The UK's Longest Ever Balance Transfer Offer
13th May 2014
MoneySuperMarket.com Comments On Barclaycard Launching The Offer - .
Commenting on Barclaycard launching the UK's longest ever balance transfer offer of zero per cent for 32 months, Kevin Mountford, head of banking at MoneySuperMarket said: “Following on from Halifax launching its 31 month balance transfer card last week, Barclaycard has upped the ante once again and updated its offering to maintain pole position in the balance transfer market. Launching today, Barclaycard is offering the longest ever market leading 32 months interest free on balance transfers with a 2.99 per cent fee, pipping Halifax's 31 month card to the post. Furthermore, Barclaycard still holds onto second place in the best buy table with its 31 month card which charges 2.89 per cent. Barclaycard clearly means business, wanting to ensure they are top dog in the credit cards market, and have only given Halifax a look in for a handful of days. The balance transfer war is certainly raging and it will be interesting to see if any other providers are prepared to take on Barclaycard.
“For anyone wanting to switch from a card at an industry average APR of 17.31% APR, with a balance of £2,500, they would save £825 in interest by moving to this card, which is staggering. It's worth noting however, that not everyone who is accepted for a balance transfer card will benefit from the interest free period advertised. Based on your credit score, you may be offered a reduced interest free duration or alternatively, a higher go to APR. For example, Lloyds Bank offers zero per cent over 28 months however, the interest free period offered could be reduced to 25 or 22 months depending on your circumstances. The same applies to the typical APR rate. Barclaycard, for example, offers APRs between 18.80 per cent or 29.90 per cent again, depending on your credit score. Being declined for credit and applying for multiple products can cause damage to your credit score. By using our Smart Search tool you can see which cards you will likely to be accepted for without leaving a footprint on your credit file.”