Credit card holders can now receive 0% on a balance transfer for a record 28 months after Barclaycard once again nudged ahead of the competition.
The new 28-month 0% balance transfer Platinum card marks the third extension to the maximum duration in 2013, as the lender continues to fend off competition from rival providers.
Back in March, Barclaycard extended its longest 0% deal to 26 months, fending off competition from Tesco Bank (read more).
It then extended its 0% balance transfer offer to 27 months at the end of May, as rivals RBS / NatWest and Virgin Money encroached with their own 26-month 0% offers (read more).
The latest increase to 28 months follows a bold move by both the RBS Group and Tesco Bank to match the previous 27-month leading offer.
A new customer accepted for the card for the full 0% duration will have no interest to pay on a transferred balance until December 2015.
Barclays has nudged ahead of the competition again with a market-leading 28-month 0% balance transfer offer.
The new 28-month Platinum card carries a rather hefty fee of 4%, which is reduced to 3.5% if customers transfer their balances within the first 60 days of opening the card.
Even accounting for a swift transfer, then, it still adds £35 to the balance for every £1,000 transferred. And only those with a excellent credit rating are likely to be accepted for the card at the full duration.
Nevertheless, customers could still benefit from the remarkable period at 0% – now within touching distance of two-and-a-half years – to pay down debts at no further interest.
The 27-month Platinum Visa, for the concession of just one extra month at 0%, carries a lower fee of 2.9%, which is closer to its competitors. This represents a saving of £6 per £1,000 on the record-breaking card.
Find out more and apply at our credit card page.
James Booker
Which4U
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