Highest Balance Transfer Cards

Credit Cards Balance Transfer - 20 Months Of Interest Free Balance Transfers ...

Barclaycard has announced it is to offer 20 months interest free on balance transfers, the longest ever 0% balance transfer in the UK market.

Barclaycard has become the first credit card provider in the UK to offer 20 months at 0% on balance transfers.

The offer for new Barclaycard Platinum customers is the longest on the market. Barclaycard Platinum also offers 0% interest on purchases for the first three months and a representative APR of 17.5% variable. Until 3rd May, new Barclaycard Platinum customers can receive a 25% reduction in the handling charge on multiple balance transfers. The highest balance transfer will incur a handling fee of 3.2%, with additional transfers seeing effective handling fees of 2.74%.

For example, a new Barclaycard Platinum customer applying to transfer one balance of £3,000 and two balances of £2,000 would incur a total effective transfer fee of 2.74%. This would save the customer £32. As well as helping customers cut the cost of borrowing with its offer of 0% balance transfers , Barclaycard offers its customers the easiest-to-use reward scheme in the UK. Barclaycard Freedom provides Reward Money in pounds and pence in thousands of retailers across the UK and online, without the need to carry additional cards or vouchers.

About Barclaycard

Barclaycard, part of Barclays Global Retail Banking division, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.

The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.

In addition to the UK, Barclaycard operates in the United States, Europe and Africa.

Key facts published in February 2011

About Barclays

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia.

Balance Transfer Credit Cards | Getting out of Debt

Get debt can be quick and easy, but getting out of debt is almost always slow evolution. Repay the debt can be done with the method snowball (put any extra money towards the balance of lower debt until that is paid off and then continue to balance debt lower next), the method of interest rate (put all the extra money to the debt with the highest interest rate), or a combination of both. If you want to see exactly how these methods work then take a look at this post debt.

One method to help you reduce your interest rate is to use a credit card balance transfer.This is often seen as a tactic of debt more advanced, but it is not hard to do.

You can occasionally find a credit card balance transfer offers transfer rate of 0%. It is harder to find now (they used to be a dime a dozen pre-recession), but they exist. Even if a rate of 0% can not be found, you may be able to find a rate that is lower than the rate you pay on your current card. If you find a rate of 0%, then check all the details to find how long this rate (and this rate it will take back both ends 0%).

There are fees associated with transferring a balance credit card.A law is to pay 3% of the balance, but be sure to check the details on the credit card you choose.

There are two main reasons why you can transfer your credit card balances to a new credit card. The first is just for a mental boost. It may be easier to approach your credit card debt if it is on one card instead of several smaller ones. It will be a higher balance, but there will be one to treat. Only you can determine if it will give you the boost you need to help pay your debt.

Another reason for transferring your balances is to obtain a lower rate.If you can transfer the balance of great interest to a card with a lower interest rate, you can save lots of money in the long term.

Say, for example, you owe 10K on a card interest rate of 20% and you are able to transfer to a card with 15%. You'll save 500 per year by doing this. If the fee is 3%, then it will cost you 300 saving you 200 the first year and 500 thereafter (as your balance is reduced by the amount you save will be reduced as well).

Balance transfers are not for everyone, but if you carry a high balance credit cards with high interest rates, then a balance transfer could be exactly what you need.