If you are shopping around for a great balance transfer credit card, now could be the perfect time.
With fierce competition raging in the credit card market, a card provider has launched a record 20
month 0 per cent balance transfer deal.
Experts say that this is the longest period that such a deal has ever been available.
Barclaycard launch record breaking credit card
The new offer from Barclaycard comes into force this week. It is a direct response to two deals
offered by other providers – Virgin Money and MBNA – offering 0 per cent on balance transfers for
18 months. Barclaycard previously offered this deal although charged higher balance transfer fees
than the other providers.
The company has responded by extending their offering to a record 20 months in order to leap back
to the top of the ‘best buy’ tables.
Longest balance transfer deals on record
0 per cent balance transfer periods have been steadily rising as card providers battle for market
share. A leading financial website this week claimed that the average length of 0 per cent interest
balance transfer deals on the top five credit cards was now 17.8 months, up from 15.2 months in
March last year. Balance transfer deals are now the ‘longest ever recorded’.
Kevin Mountford, head of banking at the website, said: “In February, we saw providers launch
a number of attractive credit card deals which well and truly showed their appetite to lend has
returned.
“However, Barclaycard has taken this competition to a new level with the launch of the UK’s first 20-
month balance transfer card.
“I wouldn’t be surprised to see other lenders react accordingly by launching similar deals, but with so
many vying to go top of the best buy tables, we could see even longer deals emerge.”
