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Barclay’s offers two year interest free balance transfer card
Competition amongst credit card providers has always been tough in the UK, with each provider trying to stay one step ahead of its rivals through the products and deals on offer to consumers. One of the most competitive areas of the credit card market is with regards to balance transfer credit cards, particularly in the current climate where so many credit card users are keen to transfer the balance from their high interest cards onto a 0 percent balance transfer card so that they can save a fortune in interest.
Barclaycard, the credit card giant linked to Barclay’s, has now thrown down the gauntlet with regards to balance transfer credit cards with 0 percent interest after announced that it was launching a two year interest free balance transfer deal for consumers to benefit from. The deal means that consumers can transfer the balanced from other high interest credit cards onto this balance transfer one and then enjoy two years within which to clear the transferred balance without being charged a penny in interest.
In addition to offering this extended period of interest free credit on balance transfers, Barclaycard is also offering a reduced balance transfer fee, which is the fee that is paid to transfer the balance in the first place – usually a percentage of the total amount being transferred. The balance transfer fee was previously 3.2 percent of the amount being transferred but this has now been reduced to 2.8 percent.
However, Barclaycard officials have confirmed that the card will not be available to everyone. It is reserved for those that earn at least £20,000 per annum, have a clean credit history with no late payments or CCJs, and have at least four year’s worth of provable history in managing credit card and other debts.
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