Barclaycard has cut balance transfer fees and charges on a host of credit cards for this month only. But you need to be quick if you want to take advantage.
Barclaycard has knocked 15% off the balance transfer fee on several of its credit cards and waived the annual fee on its top cashback credit card as part of a 'June sale'. But you need to be quick if you want to take advantage, as these special offers end on Sunday 30th June.
The card provider has also made several other changes, including increasing the 0% purchase period on its Initial credit card, which is aimed at applicants with a less than perfect credit score, from three months to five.
June sale offers
Many of Barclaycard's top balance transfer credit cards are included in the June sale.
The market-leading Platinum 27-Month, which offers 0% interest for 27 months, now has a reduced fee of 2.98%, which means you would pay £59.60 to move over a debt of £2,000.
It's also recently extended the interest-free period on its second best balance transfer card to 26 months from 25 months. The Platinum 26-Month card also has a reduced balance transfer fee of 2.47% for the remainder of June, which means it would cost £49.40 to transfer a £2,000 debt.
Below you can see exactly what’s changed across Barclaycard's balance transfer range in the June sale.
|
Credit card |
Transfer fee for June |
Fee on a transfer of £2,000 |
|
2.98% |
£59.60 |
|
|
2.47% |
£49.40 |
|
|
2.47% |
£49.40 |
|
|
1.28% |
£25.60 |
|
|
2.47% |
£49.40 |
|
|
2.47% |
£49.40 |
The balance transfer market
In the past month credit card providers have been pulling out all the stops to make sure their balance transfer cards are beating the competition.
Barclaycard has successfully remained on top consistently and now has the longest ever deal at 27 months. And it currently also offers some of the cheapest cards which have a lower 0% period.
But the best cards on offer from Barclaycard won’t be available to everyone. They require a squeaky clean credit score and you can’t transfer over an existing Barclaycard balance.
The best alternatives
If you’re not eligible for one of the Barclaycard cards, there are other options around with very similar offers.
NatWest and RBS, for example, have cards with 0% balance transfer periods for 26 months and a fee of 2.65%.
Virgin Money also has a 26-month card with a slightly higher fee of 2.99% and the top offering from Halifax is 25 months with a fee of 2%.
Our comparison tables give a full view, but you can also find out more in our article The best non-Barclaycard balance transfer credit cards.
How to pick the right balance transfer card
[SPOTLIGHT]Balance transfer cards won’t suit everyone and they only work if you’re paying off a credit card debt with a high interest rate and looking for a breather from the payments. Depending on how much debt you have, you can either go for a card with a long 0% period, or one with a low fee.
Unfortunately those with a low fee, such as the Platinum Balance Transfer Card from Lloyds which has a 1% fee, also have much lower 0% period – only 15 months in this case.
When you take out one of these cards, the main aim should be to clear the debt in the 0% period. Failure to do this will mean you'll have to start paying interest when the 0% period ends. As these cards generally have a higher interest rate than most credit cards, these payments can negate any savings you’ve made in the 0% period.
Missing payments is also dangerous as this can cut the 0% period short, result in a fine or even leave a permanent mark on your credit score.
Top-paying cashback credit card free for a year
Barclaycard is also waiving the £24 annual fee on its High 5 cashback credit card if you apply successfully in June. This pays 6% cashback for the first three months on your biggest five transactions per month (up to a spending limit of £2,000, which means you can earn a maximum of £120). It then pays 2% cashback after the first three months on your biggest five transactions per month, and 0.5% on all other transactions.
However, you have to make a minimum of 15 purchases a month using the card to be eligible for these higher rates of cashback. And you will have to pay at least one £24 annual fee if you want to claim all your cashback. That's because the cashback is not paid until 13 months after you first take out the card. Neil Faulkner looks at the small print in more detail in Barclaycard High 5 Cashback Card fee-free for a year.