Barclaycard and Tesco battle to offer longest 0% balance transfer
The battle to top the 0% balance transfer credit card best buy table continues.
First, Tesco extended the interest-free period on its Clubcard Credit Card for Balance Transfers from 25 months to 27 months. That put it at the top of the table due to its balance transfer fee of 3.15%. A short while later, Barclaycard responded by cutting the balance transfer fee on its 27-Month Platinum card from 3.5% to 2.9%.
Let's have a look at how this changes the overall 0% balance transfer best buy table.
Credit card | 0% period | Balance transfer fee | Cost of transferring £2,000 debt | Representative APR when 0% period ends |
27 months | 2.9% | £58 | 18.9% | |
27 months | 3.15% | £63 | 16.9% | |
Nationwide Select credit card | 26 months | 2.4% | £48 | 15.9% |
26 months | 2.4% | £48 | 17.9% | |
26 months | 2.65% | £53 | 18.9% | |
26 months | 2.65% | £53 | 18.9% | |
Fluid 26-Month Balance Transfer Visa | 26 months | 2.89% | £57.80 | 18.9% |
26 months | 2.9% | £58 | 18.9% | |
26 months | 2.99% | £59.80 | 17.9% | |
25 months | 2% | £40 | 18.9% |
The longest isn't necessarily the cheapest
While Barclaycard and Tesco both offer cards with 0% to pay for 27 months, their slightly higher balance transfer fees mean you could save a bit of money by opting for a card with a shorter interest-free period.
For example, the Halifax 25-Month card has a 25-month 0% period, but only charges a 2% fee. As you can see from the table, if you were transferring £2,000 and opted for this instead of the market leaders it would save you up to £30.
Compare all our top 0% balance transfer credit cards
A few words of warning
You shouldn't go for a shorter 0% period just to save a relatively small amount of money if you think that means you'll end up with debt still to pay once the interest-free term ends.
You must make the minimum repayment on these cards each month or your 0% period could be withdrawn.
And all of the cards featured in this article are only available to people with good credit ratings. If yours could do with some improving, have a read of How to build an excellent credit history.
Compare top credit cards
This article has been updated since its original publication date
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