OUR BOTTOM LINE
Barclaycard Platinum 18-Month Balance Transfer/20-Month 0% Interest Purchase Card combines two solid offers. Cardholders get 20 months of 0% interest on purchases, plus 18 months of 0% interest on balance transfers. There is a 2.9% fee on balance transfers, so those looking to keep costs down may want to look for a card that offers fee-free transfers.
What I like
- 0% introductory rate on purchases – 20 months of interest-free spending should be enough for most people. Users should aim to clear their balance before the full APR kicks in.
- 0% balance transfer offer – If you transfer your existing credit card balance, Barclaycard gives you an 18 months to pay down your borrowings without incurring any interest. Perfect for people who are struggling with pricey card debt.
- Entertaining extras – New customers also get Barclaycard Entertainment, which offers cut-price tickets for more than 3,500 live events each year, exclusive festival pre-sales and money off food and drink at O2 Academy venues when you pay with your Barclaycard.
- Other benefits – Barclays offers an online eligibility checker, which shows how likely you are to be accepted before you apply, without the result affecting your credit rating. Apply online in three easy steps and, if approved, you could have your Barclaycard in five working days.
- Worth knowing – This card is only available for new Barclaycard customers, and applications are subject to status: you may be offered a different credit limit, representative APR, purchase rate or promotional balance transfer period, depending on your credit history and individual circumstances. Those with credit problems are likely to be rejected. Default charges for missed or late payments are in line with competitors’ at £12 a pop.
What could be improved
This is an attractive promotional offering, but I do have a couple of quibbles.
- Tight balance transfer deadline – Balance transfers must be made within 60 days to benefit from the 0% offer. That’s enough for most people, although many issuers give you 90 days.
- Balance transfer fee – The downside of most balance transfer cards is that you have to pay a fee of 3% (or more!) of the balance you shift over. At 3% that will cost £30 for every £1,000 of debt. Barclaycard’s fee of 2.9% is lower than that, but for those looking to save, consider checking out cards without any balance transfer fee.
How does this Barclaycard offer stack up?
0% offers have been coming down lately, and we’ve seen that at Barclaycard as well. An equivalent deal used to be available with significantly longer 0% periods.
Longer balance transfer and 0% purchase periods are still available elsewhere. However, 18 months is still a fairly lengthy 0% period, and when you consider that this card is offering 18 months for balance transfers and 20 months for purchases, it makes it a compelling offer.
Applicants must be aged 21 or over with no individual voluntary agreements (IVAs) or county court judgements (CCJs) against their name, and must not have been declared bankrupt in the past six years. Past missed payments could count against you, and you need at least four years’ experience of managing credit. You must also show you can afford repayments on any outstanding credit commitments. Applicants need to have had a permanent UK address for at least three months, and a personal income of more than £20,000 a year.
How to apply
Before applying, gather your address details for the last two years, your phone number and email address, current employment details, details of your annual income, and your main bank account sort code and account number.
Is the Barclaycard Platinum 18-Month Balance Transfer/20-Month 0% Interest Purchase Card right for you?
The question to ask yourself is whether this particular combination of 0% features works for you. If clearing existing debt alone is your priority, you could look for a balance transfer card either with a longer introductory period or a lower transfer fee. If you don’t have much debt or clear your balance every month and don’t want 0% interest on purchases, you may do better with a card offering extras such as rewards and points. It depends on what you are after.
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