Transfer Balance Cards Ratings

Barclaycard offers a 20-month balance transfer

Barclaycard has now gone the extra mile to beat both cards by extending the length of its balance transfer to 20 months – however, it will be upping the transfer fee from 2.9 to 3.2%.

Yesterday Barclaycard launched a 25% discount for new customers transferring more than one balance. That still applies to the new fee.

A new Barclaycard customer making three transfers of £1,000 to the total of £3,000 would be charged £69 in transfer fees, including the discount of 25%.

However, anyone transferring just one balance of £3,000 will have to pay the full fee of 3.2%, a cost of £92

The 'discount' is available to anyone who applies before the 3 May and you will have 60 days to make the transfer.

In an attempt to beat Barclaycard to the top of the best buy table, MBNA had launched a new 0% 18-month balance transfer credit card with a fee of 2.88% - so £86.40 for every £3,000 transferred.

Virgin Money also entered the fray and extended the 0% introductory period on its balance transfer from 16 months to 18 months for new customers.

The card has a 2.89% fee on transfers – which means a £3,000 transfer will cost £86.70.

To qualify for the 0% transfer on all three cards, transfers must be made within the first 60 days of opening the account.

Last month Barclaycard extended its balance transfer offer to beat a new card from Nationwide offering a 17-month 0% balance transfer.

There are over a hundred 0% balance transfer credit card deals on the market, ranging from three months to Barclaycard's 20 months.

After the introductory 0% interest period has ended, you will pay a representative APR of 16.7% with MBNA and 16.9% with Barclaycard and 17.9% with Virgin Money, although this will depend on the individual customer's credit history.

This is Money's Tara Evans says: The battle for the top of the credit card balance transfer table is fierce. Barclaycard will do anything to retain the top spot and has done so by upping its transfer length to 20 months and adding a 25% reduction on transfer fees.

However, the discount is only available until 3 May and only applies if you are transferring more than one balance.

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