Barclaycard has scaled back its maximum 0% balance transfer duration to 29 months, but it remains the longest offer on the market.
The lender has reduced the maximum term on its balance transfer card just four weeks after extending it to 30 months.
The card remains the market-leading 0% balance transfer offer for duration, despite the cutback. But a host of rivals will now be sensing an opportunity to capitalise with their alternatives.
Earlier this month, Halifax improved its offer to 28 months at 0% on balances up to £3,000, joining RBS, NatWest and Tesco on the heels of Barclaycard (read more).
And Halifax's competitive balance transfer fee of 2.45% now makes the card a genuine contender.
This is recognised by Barclaycard, which has also reduced its balance transfer fee from 2.90% to 2.79% (like Halifax, achieved by a part-refund).
To transfer a balance of £3,000 with Halifax would cost a new customer just £73.50, while it would cost £83.70 with the revised Barclaycard.
Since one additional month at 0% costs an extra £10.20 with Barclaycard, the Halifax card now appears to offer better value in this regard.
Both cards, alongside the RBS and NatWest Platinum, offer 0% on purchases for six months.
This will ease the pressure over the festive period for those who anticipate adding to their balances.
But consumers may still wish to consider alternatives, such as the Bank of Scotland’s 24-month 0% Platinum Card with its low transfer fee of 1.50%.
There is also the excellent Halifax All-in-One card, which offers 0% on balance transfers and purchases for 15 months for a transfer fee of just 0.8%.
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