This Barclaycard deal offers 23 months interest-free on balance transfers with no fee to shift your debt, however, some accepted will only get 12 months at 0%.
If you transfer at least £500 within 60 days, you'll also receive £20 cashback - meaning you can effectively be paid for shifting your debt.
To be eligible for the £20 cashback, you need to apply by 16 October 2016 and make a balance transfer of at least £500 within the first 60 days of opening the account.
The cashback will be credited to your account within two working days of the transfer being processed.
You won't be eligible for the cashback if you already have a Barclaycard.
With this deal, it's important to know that you'll pay a fee of 3.5% when you transfer a debt to this card, though it'll be entirely refunded two working days later, making the effective fee zero.
You must transfer within the first 60 days from account opening to get the 0% offer.
If accepted you'll either get 23 months or 12 months at 0%.
You can’t transfer a balance from another Barclaycard or partner cards.
After the 0%, it’s 18.9% interest on any remaining transferred debt, though some poorer credit scorers may pay up to 29.9% APR.
Top comments
MarcB
14 Sep 168#8
Thanks for copying the deal text almost word-for-word from MSE. If you're going to go to the minimum effort possible, at least give credit.
All comments (23)
splender
14 Sep 16#1
I know this is useful, surely, this deal is to make more money out of your debt as they are not a charity.
m5rcc to splender
14 Sep 162#2
If you close before the 23 months are up then you will make money, not them.
splender
14 Sep 16#3
OK, useful for those who can play the scheme well.
stevelong77
14 Sep 16#4
djames108
14 Sep 16#5
its not playing, it simple just pay it off. Or transfer it to another 0% before the Interest free ends.
They will make money as they know the majority will forget when the Interest free period ends or if you miss a payment you lose the offer. But for the savvy and the responsible a great deal
howbord
14 Sep 162#6
Good deal but worth noting that interest free on purchases is only 6 months and any monthly payments you make will be applied to the outstanding balance transfer purchase first, therefore anything you buy on the card will be charged interest after 6 months untill the whole balance is paid off.
Can be a bit of a trap for those not familiar with these deals.
Personally i transfer a blance then simply leave the card in a drawer and pay the minimum amount each month until the interest free period ends then either pay it off or transfer to another card and close the account.
LankyChris to howbord
14 Sep 161#10
I thought it changed a few years ago so payments always got applied to the most expensive debt first to prevent this kind of trap?
thuvcasio
14 Sep 16#7
Just wondering how likely a 19 year old and never have had a credit card, will be approved for this card. Looking to have it as a back-up.
Any help would be appriated
DealBeast23 to thuvcasio
15 Sep 16#14
I imagine you'll be approved with a low credit limit :smiley: (500-1000 estimated). Worth a try anyway but if you don't get accepted don't keep applying for credit cards because you will ruin your credit rating.
fawdythedork to thuvcasio
15 Sep 16#15
Its not really much use for you. You have no balance to transfer. Look for 0% purchase cards or try and do without one!
MarcB
14 Sep 168#8
Thanks for copying the deal text almost word-for-word from MSE. If you're going to go to the minimum effort possible, at least give credit.
m5rcc to MarcB
15 Sep 16#17
Credit? Why? Is Martin Lewis missing his commission?
How would this work if you had an overdraft, paying high fees.
LankyChris to Hammondhammond
15 Sep 16#18
It's not the best card for that. This is a balance transfer card for shifting existing credit card debt from another card to avoid paying the interest charges, ideally so you then pay it off before the 0% deal ends.
You should look at money transfer credit cards which for a small fee allow you to transfer the money straight into your back account to pay off the overdraft. Then you need to make sure you budget and pay off the balance on the card so you don't end up in more debt. Have a read of this: http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
They have an eligibility checker which shows how likely you are to get various credit cards so you don't harm your credit rating by applying for a card you'll likely get rejected for.
Jules_HT to Hammondhammond
15 Sep 161#19
The recent Virgin card is the one to go for there.
Belter of a deal that, and you can get a good idea of your chances of success from the Virgin site without affecting your credit rating.
Nb. tou pay your overdraft off you need a cash transfer, not a balance transfer. Very different (and often attracting very different interest and transfer fees).
Hammondhammond
15 Sep 16#20
Thanks
loyalty
15 Sep 16#21
thanks op :smiley: great find :smiley:
R2D2
16 Sep 16#22
i transferred to a Barclaycard which was fine but the monthly minimum payment was about 2.4% of the outstanding balance, whereas most cards are 1%... so good if you don't want a low monthly repayment... (and yes i know it's not good to only payback the minimum payment every month)
m5rcc
18 Sep 16#23
Unless you plan to pay off everything before the 23 months are up...
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Opening post
If you transfer at least £500 within 60 days, you'll also receive £20 cashback - meaning you can effectively be paid for shifting your debt.
To be eligible for the £20 cashback, you need to apply by 16 October 2016 and make a balance transfer of at least £500 within the first 60 days of opening the account.
The cashback will be credited to your account within two working days of the transfer being processed.
You won't be eligible for the cashback if you already have a Barclaycard.
With this deal, it's important to know that you'll pay a fee of 3.5% when you transfer a debt to this card, though it'll be entirely refunded two working days later, making the effective fee zero.
You must transfer within the first 60 days from account opening to get the 0% offer.
If accepted you'll either get 23 months or 12 months at 0%.
You can’t transfer a balance from another Barclaycard or partner cards.
After the 0%, it’s 18.9% interest on any remaining transferred debt, though some poorer credit scorers may pay up to 29.9% APR.
Top comments
All comments (23)
They will make money as they know the majority will forget when the Interest free period ends or if you miss a payment you lose the offer. But for the savvy and the responsible a great deal
Can be a bit of a trap for those not familiar with these deals.
Personally i transfer a blance then simply leave the card in a drawer and pay the minimum amount each month until the interest free period ends then either pay it off or transfer to another card and close the account.
Any help would be appriated
http://www.quidco.com/barclaycard-platinum-23m-balance-transfer
Unless t&cs of either offer prevent it you might be able to get both this and the cashback from Barclaycard.
I applied for and got this card two months ago when quidco had £30 cashback although I'm still waiting for it to pay out.
See http://www.theukcardsassociation.org.uk/individual/payments_applied.asp
You should look at money transfer credit cards which for a small fee allow you to transfer the money straight into your back account to pay off the overdraft. Then you need to make sure you budget and pay off the balance on the card so you don't end up in more debt. Have a read of this:
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
They have an eligibility checker which shows how likely you are to get various credit cards so you don't harm your credit rating by applying for a card you'll likely get rejected for.
http://www.hotukdeals.com/deals/cheapest-loan-cash-ll-ever-get-with-a-virgin-money-bank-transfer-credit-card-1-69-2475701
Belter of a deal that, and you can get a good idea of your chances of success from the Virgin site without affecting your credit rating.
Nb. tou pay your overdraft off you need a cash transfer, not a balance transfer. Very different (and often attracting very different interest and transfer fees).