Barclaycard cuts its 0% balance transfer fee | Product News - Moneyfacts

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Barclaycard cuts its 0% balance transfer fee

Barclaycard cuts its 0% balance transfer fee

Category: Credit cards
Date: 29/07/2015

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 It is now over 6 months old so the content may be out of date.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 price of its introductory balance transfer fee on one of its credit cards amid increased competition in the sector, earning it an 'excellent' rating as a result.

The basics…

Barclaycard Platinum 32 Month Balance Transfer Visa now charges an introductory balance transfer fee of just 1.54%, the lowest fee charged in its sector.

The finer details…

This card has a 32-month 0% interest balance transfer period. Balance transfers must be made within 60 days of the account being opened in order to qualify for the interest-free deal, after which borrowers will be charged at 18.9% per annum.

As well as the interest-free offer for balance transfers, this card also comes with a six-month interest-free period for purchases. Once this offer ends, purchases made on the card will attract a rate of 18.9% APR.

Borrowers must be at least 21 years old and have a minimum annual income of £20,000 in order to apply. Borrowers must remember that rates are dependent on their credit rating.

Why we like it…

The cut to the introductory balance transfer fee is a sign of increasing competition in the sector, and Barclaycard has thrown down the gauntlet with this latest reduction. Borrowers looking to pay off their card debts are therefore likely to find this deal an appealing one due to its increased cost-effectiveness, although they must ensure that they clear the balance before the offer expires to avoid adding interest.

Moneyfacts rating: Excellent

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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