The Platinum 25-Month card offers over two years with no interest to pay on balance transfers and a very low fee.
Barclaycard has launched another Platinum credit card, but this one boasts a lengthy 0% balance transfer period and a low balance transfer fee.
The Platinum 25-Month card, as the name implies, charges no interest on balance transfers for an introductory period of 25 months.
Its balance transfer fee – a percentage of the amount of debt you’re transferring onto the card – is just 1.5%, which arguably makes it the best combination of 0% period and fee out there.
There are cards with longer 0% periods, up to 30 months right now, but much higher fees, and cards with shorter interest-free periods but lower fees. However none have such a compelling combination of the two.
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How it compares
Here’s how the new Barclaycard compares with the 0% balance transfer cards that have the lowest fees.
|
Credit card |
0% period |
Balance transfer fee |
Fee paid on £2,000 transfer |
Representative APR after 0% period ends |
|
12 months |
0.75% |
£15 |
18.9% |
|
|
12 months |
0.79% |
£15.80 |
19.9% |
|
|
15 months |
0.8% |
£16 |
17.9% |
|
|
Lloyds Bank 15-Month Online Platinum Balance Transfer MasterCard |
15 months |
0.8% |
£16 |
17.9% |
|
TSB 15-Month Online Platinum Balance Transfer MasterCard |
15 months |
0.8% |
£16 |
17.9% |
|
17 months |
0.9% |
£18 |
18.9% |
|
|
Tesco Bank Clubcard Credit Card with Low Balance Transfer Fee |
12 months |
0.9% |
£18 |
16.9% |
|
13 months |
1% |
£20 |
17.9% |
|
|
TSB Online Platinum Purchase MasterCard |
13 months |
1% |
£20 |
17.9% |
|
18 months |
1.49%* |
£29.80 |
17.8% |
|
|
25 months |
1.5% |
£30 |
18.9% |
|
|
24 months |
1.5% |
£30 |
17.9% |
|
|
24 months |
1.5% |
£30 |
17.9% |
|
|
TSB Platinum 24-Month |
24 months |
1.5% |
£30 |
17.9% |
*Transfer must be minimum of £2,500
Compare low-fee balance transfer credit cards
The importance of being creditworthy
[SPOTLIGHT]To get hold of the above cards, you’ll need a good credit rating. If yours isn’t spotless, you may well be turned down. If that’s the case, don’t keep applying, as every time you apply you’ll leave a record on your credit report, and multiple applications will be frowned upon by lenders.
If you’re paying a high interest rate, shop around and see if you can switch to a card with a lower one.
And have a read of How to repair your credit rating in 2014.
If you're in serious trouble, seek free, independent help from a debt charity. You can find out more about these in Where to get free debt advice.
Compare 0% balance transfer credit cards