Barclaycard launches fee-free 0% balance transfer credit card

lovemoney.com
male hand showing credit card
male hand showing 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

Barclaycard Six-Month Platinum Visa Card

6 months

None*

£0

19.9%

Danske Bank Credit Card

5 months

None

£0

22.9%

Sainsbury's Bank Nectar Low Balance Transfer Fee MasterCard

12 months

0.5%

£10

18.9%

Fluid Low Fee Credit Card Visa

12 months

0.5%

£10

18.9%

Nationwide Select Low Balance Transfer Fee Credit Card

15 months

0.55%

£11

15.9%

Tesco Clubcard Credit Card with Low Balance Transfer Fee

12 months

0.65%

£13

18.9%

Nationwide Low Balance Transfer Fee Credit Card

15 months

0.65%

£13

15.9%

Post Office Platinum MasterCard

18 months

0.7%

£14

17.8%

Lloyds Bank Platinum 15-Month Balance Transfer MasterCard

15 months

0.7%

£14

17.9%

Bank of Scotland Platinum 15-Month Balance Transfer MasterCard

15 months

0.7%

£14

17.9%

Halifax All in One Online MasterCard

15 months

0.8%

£16

17.9%

TSB Platinum 15-Month Balance Transfer MasterCard

15 months

0.8%

£16

17.9%

Santander Low Balance Transfer Fee Credit Card

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

Barclaycard Platinum 33-Month Balance Transfer Credit Card

33 months

2.99%

£59.80

18.9%

Barclaycard Platinum 32-Month Balance Transfer Credit Card

32 months

2.89%

£57.80

18.9%

Tesco Bank Clubcard 32- Month Balance Transfer Credit Card

32 months

2.9%

£58

18.9%

Halifax 32-Month Balance Transfer Credit Card

32 months

3%

£60

18.9%

Bank of Scotland 32-Month Balance Transfer Credit Card

32 months

3.5%

£70

18.9%

Lloyds Bank Platinum 32-Month Balance Transfer Credit Card

32 months

3.5%

£70

18.94%

MBNA 31-Month Platinum

31 months

2.88%

£57.60

18.9%

Sainsbury's Nectar Balance Transfer Credit Card

31 months

2.89%

£57.80

18.9%

Leeds Building Society Credit Card

30 months

2.89%

£57.80

18.9%

Halifax 30-Month Balance Transfer Credit Card

30 months

2.5%

£50

18.9%

HSBC Credit Card*

30 months

3.3%

£66

18.9%


*Only available to HSBC current account customers

What's the Best Credit Card for Travel Rewards?
What's the Best Credit Card for Travel Rewards?