When it comes to balance transfer credit cards, Barclaycard has dominated the best buy tables for a long time. But what are the best alternatives if you can't or won't get one?
For a couple of years now, Barclaycard has dominated the best buy tables for balance transfer credit cards.
Time and again the lender has set new records for the longest 0% periods available on this type of credit card. At the start of 2012, it pushed that limit to a full two years. Now it’s managed to offer a card with an incredible 27-month interest-free period.
That’s good news for borrowers with mounting credit card debt.
Or at least, it is for some of them. One hurdle to get over with balance transfer cards is that you can’t transfer debt from one card to another card from the same provider. So if you have built up debt on a Barclaycard, you’ll need to look to different providers for a new 0% deal.
Rich pickings
The good news is that while Barclaycard has been dominant, it’s not lacked challengers. In recent months Tesco, RBS, NatWest and Halifax have all forced Barclaycard to offer ever-more enticing deals as a result of their own 0% offers on balance transfer credit cards.
Here’s how the best buy tables currently look if you’re looking for a lengthy 0% period and you take Barclaycard out of the equation.
|
Credit card |
0% period on balance transfers |
Balance transfer fee |
|
26 months |
2.65% |
|
|
26 months |
2.65% |
|
|
26 months |
2.99% |
|
|
25 months |
2.5% |
|
|
25 months |
2.9% |
|
|
MBNA Platinum |
24 months |
2.85% |
|
Fluid 24 Month BT Visa |
24 months |
2.89% |
|
HSBC Visa* |
23 months |
3.3% |
|
20 months |
3.1% |
|
|
Nationwide Select* |
20 months |
3.1% |
|
20 months |
1.99% |
|
|
20 months |
3% |
*available to current account holders only
[SPOTLIGHT]That’s 12 cards offering 20 months or more of 0% interest, even once the Barclaycard credit cards have been removed. That’s an extraordinary range of deals. Back in January 2012, not even a year and a half ago, there were just seven cards offering a 20-month or longer 0% period. And three of them came from Barclaycard!
Paying a smaller fee
Of course, there’s more to a balance transfer credit card than the 0% period. Some borrowers know they don’t need quite such a long time in order to pay off their debt, and so can shop around for the cards offering the smallest transfer fee.
Again, this is an area where Barclaycard has featured prominently, with its Low Balance Transfer Fee Visa, which offers 16 months interest free for a 1.5% fee.
But as the table below demonstrates, there are excellent deals to be had elsewhere.
|
Credit card |
0% period on balance transfers |
Balance transfer fee |
|
15 months |
1% |
|
|
15 months |
1% |
|
|
13 months |
1% |
|
|
13 months |
1% |
|
|
15 months |
1.5% |
None of the cards above offer a 0% period quite as long as the Barclaycard Low Balance Transfer Fee Visa. But four of them offer a lower fee, so if you can do without a month or two of 0% borrowing they may be a better choice.
Always compare
Barclaycard still offers some of the most compelling balance transfer credit cards. If you’re moving your cash to a 0% card, chances are one of its cards will be at the top of your wishlist.
But the fact remains that there are plenty of very impressive other cards on offer from competitors. So before you blindly apply for a new card, always remember to compare the rest of the market. You can do so quickly and easily over at our credit card comparison centre.
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