Credit cards Updated:
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:
Barclaycard Platinum 23 Month Balance Transfer Visa
NatWest Platinum Extended Balance Transfer MasterCard
Introductory Balance Transfer Period
Balance Transfer Fee
2.60% of the balance
3.50% of the balance (min £5)
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.
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 Any products featured may be withdrawn by their provider or changed at any time.
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