No Apr And Transfer Fee On Balance Transfer Card

Focus on: 18-month 0% balance transfer card

Credit card customers looking to move their balance elsewhere can now take advantage of the longest 0% introductory period ever offered. But is the market-leading Barclaycard 18-month deal right for you?

Earlier this year, Barclaycard moved ahead of the competition by extending its 0% period to 17 months, only to see this offer matched by the Nationwide Building Society credit card .

Barclaycard responded by extending its interest-free term to beat Nationwide, but with such a wide range of balance transfer cards on offer, is the Barclaycard Platinum card the right one for you? We take a look...

The Barclaycard Platinum Balance Transfer credit card gives new customers the chance to avoid interest on their existing card debt for a full 18 months. You'll pay a balance transfer fee of 2.9% , which is fairly standard.

After that, the representative annual percentage rate (APR) is 16.9% variable for both purchases and balance transfers.

In order to get the 0% deal, you'll need to transfer the balance within the first 60 days of opening the account.

This is a competitive card and so only people with good credit scores are likely to qualify. You'll need to show a history of managing debt well, including at least four years of using credit cards, loans, overdrafts or a mortgage without any issues.

You'll also need to have an income of more than £20,000 and be at least 21. If you don't think you'll qualify for the card then don't risk a rejected application as this can damage your credit score, making it hard for you to qualify for other deals.

Use our 'Find the right card for you' comparison tool to see which cards you're most likely to qualify for.

If you want to move an existing debt to a new card, you're unlikely to find a better deal than the Barclaycard Platinum.

The balance transfer fee of 2.9% is pretty standard, with most card providers charging between 2.9% and 3.0% .

However, if you're not sure that you'll be able to clear your balance within 18 months, it could be worth considering another option.

How to Save Tausende von $$$ mit niedrigen Rate-Kreditkarten ...

Credit card balances are rising faster than consumers can pay them off. And with a high interest rate card it can be difficult to even make a dent in debt. According to Consumer Action, a non-profit, membership-based organization, a March 2004 survey revealed that only 39% of the people said they pay their credit card balance in full each month. So if you are like 61% of everyone surveyed and carry a balance from month to month, then your number one priority for a credit card should be a low interest rate.

What is considered a low interest rate

According to Linda Sherry, editorial director and spokesperson for Consumer Action, anything below 10% is an attractive rate in today’s market.

Look at the Savings

Are the savings really all that much with a low

rate credit card? Here’s an example to show you just how much you will save.

Let’s say you have a $2500 balance on your credit

card, you make the minimum 2.5% payment, and you don’t add any new charges to the card. With an 18% APR (annual percentage rate) it would take you 20.3 years to pay the card off at the

cost of $3365.51 in interest alone.

If you are able to lower that interest rate to the

average standard, fixed rate of 12.99%* you will reduce the time it takes to pay off the debt to 15.2 years and your total interest will be $1732.95–a 48.5% savings over the 18% APR.

But if you can qualify for a 9% APR, your

debt will be paid off in 12.6 years with a total of $977.48 in interest–a whopping 71% savings over the 18% card. And if you commit to paying the first month’s minimum payment of $62.50 each month until the entire balance is paid off, then you will shave off another 8.6 years and another $494.01 in interest.

Who can get the lowest rates

In order to get the lowest advertised you will need a good credit rating. While most issuers have their own criteria for a good credit rating, Sherry says that in general a FICO score of

675+ is good and 750+ is excellent. If you are in a situation where you need to raise your current score, please read our article is a Credit Score Calculated and How Can I Improve My

Credit Score?

Where you Can Find the Lowest Rates

If you do have a good to excellent credit rating, then according to Gerri Detweiler, founder of DebtConsolidationRX.