Barclaycard has increased its 0% balance transfer offer by another month, marking another record for interest free transfer periods.
The credit card provider only recently boosted its 0% period from 16 months to 17 months which was the longest ever 0% period offered.
But Barclaycard has once again stepped up the competetion by offering an impressive 18 months 0% on balance transfers.
The deal also included a £20 discount on the 2.9% transfer fee, which has been extended until the end of February for those that transfer at least £3,000 onto the card.
This offer is available on transfers made within 60 days of opening the account. The amount transferred must not exceed 90% of the available credit on the account.
The balance transfer feature is perfect for anyone that currently pays interest on their debts. Card holders should ideally transfer their balances across and set up a repayment plan by breaking the total amount owed by the number of interest free months.
For example, if you currently owe £1,500 on a credit card and pay interest for the service, you could transfer the balance for a 2.9% fee (£43.50) which would be added to your balance, then divide the total by 18 months – allowing you to pay off £85.75 each month and be debt free before the interest free period is over.
The Barclaycard Platinum also comes with interest free purchases for 3 months, which means you can get up to 3 months to pay back any purchases made from the account opening date.