Battle of the longest 0% balance transfer cards! - Credit cards - News - Moneyfacts

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Battle of the longest 0% balance transfer cards!

Battle of the longest 0% balance transfer cards!

Category: Credit cards

Updated: 22/11/2012
First Published: 22/11/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Competition in the balance transfer market has heated up over the past couple of years, with providers battling it out to offer the best 0% interest balance transfer credit card.

The longest 0% balance transfer period just over one year ago was 20 months and was the longest period the market had ever seen.

Fast forward to today and that record has been smashed. The longest 0% balance transfer period currently stands at 24 months and is offered by one provider: Barclaycard 24 month Platinum Balance Transfer Visa.

At time of writing this original article on 15 November, the longest period stood at 23 months, offered by two providers:

The Top Two 0% balance transfer credit cards



Barclaycard Platinum 23 Month Balance Transfer Visa


NatWest Platinum Extended Balance Transfer MasterCard

Introductory Balance Transfer Period

23 months

23 months

Balance Transfer Fee

2.60% of the balance

3.50% of the balance (min £5)

APR

17.9%

17.9%

Representative Example Representative Example: Based on a credit limit of £1200.00 charged at 17.9% variable per annum for purchases. Representative 17.9% APR variable. Representative Example: Based on a credit limit of £1200.00 charged at 17.9% variable per annum for purchases. Representative 17.9% APR variable.

Barclaycard has been a key player in the balance transfer market for a long time, breaking the mould last year with its record-breaking 20-month transfer period.

Leading the way in the balance transfer market, the Barclaycard 24 month Platinum Balance Transfer Visa offers a market-leading 24-month balance transfer period, with a reasonable fee of 2.80% of the balance.

Whilst NatWest matches Barclaycard in the balance transfer period stakes with its Natwest Platinum Extended Balance Transfer MasterCard, its fee of 3.50% sees it fall just short of the top spot in our Best Buys.

Louise Holmes, finance expert at Moneyfacts.co.uk, said: "Transferring your existing balance to a competitive interest-free deal can help you place extra money towards reducing your debt.

"When looking for a balance transfer credit card however, always remember that any spending on the card will limit the real benefit of the interest free deal."

Original article 15/11/12 updated 22/11/12.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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