Barclaycard launches fee-free 0% balance transfer credit card
Barclaycard is now offering fee-free 0% balance transfers on its Low Fee Barclaycard Platinum Visa.
The card, which comes with six months interest-free on balance transfers, normally attracts a 1% fee.
But until 27th July Barclaycard is offering to waive this up-front cost and let you shift your debt completely free of charge.
Free balance transfer credit cards
A 0% balance transfer credit card can help you take control of spiralling credit card debt.
The card offers you the chance to move existing balances to a 0% deal, meaning every penny you repay goes directly towards clearing that debt.
You can find 0% deals lasting as long as 33 months, however they almost all attract a fee. It's very rare to find a free 0% balance transfer deal.
Apart from Barclaycard the only other provider that offers this sort of deal is Dankse Bank. Its Visa Credit Card offers five months 0% fee-free. However, you can only apply for it over the phone or in a branch.
Other cheap alternatives
The unique deals from Danske Bank and now Barclaycard offer an easy way to get back on track when it comes to credit card debt.
However, the 0% periods are very short and will only give you a brief breather from interest before it kicks in again (19.9% APR with Barclaycard and 22.9% with Danske Bank).
If you need longer than five or six months to clear your debt, there are plenty of alternative 0% balance transfer deals that come with a fee of less than 1% and offer longer as the table below demonstrates.
Credit card | 0% period | Balance transfer fee | Fee paid on £2,000 transfer | Representative APR |
---|---|---|---|---|
6 months | None* | £0 | 19.9% | |
Danske Bank Credit Card | 5 months | None | £0 | 22.9% |
12 months | 0.5% | £10 | 18.9% | |
Fluid Low Fee Credit Card Visa | 12 months | 0.5% | £10 | 18.9% |
15 months | 0.55% | £11 | 15.9% | |
12 months | 0.65% | £13 | 18.9% | |
15 months | 0.65% | £13 | 15.9% | |
18 months | 0.7% | £14 | 17.8% | |
15 months | 0.7% | £14 | 17.9% | |
Bank of Scotland Platinum 15-Month Balance Transfer MasterCard | 15 months | 0.7% | £14 | 17.9% |
15 months | 0.8% | £16 | 17.9% | |
15 months | 0.8% | £16 | 17.9% | |
17 months | 0.9% | £18 | 18.9% |
*Limited time offer. 1% fee applies but is refunded as long as you transfer a balance within 60 days.
Arguably the best deal going at the moment comes from the Post Office. The Post Office Platinum MasterCard offers a mighty 18 months of 0% interest on balance transfers for a 0.7% fee.
Longer lasting deals
If you need longer than between six and 18 months there are plenty of cards to pick from, but you'll have to stump up a bigger fee.
Barclaycard again leads the market, offering a whopping 33-month 0% period for a 2.99% fee. Below I've listed the longest-lasting offers right now.
Credit card | 0% period | Balance transfer fee | Fee paid on £2,000 transfer | Representative APR |
---|---|---|---|---|
33 months | 2.99% | £59.80 | 18.9% | |
32 months | 2.89% | £57.80 | 18.9% | |
32 months | 2.9% | £58 | 18.9% | |
32 months | 3% | £60 | 18.9% | |
32 months | 3.5% | £70 | 18.9% | |
32 months | 3.5% | £70 | 18.94% | |
31 months | 2.88% | £57.60 | 18.9% | |
31 months | 2.89% | £57.80 | 18.9% | |
30 months | 2.89% | £57.80 | 18.9% | |
30 months | 2.5% | £50 | 18.9% | |
HSBC Credit Card* | 30 months | 3.3% | £66 | 18.9% |
*Only available to HSBC current account customers