CREDIT CARDS
Barclaycard announce unprecedented balance transfer deal
Barclaycard have made a big impact on the credit car market by launching a two year, 0% balance transfer rate card – the longest ever available to UK consumers.
This is the first time that a two year balance transfer card has been made available in the UK. The deal emphasises Barclaycard’s intention to stay at the top of the balance transfer comparison tables.
The deal is also considered to be a direct response to the recent balance transfer deals relaesed by both Virgin and MBNA.
The new Platinum card will replace the current extended Platinum Balance Transfer product of 20 months.
Barclaycard are offering new customers a refund against the balance transfer fee paid from 3.2% to 2.8%.
The new card will also offer 17.9% APR representative variable, 0% on balance transfers for 2 years and 0% on purchases for 3 months.
“Our aim is to make the lives of our customers much easier by providing outstanding market leading products and services,” says Dave Chan, CEO of Barclaycard Customer Europe.
“We know that a lot can change in 2 years, but with this limited time offer we give customers the opportunity for 2 years of savings with Barclaycard,” added Chan.
Can I Qualify for the Best Barclaycard Balance Transfer Deal?
Customers can qualify for the new deal by transferring a balance to your Barclaycard Platinum card within 60 days of opening your Barclaycard Platinum card.
The new rates from Barclaycard show how competition among credit card providers to take on consumer’s debts is rapidly increasing and the new Barclaycard deal undoubtedly offers some attractive savings.
For example, a new Barclaycard Platinum customer transferring £3,000 from a competitor's credit card with an APR of 18.9% could make savings as high as £935 in interest payments over the 2 year period.
It should be noted that anyone looking to apply for the new Platinum credit card must be 21 years old, have a good credit record and also a regular annual income of more than £21,000.
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