Barclaycard has once again launched the longest-ever 0% balance transfer credit card. This time it's offering a whopping three years with no interest to pay on transfers from other cards.
You will have to pay a balance transfer fee of 2.99% of the balance you're transferring. So, for example, if you're transferring £2,000 of debt from another card you'll pay a fee of £59.80.
If you don't pay off your balance by the end of the 0% period, you'll pay an APR (the annual combination of interest and charges) of at least 18.9%.
Here's how this new card compares.
Barclaycard versus the rest
The new Platinum 36-month card can't be beaten on interest-free period, as the table below shows, but it can be equalled.
Virgin Money has launched a three-year card too, although it has a higher balance transfer fee of 3.49%. So on a transfer of £2,000, you'll pay a fee of £69.80.
|Credit card||0% period on balance transfers||Balance transfer fee||Cost of transferring £2,000 balance||Representative APR after 0% period ends|
|Barclaycard 36-Month Platinum Visa||36 months||2.99%||£59.80||18.9%|
|Virgin Money Balance Transfer MasterCard||36 months||3.49%||£69.80||18.9%|
|Barclaycard 35-Month Platinum Visa||35 months||2.99%||£59.80||18.9%|
|Barclaycard 34-Month Platinum Visa||34 months||2.74%||£54.80||18.9%|
|Halifax 34-Month Balance Transfer MasterCard||34 months||2.80%||£56||18.9%|
|Tesco Bank Clubcard 34-Month Balance Transfer Credit Card||34 months||2.90%||£58||18.9%|
|Lloyds Bank Platinum 34-Month Balance Transfer MasterCard||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%|
Compare the credit cards with the longest 0% period
However, if you want a money transfer from a credit card into your bank account, perhaps to pay off an overdraft, then the Virgin three-year is the clear winner. It offers three years of 0% interest with a fee of 4% of the amount you're transferring to your bank account.
Cheaper balance transfers
However, you could pay a smaller balance transfer fee and get up to 28 months interest free. Indeed, you can get up to 15 months at 0% with no fee of any kind to pay, as this table shows.
|Credit card||0% period on balance transfers||Balance transfer fee||Fee paid on £2,000 transfer||Representative APR after 0% period ends|
|Santander 123 Credit Card||23 months||None (£24 annual fee applies, free in first year to 123 current account holders)||£0||16.5%|
|Santander Credit Card||15 months||None||£0||18.9%|
|Halifax 0% Balance Transfer Fee Offer MasterCard||13 months||None||£0||18.9%|
|Tesco Clubcard with No Balance Transfer Fee||12 months||None||£0||18.9%|
|Nationwide Select Low Balance Transfer Fee Credit Card*||15 months||0.25%||£5||15.9%|
|Nationwide Low Balance Transfer Fee Credit Card||15 months||0.35%||£7||17.9%|
|Post Office Platinum Credit Card||18 months||0.79%||£15.80||17.8%|
|Halifax All in One Credit Card||19 months||1%||£20||18.9%|
|Barclaycard Platinum 25-Month Balance Transfer Credit Card||25 months||1.30%||£26||18.9%|
|Bank of Scotland Platinum Balance Transfer Credit Card||28 months||1.50%||£30||18.9%|
|Halifax Platinum Balance Transfer Credit Card||28 months||1.50%||£30||18.9%|
|Lloyds Bank Platinum Balance Transfer Credit Card||28 months||1.50%||£30||18.9%|
*Nationwide current account customers only
Be honest with yourself
However, while you could pay a smaller balance transfer fee by opting for a shorter 0% period, that isn't going to be much use if you still haven't paid off your debt.
Do some honest maths and work out how much time you really need to get back in the black.
Whatever you do, make sure you make the minimum repayment each month or your 0% period could well be cancelled and you'll get a black mark on your credit report.
Unfortunately the cards listed above will only be available to people with decent credit ratings.
Compare credit cards
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