Spotlight On: Barclaycard's 18-month 0% balance transfer

The deal

Barclaycard is offering a 0 per cent on balance transfers for 18 months to its Platinum credit card.

The good points

It's the longest-ever 0 per cent deal. The company also offers £20 cashback on the handling fee for those transfering £3,000 or more to the card. However, that offer expires on Monday.

The bad points

The handling fee is 2.9 per cent, which means a hefty upfront charge of £87 if you transfer £3,000. Barclaycard announced the deal on Wednesday so those wanting to take advantage of £20 off the handling fee had only five days to do so.

Conclusion

The credit card market seems, surprisingly, to be becoming more competitive with longer 0 per cent deals being offered. Barclaycard's typical charge rate is 16.9 per cent, which is not the most expensive. But switching to a 0 per cent deal means doing your sums. If you don't pay off the balance within the period, you could end up paying more.

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