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New Top Balance Transfer Card – Get a sneaky extra month of 0%
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MSE_Martin
Posts: 8,272 Money Saving Expert
in Credit cards
There’s currently a credit card available from Barclaycard which will give you fee-free balance transfers (as long as they are requested within 60 days) at 0% for 10 months. Or to be more accurate, it is a Barclaycard, but it’s actually available from Barclays.
Confused?
Well, the technicalities here are, in some ways, academic. However, I’ll briefly explain how this works in practice.
The current Barclaycard 0% offer is long but is undermined by a 2% balance transfer fee. However, a 10 month 0% BT (balance transfer) offer is available in Barclays’ high street branches, and there you won’t have the fee to pay. Good news! And, even better, this offer is available online too (albeit not very publicly!)
So, is it any good?
Very. The longest 0% offer on balance transfers previously available – without a fee - was only for 9 months, so this trumps that (see Best Balance Transfers article). Also, Barclaycards tend to be easier to successfully apply for, making it useful for those with less than perfect credit scores (although unfortunately they may also only give you a low credit limit)
How can I apply?
As I mentioned, there are two ways; in a branch or online. Those wanting to apply online will find that this is where it gets a bit sneaky. The place you want to head is the Barclays.co.uk website, and click on Barclaycard. For ease, here is the direct link:
http://www.barclaycard.co.uk/barclays_landing/platinum.html?MC=090YDZ
However, be careful. If you go to Barclays.com instead of .co.uk, you will most likely find yourself paying a nasty 2% fee on top of your 0% transfer.
At this point, it may seem fair to begin to wonder whether this is an oversight by Barclaycard; that it’s too good to be true and won’t be honoured once you’ve applied – leaving you with a search on your credit file and that dreaded fee again. Well, wondering that makes you a good MoneySaver.
That’s why I’ve got an official statement from Barclaycard, confirming that this offer is very much available, and 10 months fees-free transfers will be available to those who successfully apply. Here it is:
Of course, I’ll keep an eye on this as it progresses, as it may be that once Barclays feels the pinch from this loophole being found in its system, the card will be withdrawn. However, for now it’s there for taking, and for tarts it's the best balance transfer card on the market.
Confused?
Well, the technicalities here are, in some ways, academic. However, I’ll briefly explain how this works in practice.
The current Barclaycard 0% offer is long but is undermined by a 2% balance transfer fee. However, a 10 month 0% BT (balance transfer) offer is available in Barclays’ high street branches, and there you won’t have the fee to pay. Good news! And, even better, this offer is available online too (albeit not very publicly!)
So, is it any good?
Very. The longest 0% offer on balance transfers previously available – without a fee - was only for 9 months, so this trumps that (see Best Balance Transfers article). Also, Barclaycards tend to be easier to successfully apply for, making it useful for those with less than perfect credit scores (although unfortunately they may also only give you a low credit limit)
How can I apply?
As I mentioned, there are two ways; in a branch or online. Those wanting to apply online will find that this is where it gets a bit sneaky. The place you want to head is the Barclays.co.uk website, and click on Barclaycard. For ease, here is the direct link:
http://www.barclaycard.co.uk/barclays_landing/platinum.html?MC=090YDZ
However, be careful. If you go to Barclays.com instead of .co.uk, you will most likely find yourself paying a nasty 2% fee on top of your 0% transfer.
At this point, it may seem fair to begin to wonder whether this is an oversight by Barclaycard; that it’s too good to be true and won’t be honoured once you’ve applied – leaving you with a search on your credit file and that dreaded fee again. Well, wondering that makes you a good MoneySaver.
That’s why I’ve got an official statement from Barclaycard, confirming that this offer is very much available, and 10 months fees-free transfers will be available to those who successfully apply. Here it is:
“Applications made through a Barclays branch or at www.barclays.co.uk include a promotional offer of 0% for 10 months on balance transfers. There is no fee for balance transfers made when applying for this card or within two months of the application being made.”
Of course, I’ll keep an eye on this as it progresses, as it may be that once Barclays feels the pinch from this loophole being found in its system, the card will be withdrawn. However, for now it’s there for taking, and for tarts it's the best balance transfer card on the market.
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
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Comments
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Thanks Martin.
Anyone know if they give you an immediate online acceptance confirmation and credit limit?0 -
I noticed this advertised in Barclays High Street branch today. Any ideas whether I would be disadvantaged in applying as we already have Barclaycard Mastercard and Barclaycard Visa - which are always paid off (used for the regular food/petrol shopping)?0
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Thanks for this Martin, just completed an application on-line and will keep my fingers crossed!
My M&S more card is almost up for my 6 month balance transfer offer and it would great to push my debts into 2006........
(Enjoying your Saturday Guardian articles greatly.)0 -
I'm sure everyone *will* be checking the balance transfer T&C's carefully.
However, if you're wanting to shift large balances, just be aware of "balance transfer condition 1"...
"We reserve the right to refuse a balance transfer or to limit the amount that can be transferred, in any case the minimum is £250 and the maximum will be £5,000 or 90% of your credit limit, whichever is lower, subject to the available credit limit on your account."0 -
Well spotted. But is that per transfer? For example if you had a £10,000 limit could you do one BT of £5000 from one card and £4000 from another?YorkshireBoy wrote:"We reserve the right to refuse a balance transfer or to limit the amount that can be transferred, in any case the minimum is £250 and the maximum will be £5,000 or 90% of your credit limit, whichever is lower, subject to the available credit limit on your account."0 -
It's difficult to tell from the BT conditions.Reaper wrote:Well spotted. But is that per transfer? For example if you had a £10,000 limit could you do one BT of £5000 from one card and £4000 from another?
However, I clipped condition 1. in my earlier post, and shouldn't have because there's another pitfall to be aware of. The text I didn't post earlier is...
"Should we honour amounts in excess of your balance transfer limit they will be debited to your account and charged at 6.9% interest p.a., until paid in full, with no handling fee."
So, assuming they give you a £10K limit, if you don't read the BT conditions thoroughly, and ask for a £7.5K BT from another provider, you could get £5,000 at 0% and the other £2.5K at 6.9% should they "decide" to honour the request.0 -
I'm a relative newbie to having more than one credit card with a fair amount o/s on each. I have just applied for this offer as I have 2 cards on a 3.9% life of balance term - both up to my credit limits. Should I transfer the proportion I can easily clear in 10months from one of these cards or will this mean I am having to pay more monthly?
Always assuming I'm accepted for a card. My other 2 cards are M&s and Texaco.librarylottie0 -
That sounds like them. Of all the companies I have come across Barclays are the worst for catches in the small print.YorkshireBoy wrote:"Should we honour amounts in excess of your balance transfer limit they will be debited to your account and charged at 6.9% interest p.a., until paid in full, with no handling fee."
EDIT: Bet if you tried to pay off the 6.9% part they'd take it off the 0% too!0 -
wendydrury - 3.9% is an excellent rate, I would hesitate to move money off it. Any money you have available to pay it off would do better in, say, a Halifax cash ISA paying you 5% interest.
However if you are keen to clear your debt asap then it is an option. Just check what the % minimum repayment is on Barclaycard compared to your current cards to see if your monthly repayments wil be higher or lower.0
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