Barclaycard Platinum Balance Transfer Credit Card

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  • Cash Advance Fee:
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  • Intro Balance Transfer Duration:
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  • Intro Purchase Duration:
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  • Late Payment Fee:
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  • Standard Balance Transfer Fee:
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  • Standard Purchase Rate:
  • 2.5%
  • 27.9% p.a.
  • 21 months
  • 1.6%
  • 0% p.a.
  • 3 months
  • 0% p.a.
  • £12
  • 17.9% p.a. variable
  • 2.5%
  • 17.9% p.a.
  • 17.9% p.a.

Pros

  • 0% p.a. balance transfers for 21 months

  • Low handling fee compared with other balance transfer cards

  • 0% p.a. on purchases for 3 months

  • Includes Barclaycard Freedom rewards

Cons

  • Expensive cash advances

  • The introductory purchase rate offer could be better

Best Features of the Barclaycard Platinum Balance Transfer Credit Card

  • 0% interest on balance transfers for 16 months
  • Cheaper than usual handling fee for balance transfers
  • 0% interest on purchases for 3 months
  • Fraud guarantee & monitoring
  • Read the terms and conditions

Our Review

If you have accumulated debt from other credit cards, it can be really frustrating trying to manage all those payments. With the Barclaycard Platinum Balance Transfer credit card, you can make your life easier and save some money on interest too. They offer 0% p.a. for 21 months on balance transfers. Now, they also have special deal on the handling fee too of just 1.6%. As if this weren’t all incentive enough, Barclaycard also gives you some nice rewards and all-around benefits.

Who it’s for

Barclaycard’s Platinum Balance Transfer card is the ideal option for anyone who has accumulated debt, but not enough that they would need their Extended Balance Transfer card. For people who pay off their bills in full on time, this Barclaycard is a good all-around card for daily use thanks to the rewards and decent interest rates.

Eligibility

To be eligible, you must meet these requirements: be at least 21 years old; earn at least £20,000 each year; have a good credit score without any bankruptcies, defaulted payments, CCJs or IVAs in the past 5 years; be a UK resident for at least 3 months before filing your application; have no more than 10% debt to income (excluding a mortgage); you must not already own a Barclaycard.

Balance Transfers

Barclaycard are renowned for their balance transfer offers, and this card certainly lives up to expectation with 0% p.a. for a period of 21 months. This isn’t as long as what’s available with their Extended Balance Transfer card, however, this platinum card has a low handling fee for balance transfers of just 1.6%. After the introductory period runs out, any remaining balance will revert to the standard purchase rate of 17.9% p.a..

Purchases

With this Barclaycard, you will also get a good deal on purchases of 0% p.a. for 3 months. After this period, you should be cautious before making purchases while you still have your balance transfer to pay off though. So long as you have an outstanding balance, you won’t get the interest-free period of up to 56 days.

As for other aspects of the purchases with this Barclaycard card, they are on par with the industry standard. Foreign transactions come with a 2.75% fee and there is a £12 fees for late payments, spending more than your credit limit, and on returns. The minimum monthly payment is 2.25% or all interest plus fees plus 1% of the balance (whichever is higher).

Rewards

Barclaycard Platinum Balance Transfer credit cardholders get the advantage of earning rewards at retailers participating in the Barclaycard Freedom rewards program. There are even some money back rewards, like 0.5% at Shell. If you purchase petrol frequently, this reward can really save you a lot of money – as long as you have a nearby Shell-branded filling station. Other rewards include the Barclay Unwind program which gets you VIP access to tickets for the hottest events. For your next holiday, you can enjoy money off Thomas Cook holidays.

Other nice perks include complimentary purchase delivery insurance and comprehensive travel insurance for up to 5 friends or family members travelling on tickets purchased with the card. You also get assistance abroad and emergency card replacement services.

Cash Advances

Cash advances are far from a good deal with pretty much all credit cards and with Barclaycard it is no different. It will cost you 27.9% p.a. interest on cash advances plus a 2.5% fee (or £2.5, whichever is greater). There are no interest-free days for cash advances, so the interest can start accumulating quickly.

Security & Fraud Protection

With the Barclaycard Platinum Balance Transfer credit card, you get an extra degree of security. Customers are allocated a PIN for added security when making large purchases. For small transactions, you have the convenience of contactless technology to help you speed through the checkout. There is also a guarantee against fraud and Barclaycard constantly monitor for unauthorised spending activity to keep you safe from misuse.

Conclusion

Barclaycard is the industry leader when it comes to balance transfer deals. If you have some debt to pay off, but not enough to need their extended offer, this platinum card is a great choice. The handling fee is lower than what you will find with many competing balance transfer cards, which will save you money. Plus, there are enough other incentives to make it a great credit card for your daily purchases.

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