Just when you thought 0% balance transfer deals couldn’t get any longer, Barclaycard has pulled out all the stops by breaking the two year barrier with its Platinum Credit Card.
Up until last week, Barclaycard was offering a market leading 20 month 0% deal, beating Virgin Money and MBNA by one month. However, Barclaycard was charging a handling fee of 3.2%, significantly higher than that of Virgin Money Mastercard and MBNA Platinum Visa, at 2.49% and 2.5% respectively.
Barclaycard’s new deal has now included two promotional deals to reduce the handling fee charged on its new Platinum Visa.
Barclaycard reduces handling fees
All new customers who apply for this deal within the first 60 days of taking out the card will be refunded 0.4% on the initial 3.2% handling fee, reducing the rate to 2.8%. Customers who apply online and transfer £3,000 or more will also receive £20 off the balance transfer fee.
The card has a standard APR of 17.9% once the 0% deal comes to an end. It also offers 0% on new purchases for three months and includes the Barclaycard Freedom reward scheme.
Which? credit card expert Bobby Nicholls commented:
‘If you’re paying interest on existing credit card debt, this new card offers a great way to cut your interest repayments and therefore pay off your debt much quicker.
‘Although Barclycard has also reduced the handling fee to 2.8%, if you’re likely to repay your whole balance within 19 months, you’d still be better off with either the Virgin Money MasterCard or the MBNA Platinum Visa – see our table of best rate 0% balance transfer deals for more details.
‘If you’re looking for the longest possible balance transfer deal, though, the Barclaycard offer is by far the best deal on the market.’
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