Barclaycard stretch their 22 month 0% balance transfer period – but check its the best for you!
Written by Susan Care
Posted on March 7, 2012
Today Barclaycard have increased their interest free balance transfer offer to an eyecatching 20 months – but moneymaxim say customers should ask a question or two before assuming its the best card for them.
The 22 month interest free balance transfer period offered by Barclaycard means they remain in a podium position towards the top of the comparison charts. The interest free period doesn’t quite match the 23 months offered by the HSBC credit card (which is only open to their own existing customers) but does entail a modest 2.9% balance transfer fee compared to the 3.3% charged by HSBC.
Mark Bower, Managing Director at moneymaxim said ‘In reality if a customer is looking to borrow a fixed sum making only minimum repayments over the longest period the the HSBC card is best as a fee of 3.3% over 23 months is better than a fee of 3.00% for 22 months followed by interest of 18% or so for the final months – however if you are planning to repay the debt within the 22 month time period the Barclaycard is the best pick. Many customers, who we see using these cards to fund things such a car insurance or holidays with the plan to repay them in a year, should focus on the fee rather than the extra few days interest free period as that will probably have little impact on them’.
To review balance transfer cards fully please refer to the moneymaxim interest free balance transfer comparison service.
Those wishing to discuss the pros and cons of different cards are welcome to call the moneymaxim team on 0800 520 0699 or 0118 321 8197 (option 3).