As Barclaycard unveils its 30 month Platinum balance transfer deal, the longest offer in the history of the credit card, our new research reveals that one in four (25%) consumers who have secured a long term balance transfer deal have then gone on to miss a monthly repayment.
As with the majority of credit card issuers, this breach of terms and conditions means customers could lose the 0% balance transfer deal before the end of the offer period and be forced to pay the default purchase APR which is on average 18%.
Across the credit card market, a total of 7.3 million (24%) credit card holders admit to missing credit card payments in the last two years. Not only does this breach the credit card terms and conditions for some, it also has a detrimental impact on the individual’s credit record.
In total, more than one in five consumers (22%) hold a balance transfer credit card with an average balance transfer of £2,167. With more than 6.54 million balance transfer credit card holders, just 33% of these have a direct debit in place to ensure they never miss a monthly payment.
Bear in mind that when shopping for cards bearing 0% balance transfer deals, the longest deal isn’t always the best. In order to make the most of your credit card comparing first is key.