Get £20 for making your credit card repayments on time

Barclaycard Initial to pay cashback so long as your repayments are on time, as well as launching new low-fee balance transfer card

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Get £20 for making your credit card repayments on time

New cardholders of the Barclaycard Initial can enjoy £20 cashback just for making their repayments on time.

The new deal on the credit builder card means that so long as you make at least the minimum repayment every month, and don't go over your credit limit, you'll enjoy a £20 cashback payment after three months with the card.

It is another selling point to the Initial card, which is designed for borrowers with little or no credit history. It already offers a 0% period on spending for three months and a credit limit of between £150 and £1,200. It has a representative APR of 34.9%.

The Initial is not the only credit builder card that comes with an interest-free period on purchases though. There's also the Lloyds Bank Classic, which has its own three-month 0% period and offers a credit limit of at least £500. It has a representative APR of 25.9%.

For a full run-down of credit builder cards, read The best credit builder credit cards.

New low-fee card

Barclaycard has also launched the Barclaycard Platinum 24 month credit card. It comes with 0% on balance transfers for 24 months and six months interest-free on purchases. It also has a competitive 18.9% APR. The main selling point here is the low balance transfer fee of 1.25%. So you can avoid paying interest on your balance for two years and only pay a fee of £25 on a £2,000 debt, for example.

Here's how it measures up against the best low-fee balance transfer credit cards.
Credit card0% periodBalance transfer feeFee paid on £2,000 transferRepresentative APR after 0% period ends
Tesco Clubcard with No Balance Transfer Fee12 monthsNone£018.9%
Nationwide Select Low Balance Transfer Fee Visa*15 months0.55%£1115.9%
Nationwide Low Balance Transfer Fee Visa15 months0.65%£1317.9%
Santander 17-Month Low Balance Transfer Fee MasterCard17 months0.9%£1818.9%
Barclaycard Platinum 24-Month Balance Transfer Credit Card 24 months1.25%£2518.9%
Halifax 28-Month Low Balance Transfer Fee MasterCard28 months1.5%£3018.9%
Bank of Scotland Platinum 28-Month Low Balance Transfer Fee MasterCard28 months1.5%£3018.9%
Lloyds Bank Platinum 28-Month Low Balance Transfer Fee MasterCard28 months1.5%£3018.9%


*Nationwide current account customers only

As you can see, for just 0.25% more on the transfer fee you can get an extra four months of 0% interest on your balance transfers. That's only £5 on a £2,000 transfer. However, if you are confident you can clear the debt in two years then the Barclaycard Platinum is still a very competitive card.

If you need a longer period in order to clear your card debt, you can get a whopping 34 months from Barclaycard. For a round-up of the longest 0% deals, check out The best 0% balance transfer credit cards.

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