Credit cards 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.
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.
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.
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
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