Credit cards Date:
Barclaycard has extended the interest-free period on one of its balance transfer credit cards from 12 months to 19, earning it an 'excellent' rating as a result.
The newly-named Platinum 19 Month Balance Transfer Visa offers borrowers 19 months of interest-free balance transfers, and as an added bonus, it comes with no balance transfer fee whatsoever (after a refund). It also has a six-month 0% interest purchase term.
Balances must be transferred within 60 days of an account opening in order to qualify for the introductory interest-free period. Once the initial offers expire, balance transfers will be charged at 18.9% per annum while standard purchases will attract a rate of 18.9% APR.
Borrowers must be at least 21 years old and have an annual income of £21,000. Applications can be made online, by post and by phone. Borrowers should remember that rates are representative and dependent on their credit history.
Remember, in order to secure a mortgage, credit card or personal loan you need to have a good credit rating. To find out if yours has a clean bill of health, contact a credit check provider, such as Experian to investigate your credit report.
The extension of the interest-free balance transfer term on this card has heightened its competitiveness, something that will no doubt attract borrowers who are looking to clear their outstanding credit card balances. The fact that this card has no fee for transferring balances makes it particularly noteworthy, and will help to keep costs down.
Moneyfacts rating: Excellent
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