Platinum Card will freeze debt for 35 months!
Barclaycard has revamped its top Platinum Visa Credit Card, so it now offers a whopping 35 months of 0% interest on any credit card debts you move over.
That gives you just shy of three years to hack away at what you owe without a penny going on interest.
The transfers attract a 3.5 % fee, however Barclaycard says this will be reduced down to 2.49% via a refund.
Barclaycard has also improved its second-longest 0% deal, so borrowers now have the option of a 34-month 0% balance transfer credit card, which also comes with a 3.5% fee. However, this will be reduced down to a smaller 2.39% via a refund.
The best 0% balance transfer credit cards
Here’s how the new Barclaycard deals compare to the other longest lasting 0% balance transfer credit cards on the market.
|
Credit card |
0% period on balance transfers |
Balance transfer fee |
Cost of transferring £2,000 balance |
Representative APR |
|
35 months |
2.49% |
£49.80 |
18.9% |
|
|
34 months |
2.39% |
£47.80 |
18.9% |
|
|
34 months |
2.80% |
£56 |
18.9% |
|
|
34 months |
3% |
£60 |
18.9% |
|
|
Bank of Scotland Platinum 34-Month Balance Transfer MasterCard |
34 months |
3% |
£60 |
18.9% |
|
HSBC Credit Card* |
34 months |
3.3% |
£66 |
18.9% |
|
33 months |
2.89% |
£57.80 |
18.9% |
|
|
33 months |
2.9% |
£58 |
18.9% |
*HSBC current account customers only
As you can see both of Barclaycard’s new deals are best buys.
The Barclaycard 35-month card offers the longest lasting 0% period, while the Barclaycard 34-month card offers the cheapest long-lasting 0% deal on the market.
Save money if you need less time
[SPOTLIGHT]If you’re prepared to sacrifice the length of the 0% period on your balance transfer there are a growing number of fee-free deals on the market that will save you money.
The Santander 123 Credit Card offers a leading 23 months 0% on balance transfers with no fee. However, the card itself attracts an annual fee of £24. You can avoid that for the first year if you have a Santander current account though.
Alternatively there is the Santander Credit Card which offers 15 months 0% on balance transfers with no fee.
Read The best low-fee balance transfer credit cards for more.
How to use a 0% balance transfer credit card
When selecting the right 0% balance transfer credit card it's important to strike a balance between the length of the interest-free period on offer and the size of the balance transfer fee.
Unfortunately it can be a tough balancing act as paying a higher fee doesn’t automatically mean you get the best interest-free period.
Whatever card you go for, you should aim to pay off the debt by the time the offer period ends as any debt remaining will start attracting interest again.
You’ll also need to stay within your credit limit and pay at least the minimum amount on time or you risk losing the 0% offers on the card.
More on credit cards:
The best cashback credit cards