5% fee, which on a £2,000 transfer only amounts to £30.

Use the opportunity

A balance transfer credit card is a great tool for freezing the size of spiralling debt but it won’t stay interest-free forever.

When you take out one of these cards, your aim should be to clear the debt in the 0% period. If you don't then you'll have to start paying interest when the 0% period comes to an end.

At this point it may be possible to transfer the debt onto a new card, but there is no guarantee you’ll be accepted.

You must always make at least your minimum monthly repayment too, otherwise the 0% offer will almost certainly be withdrawn.

If you need more time than the leading cards can offer you could try a low APR balance transfer credit card, which doesn't have a time limit and usually comes without a fee.

Compare 0% balance transfer credit cards

More on borrowing:

The cheapest personal loans

The best cashback credit cards

The best 0% purchase credit cards

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