Barclaycard announced an 18-month 0% interest offer on a credit card, landing it atop its competitors. The offer is valid on balance transfers and is the largest span of time interest free that consumers has ever been offered in the UK.
According to Director of Marketing, Chris Eagle at Creditchoices.co.uk, “If you have a pile of credit card debt that you are struggling to get rid of - and on which you are paying huge interest - then seriously consider transferring it to this card.” Eagle also noted that transfers made now would not have to pay interest on the balance until July of 2012..
Barclay’s announcement came only one day after Nationwide extended their 0 percent interest rate credit card on balance transfers to span 17 months. Credit card expert Martyn Saville, praised the Barclay offer citing it as the “first time any UK credit card provider has offered a 0% balance transfer deal of 18 months.”.
In addition to the 0 percent balance transfer rate on the card, the initial three-months are also interest free. After the three month period elapses, the 0 percent interest rate on purchases jumps to 16.9 percent APR. Although the balance transfer has a 0 percent interest rate, consumers will still have to pay a 2.9 percent fee to transfer the debt. However, to offset some of the cost, Barclay is offering a rebate of £20 if the consumer plans to transfer at least £3000. To receive the rebate the balance must be transferred by February 28.