Barclaycard first to offer 20 months interest free on balance transfers
Barclaycard has become the first credit card provider in the UK to offer 20 months at 0% on balance transfers.
The offer for new Barclaycard Platinum customers is the longest on the market. Barclaycard Platinum also offers 0% interest on purchases for the first three months and a representative APR of 17.5% variable.
Until 3rd May, new Barclaycard Platinum customers can receive a 25% reduction in the handling charge on multiple balance transfers. The highest balance transfer will incur a handling fee of 3.2%, with additional transfers seeing effective handling fees of 2.74%.
For example, a new Barclaycard Platinum customer applying to transfer one balance of £3,000 and two balances of £2,000 would incur a total effective transfer fee of 2.74%. This would save the customer £32.
As well as helping customers cut the cost of borrowing with its offer of 0% balance transfers, Barclaycard offers its customers the easiest-to-use reward scheme in the UK. Barclaycard Freedom provides Reward Money in pounds and pence in thousands of retailers across the UK and online, without the need to carry additional cards or vouchers.
Barclaycard, part of Barclays Global Retail Banking division, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.
The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.
In addition to the UK, Barclaycard operates in the United States, Europe and Africa.
Key facts published in February 2011
- number of UK customers: 11.2m
- number of International customers: 10.5m
- number of retailer/merchant relationships: 87,000
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia.
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