Credit cards Updated:
Those that overdid their credit card spending this Christmas could be in luck, as the longest ever 0% balance transfer deal has been launched.
Barclaycard has announced that its Platinum with Balance Transfer VISA is now charging balance transfers at 0% interest for 17 months.
Traditionally, the longest period that card holders can pay down their balances at 0% interest has been 15 or 16 months.
This new deal offers a rate of 0% for 17 months on balances carried over from other cards as long as the holder pays a one off 2.9% fee, has a minimum income of £20,000 per annum and passes the relevant credit checks.
Should applicants wish to transfer over £3,000 or more by the end of January 2011, they will receive a rebate of £20.
These types of cards are ideal for people looking to pay off their credit card debts, as they allow a sizeable period of time where holders can concentrate on clearing their balance while no longer accruing additional interest.
For example, somebody with debts of £1,750 would be able to pay off their entire balance in the 17 months by paying a monthly amount of £103.
To ensure you keep up with payments, consider setting up a standing order for the amount you need at a time when you know there will be sufficient funds in your account.
If you are already a Barclaycard customer and would like to see some other 0% balance transfer cards from well known names, check the Moneyfacts.co.uk Credit Card Best Buy tables. Some close competitors in the balance transfer market include cards such as the Virgin Money Credit Card with 0% balance transfers for 16 months, the Egg Visa Card with 0% interest on balance transfers until March 2012 plus 0% interest on purchases until 1 April 2011 or the Tesco Clubcard Credit Card which gives you extra loyalty points wherever you shop with the Tesco Clubcard Credit Card, plus 0% interest on all purchases for 13 months and 0% interest on balance transfers for 9 months.
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 Any products featured may be withdrawn by their provider or changed at any time.
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