Barclaycard launches ultra-cheap 0% balance transfer card

Updated: 

Barclaycard is offering to shift debt for a tiny fee of 0.25%, but only for a limited period.

Barclaycard is offering to shift debt for a tiny fee of 0.25%, but only for a limited period.

Barclaycard has launched a brand new low fee 0% balance transfer credit card.

The latest Barclaycard Platinum Visa comes with six months 0% on balance transfers with a 1% fee.

But if you apply before 7th July and make a transfer within 60 days, Barclaycard will refund 0.75% of the fee, which means you effectively pay a tiny 0.25% to shift your debt.

On a £2,000 transfer, that means you'll only hand over a fiver.

The cheapest deals

Barclaycard's latest card joins a number of cheap balance transfer credit cards, which offer to freeze debt for a fee of less than 1%.

So let's take a look at how it compares. These are all of the cards that will transfer your balance for less than 1%.

Credit card

0% period

Balance transfer fee

Fee paid on £2,000 transfer

Representative APR

Danske Bank Credit Card

5 months

None

£0

22.9%

Barclaycard Six-Month Platinum Visa Card

6 months

0.25%*

£5

19.9%

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%

Tesco Clubcard Credit Card with Low Balance Transfer Fee

12 months

0.65%

£13

18.9%

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, for those that apply before 7th July 2014

The cheapest card available at the moment comes from Danske Bank, which is offering to freeze balance transfers at 0% for free! The Barclaycard Six-Month Platinum Visa is the next best deal to go for.

However, both these cards offer tiny 0% periods compared to other cheap providers, which might not be enough time to clear your debt.

The next best deals on offer with the Sainsbury's Bank Nectar Low Balance Transfer Fee MasterCard and the Fluid Low Fee Credit Card Visa, for example, charge a slightly higher fee of 0.5% but offer a much longer 0% period of 12 months.

But it's the Post Office Platinum MasterCard, which offers the longest cheap 0% balance transfer offer, charging 0.7% for an 18-month 0% period.

Longer lasting deals

If you think between five and 18 months is too little time to clear your debt there are longer-lasting deals available, but you'll have to pay a bigger fee.

Barclaycard leads the market here offering a whopping 33-month 0% period for a 2.99% fee. Below are the top cards offering 30 months or more on 0% balance transfers 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%

Halifax 32-Month Balance Transfer Credit Card

32 months

3%

£60

18.9%

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%

Tesco Bank Clubcard 30- Month Balance Transfer Credit Card

30 months

2.9%

£58

18.9%

HSBC Credit Card*

30 months

3.3%

£66

18.9%

*HSBC current account customers only

How to dispute your credit record

How to dispute your credit record