Barclaycard has taken the bull by the horn and unleashed yet another aggressive move that has once again increased its lead in the 0% balance transfer credit card market.
Until last year, the Virgin credit card dominated this side of the credit card market with a 16 month 0% deal, but Barclaycard recently rolled out a series of changes that saw it move ahead of every other provider, while continuing to gain distance from its competitors and pulling away, giving Barclaycard a significant lead.
The credit card provider made its most recent move yesterday, after beating its previous record for the number of 0% balance transfer months offered on its Platinum card, from 20 months to 2 years.
This gives Barclaycard customers the means to transfer debts across to the card and effectively freezing all further interest charges for up to 24 months, taking off the pressure of growing debt and allowing you to set up a manageable repayment plan.
Nowadays, balance transfer cards do come with a small transfer fee of around 3% of the total balance transferred. This was put into place to stop consumers from ‘stoozing’ – a method by which debts are moved from card to card with no real intentions of paying them off.
The Barclaycard Platinum comes with a discount to its standard transfer fee of 3.2% that is refunded within 4 weeks of the balance transfer being processed, taking it down to an equivalent rate of 2.8% (that’s just 1.4% per year).
Barclaycard also improved its Platinum Purchase card which offers long interest free periods on both balance transfer and purchases, allowing you to not only transfer your debts to benefit from 0% interest, but also make purchases using the card without paying interest on your credit for the 0% duration.
This card previously offered 12 months on both balance transfers and purchases, which has now been extended to 14 months.