Competition increases in balance transfer credit card chart

Borrowers wanting to transfer the balance on their credit cards will be pleased to see that Barclaycard and Sainsbury’s Bank have made their 0% balance transfer cards more competitive.

Barclaycard is now offering £20 cashback to customers who transfer at least £2,500 onto either of its Platinum 28 Month Balance Transfer Visa or its Platinum No Fee Balance Transfer Visa. Platinum 28 Month Balance Transfer Visa offers 0% interest for 28 months from the date of account opening and charges an introductory balance transfer fee of 1.75%, while its Platinum No Fee Balance Transfer Visa offers 0% interest for 18 months and has an introductory offer of no balance transfer fees.

In addition to this, Sainsbury’s Bank has extended the 0% interest term on its Dual Offer Credit Card Mastercard by five months and is now offering an interest-free term of 27 months. This card charges an introductory balance transfer fee of a 3.00%. While this card now has the longest term on a card that offers dual 0% balance transfers and purchases, those looking for the longest interest-free term on just balance transfers should consider Sainsbury’s Bank’s Balance Transfer Credit Card Mastercard. This card offers the longest interest-free balance transfer term of 29 months that is currently available in the 0% balance transfer chart. It charges an introductory balance transfer fee of 2.74%.

Along with Sainsbury’s Bank, three other providers also offer a 29-month interest-free term on balance transfer credit cards. MBNA Limited offers 0% interest for 29 months on its Long 0% Balance Transfer Mastercard, which charges an introductory transfer fee of 2.75%. Halifax offers a 29-month interest-free term on its 29 Month Balance Transfer Credit Card Mastercard, while Virgin money also offers this interest-free term on its 29 Month Balance Transfer Credit Card Mastercard, both of which have an introductory balance transfer fee of 3.00%.

Commenting on the increase in competition within the balance transfer credit card chart, Rachel Springall, finance expert at Moneyfacts.co.uk, said: “This could well be the time of year for consumers to shuffle their debts from one card to another or indeed consolidate. Therefore, these new offers may well entice consumers looking for lengthy interest-free deals, with a reasonable fee. There are also other introductory interest-free balance transfer cards out there that do not charge a transfer fee – so these are worth considering if someone can repay their debt before the offer expires.”