Money News

Barclaycard Platinum reduces credit card balance transfer fee

Thursday, 14 May 2009

By Seamour Rathore seamour@consumerchoices.co.uk

If you're looking for a 0% balance transfer card with a low fee, Barclaycard Platinum has one of the lowest on the market at 2.5%.

Barclaycard Platinum (www.barclaycard.co.uk) has extended its 0% balance transfer deal until 1 June 2010, and reduced its fee for balance transfers to 2.5% from 3%, one of the best in the market.

Cardholders will also get 0% interest on purchases for the first three months.

The card offers a 12.4% typical APR, but it is only suitable for those with a good credit history. In February the APR on the Barclaycard was reduced from 14.9% to 12.4%.

Amer Sajed, managing director of the Barclaycard UK said: “This reduction will mean customers looking to move their balance now have to pay less to get a market-leading deal.”

The Barclaycard Platinum also includes the following benefits:

• Identity protection service
• Purchase delivery protection – protection against loss or damage to goods delivered from UK suppliers online, using the Barclaycard
• Worldwide assistance – emergency help when travelling abroad

Chris Eagle, commercial manager at Creditchoices.co.uk said: “If you’ve got a good credit rating and want to transfer several thousands, the Barclaycard Platinum could be the right choice. At 2.5%, the transfer fee is one of the best in the market. But if you look at the best buys tables, there are longer 0% balance transfer deals available too.

“In common with many 0% balance transfer deals, the Barclaycard Platinum is offering 0% interest on purchases for the first three months, but cardholders should always try to avoid spending on the a balance transfer card.”

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