Skip to main content

Barclaycard Release 31 Month Balance Transfer Card

Friday 7th February 2014: In response to the balance transfer credit card price war between Halifax and Barclaycard, Will Becker, CEO and co-founder of TotallyMoney.com, comments: “As Halifax battles to steal the number one spot in the 0% balance transfer credit card table with the launch of a 30 month offer, Barclaycard sends a clear message that it will not be beaten with the immediate roll out of the longest ever BT deal at 31 months. Whichever way you cut it, both product launches are amazing news for consumers. Switching to Barclaycard’s 31 month deal can save a whopping £769 with a 2.99% balance transfer fee. Equally, you can save £757 with Halifax subject to a slightly higher fee of 3%. These savings would probably outstrip any car insurance or energy switch. “However, with the increased possibility of a Bank of England base rate hike, cheap lending may not be sustainable for providers in the long term. Consumers should act quickly to clinch one of these table topping deals as they have pretty much reached the ‘peak of cheap’. It’s no secret within the industry that these cards will be withdrawn if the base rate rises. “As with all best buy deals, there is no guarantee that people with a less than perfect credit score will actually get one. To avoid a hefty great footprint on your credit score you should always practice ‘safe chex’ by applying through a price comparison website such as TotallyMoney.com. We will check your eligibility for the product you are applying for and offer alternative solutions if it looks unlikely that you’ll be accepted.” “If you are lucky enough to get one, make sure you don’t miss repayments as a breach of the terms and conditions means customers could lose the 0% balance transfer deal before the end of the offer period. This means they could end up paying the default purchase APR which is around 18%. Our research shows that one in four balance transfer customers fall into this trap.

ENDS

About TotallyMoney.com:

TotallyMoney.com, launched in 2007, is the UK’s leading credit-focussed comparison website which sets out to make it simpler for consumers to compare credit cards, loans and mortgages. With a revolutionary approach to credit comparison, TotallyMoney.com uses exceptional comparison tools to empower people to make better financial choices.

For more information, please contact the press team

About TotallyMoney

With a focus on the one in three UK adults financially under-served by the financial services industry, TotallyMoney is the credit app on a mission to help everyone move their finances forward.

TotallyMoney believes people’s financial data should work for them, and not against them and with more than four million customers, they provide the UK’s only free, live credit score and report.

Its service helps customers understand their financial position and provides personalised recommendations so they can start creating financial momentum. TotallyMoney also works closely with leading lenders, to ensure eligible customers are matched with the right products, underpinned by its robust data, product and tech capabilities.

TotallyMoney is regulated by the Financial Conduct Authority (FCA).

We're on a mission to help everyone move their finances forward and gain financial momentum.


TotallyMoney is an independent credit broker, not a lender. Our comparison service works with most leading lenders, covering the majority of the market. Though we may be paid a fee by lenders or brokers this never influences how our products are ranked.

We don't provide financial advice. Product information is obtained from independent sources and rates displayed may vary depending on your personal circumstances. While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider.

TotallyMoney is owned and operated by TotallyMoney Limited which is registered in England and Wales (Company Registration Number 06205695). TotallyMoney Limited is an Appointed Representative of TM Connect Limited, which is registered in England and Wales (Company Registration Number 06967012) and authorised and regulated by the Financial Conduct Authority in respect of consumer credit related activities (FCA FRN: 511936). Trading Address and Registered Office: Chapter House, 16 Brunswick Place, London N1 6DZ. Credit is available, subject to status, only to UK residents aged 18 or over.

We use cookies as described in our Cookie Policy. Continue browsing or click to accept.