Barclaycard slashes balance transfer fees
The credit card giant has cut the fees across its whole balance transfer range including two new deals. We see how the offers stack up.
Barclaycard is holding a sale on its entire range of balance transfer credit cards.
The credit card giant has slashed the balance transfer fees on six of its cards (including two new deals) by up to 1.06%.
However, the offers will only be available for a limited time so you’ll need to move fast if you want to take advantage.
What you can get in the Barclaycard sale
Here are the details of the sale offers across the Barclaycard credit card range.
|
Credit card |
0% balance transfer |
0% purchase period |
Normal balance transfer fee |
Sale balance transfer fee |
|
31 months |
6 months |
3.5% |
2.69% |
|
|
30 months |
6 months |
3.5% |
2.59% |
|
|
28 months |
6 months |
3.5% |
2.44% |
|
|
25 months |
6 months |
2% |
1.5% |
|
|
*New* Barclaycard Platinum Purchase and Balance Transfer Visa |
18 months |
14 months |
2.9% |
2.49% |
|
16 months |
6 months |
1.6% |
1.5% |
The most significant saving to be had is with the Barclaycard 28-Month Platinum Visa. The 3.5% fee is being reduced to 2.44%, a reduction of 1.06%. On a £2,000 balance transfer that means you would pay a fee of £48.80 instead of £70, a saving of £21.20.
Barclaycard has also launched two new cards which have gone straight into the sale in the shape of the Barclaycard 25-Month Platinum Visa and the Barclaycard Platinum Purchase and Balance Transfer Visa.
But how do these offers stack up against the competition?
Barclaycard vs. cheapest long-term balance transfers deals
When it comes to choosing a balance transfer credit card you will have to weigh up the fee along with the length of a balance transfer offer.
The fee represents the upfront cost of transferring debt, while the 0% period represents how long you have in order to clear it before the debt stars accruing interest again.
So let’s take a look at balance transfer credit cards that have 0% periods lasting more than 24 months. The table below is organised by the cost of balance transfer.
|
Credit card |
0% balance transfer period |
Balance transfer fee |
Cost of a £2,000 balance transfer |
Representative APR |
|
26 months |
0.75% (Until 31st March 2014) |
£15 |
15.9% |
|
|
26 months |
0.75% (Until 31st March 2014) |
£15 |
17.9% |
|
|
25 months |
1.50% |
£30 |
18.9% |
|
|
24 months |
1.50% |
£30 |
17.9% |
|
|
24 months |
1.50% |
£30 |
17.9% |
|
|
28 months |
2.44% |
£48.80 |
18.9% |
|
|
28 months |
2.45% |
£49 |
18.9% |
|
|
30 months |
2.59% |
£51.80 |
18.9% |
|
|
31 months |
2.69% |
£53.80 |
18.9% |
|
|
29 months |
2.89% |
£57.80 |
18.9% |
|
|
Fluid Balance Transfer |
28 months |
2.89% |
£57.80 |
18.9% |
|
29 months |
2.90% |
£58 |
18.9% |
|
|
29 months |
2.99% |
£59.80 |
18.9% |
|
|
30 months |
3% |
£60 |
18.9% |
|
|
29 months |
3% |
£60 |
18.9% |
|
|
28 months |
3% |
£60 |
18.9% |
*Only available to Nationwide FlexAccount, FlexDirect and FlexPlus customers.
As you can see the cheapest long-term balance transfer credit card comes from Nationwide with its Select and Visa cards.
Both these deals come with 26 months 0% on balance transfers with a fee of just 0.75%. However, this is a limited time offer and is due to end on 31st March 2014.
Once the Nationwide offer expires Barclaycard will be left as the cheapest long term balance transfer card with its new Barclaycard 25-Month Platinum Visa.
However, if you need longer the Barclaycard 30-Month Platinum Visa and Barclaycard 28-Month Platinum Visa can’t be beaten on price by any other provider.
Meanwhile if you want the longest lasting deal on the market you will need to go for the Barclaycard 31-Month Platinum Visa, which despite having the leading 0% period doesn’t attract the highest fee.
Read The best 0% balance transfer deals for more
Compare long-term balance transfer cards
Barclaycard vs. cheapest balance transfer deals
However, if you are after the cheapest balance transfer around that comes from the Bank of Scotland Platinum 15-Month Balance Transfer MasterCard, which boasts 15 months 0% on balance transfers and carries a 0.7% fee. On a £2,000 transfer that means you pay just £14.
With no Barclaycard offering a rate lower than 1.5%, you can find plenty of cheaper options.
Here are the top five low-fee deals:
|
Credit card |
0% balance transfer period |
Balance transfer fee |
Cost of a £2,000 balance transfer |
Representative APR |
|
Bank of Scotland Platinum 15-Month Balance Transfer MasterCard |
15 months |
0.7% |
£14 |
17.9% |
|
26 months |
0.75% (Until 31st March 2014) |
£15 |
15.9% |
|
|
26 months |
0.75% (Until 31st March 2014) |
£15 |
17.9% |
|
|
Fluid LowFee Visa |
12 months |
0.75% |
£15 |
18.9% |
|
15 months |
0.8% |
£16 |
17.9% |
*Only available to Nationwide FlexAccount, FlexDirect and FlexPlus customers.
One other card that is worth mention is the Sainsbury’s Nectar Credit Card with Balance Transfer Fee Refund. This card effectively offers a ‘free’ balance transfer if you're happy to be refunded in Nectar points. It comes with 12 months 0% on balance transfers and purchases with a 3% fee, but for any balance transfer performed in the first six weeks the 3% fee will be refunded with the equivalent value of Nectar points.
Check out: The best low-fee balance transfer credit cards for more.
Compare low fee balance transfer cards
Barclaycard vs. best all-round deals
The Barclaycard Platinum Purchase and Balance Transfer Visa combines both balance transfers and purchases on one card, meaning you can still spend as you save. The deal comes with 18 months 0% on balance transfers and 14 months 0% on purchases.
However, the best all-round card on the market is the Nationwide Select, as it combines 26 months 0% on balance transfers and 15 months 0% on purchases, as well as paying 0.5% unlimited cashback on spending and commission-free purchases abroad. However, you need to have or open a Nationwide FlexAccount, FlexDirect or FlexPlus account to apply.
So if you don’t want to switch current account Barclaycard’s latest card is the best deal to go for based on the length of its introductory periods as you can see with the top five all-round cards below.
|
Credit Card |
0% balance transfer period |
0% purchase period |
Balance transfer fee |
Cost of a £2,000 balance transfer |
Representative APR |
|
26 months |
15 months |
0.75% (Until 31st March 2014) |
£15 |
15.9% |
|
|
18 months |
14 months |
2.49% |
£49.80 |
18.9% |
|
|
18 months |
8 months |
1.5% |
£30 |
13.9% |
|
|
16 months |
16 months |
3% |
£60 |
16.9% |
|
|
15 months |
15 months |
0.8% |
£16 |
17.9% |
*Only available to Nationwide FlexAccount, FlexDirect and FlexPlus customers.
Compare balance 0% balance transfer and 0% purchase credit cards
More on borrowing:
The best 0% purchase credit cards
The best credit cards to use on your travels
Barclaycard to simplify cashback credit cards
American Express launches exclusive 0% purchase and cashback card
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