Wednesday, 13 April 2011

Possibly the Best Balance Transfer Deal from Barclaycard Ever

One of the sentences most heard about credit cards these days is if only I had a little breathing space.  The interest just seems to pile up month after month making any chance of paying off a credit card completely seem as remote as Mars.  So, how would you feel about having 20 month’s breathing space?

I know it seems unlikely but that is exactly what Barclaycard Platinum is offering at the moment.  When you transfer your balance to this card you will benefit from the longest period of 0% interest on the market.  Yes, you read correctly – that is 0% on balance transfers for 20 months.

20 months is a long time. Plus if you transfer more than one balance you will also benefit from a 25% reduction in the handling fee, something not to be sniffed at – and even if you have only one balance to transfer the rate at its highest it will be 3.2%.

That could, if you do a little maths, help you out a great deal and could mean a substantial amount of money staying in your pocket.  Plus, of course, there is the Barclaycard Freedom rewards scheme which could help make an even greater difference in terms of pounds and pence.

Of course, terms and conditions, as ever apply: if, for example the amount you want to transfer is greater than 90% of the credit amount on your account then you will be asked if you would like to transfer a lower amount.  So, it’s always a good idea to read the small print first, such as Barclaycard’s full right to refuse a balance transfer or indeed to limit the amount that you are able to transfer. 

You can find out more here.

For many people this could still prove to be the balance transfer deal of the century! I have just created a small spreadsheet to calculate the cost of staying with my current credit card or going over to Barclaycard.  Put it this way, the difference is potentially greater than the cost of a two week holiday in the Caribbean.  I think I may well apply for this myself.

Barclaycard Platinum

0% on balance transfers

20 months

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