Balance transfer fee cut secures card first place | Product News - Moneyfacts

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Balance transfer fee cut secures card first place

Balance transfer fee cut secures card first place

Category: Credit cards
Date: 05/11/2015

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 It is now over 6 months old so the content may be out of date.

Barclaycard has reduced the introductory balance transfer fee on its 37-month balance transfer credit card by 0.10%, cementing its position at the very top of the Moneyfacts charts.

The basics…

Platinum 37 Month Balance Transfer Visa now has a fee of 2.55% (after a partial refund) for its 37-month interest-free balance transfer deal, enabling it to retain its joint market-leading position. Borrowers can also benefit from a six-month 0% interest term for purchases.

The finer details…

Balances must be transferred within 60 days of the account opening in order to qualify for the introductory deal. Once the initial offers expire, an annual rate of 18.9% will be charged for balance transfers along with a 3.5% fee, while purchases will carry a rate of 18.9% APR.

Borrowers must be at least 21 years old and have a minimum annual income of £20,000. Applications can be made online, by post and by phone. Borrowers should remember that rates are representative and dependent on their credit rating.

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 CreditExpert to investigate your credit report.

Why we like it…

Already a market-leader, this further adjustment has consolidated this deal's place at the top of the charts. Borrowers looking to clear their outstanding credit card debts over the long term are likely to appreciate this rate cut, which will help to reduce their costs. This is an outstanding product that fully deserves the highest Moneyfacts rating.

Moneyfacts rating: Outstanding

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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