Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
Barclaycard Platinum 24 Month Balance Transfer Credit Card review 2021
With up to 2 years of 0% interest on balance transfers, this platinum Barclaycard may be suitable for those looking to move a large balance.
You say: ★★★★★We say: ★★★★★
Doing its job: 5/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Min credit limit||£50|
|Max credit limit||Not specified|
|Credit limit note||Subject to status|
|Purchases||0% for 6 months reverting to 21.9%|
|Purchases interest-free period (days)||56|
|Balance transfers||0% for 24 months reverting to 21.9%|
|Additional cards available||4|
Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.
As Barclaycard’s leading balance transfer offer, this Platinum card gives you up to 2 years to pay off an existing balance without incurring interest, provided the balance is transferred within 60 days of opening the account.
With a relatively competitive APR, and exclusive savings on events through Barclaycard Entertainment, this card also offers something beyond simple balance transfers.
However, it’s worth keeping in mind that you’ll still need to pay a 1% fee on all balance transfers, which can still add up if you’re hoping to move a big balance.
Barclaycard will also only offer the full 24-month 0% period to around 8 in 10 customers, and you might receive a shorter 0% offer depending on your credit history, which might not make it the best bet for those with poor or limited credit.
The Barclaycard Platinum 24 Month Balance Transfer Credit Card is issued on the Visa network (used by a whopping 3.3 billion cards), so you'll be able to use it at more than 46 million merchants across more than 200 countries and territories.
Pros and cons
- Customers report excellent customer service when dealing with Barclaycard
- Two years of 0% interest to focus on reducing your current credit card debt
- Six months to spread the cost of purchases
- A relatively low balance transfer fee
- No annual fee
- Minimum annual income requirement of £20,000
- You may be offered an opening credit limit as low as £50
How does it compare?
Other popular balance transfer deals
You can make manual repayments through Barclaycard's app, by logging in to your online banking or over the phone (0800 151 0900). Alternatively you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 24 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply
If you've compared cards and settled on the Barclaycard Platinum 24 Month Balance Transfer Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible. You can request a balance transfer as part of your application.
Frequently asked questions
What credit limit will I get with the Barclaycard Platinum 24 Month Balance Transfer Credit Card?
If Barclaycard is able to offer you this deal, the offer will specify a personalised credit limit based on Barclaycard's assessment of your situation. The minimum limit offered on this card is £50 and Barclaycard does not specify a maximum. Once you've had the card for a while and shown Barclaycard that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Barclaycard Platinum 24 Month Balance Transfer Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Barclaycard Platinum 24 Month Balance Transfer Credit Card is 2.99% (min. £2.99). For example, if you withdraw £50, you'll incur a fee of £2.99. Withdraw £250, and you'll incur a fee of £7.48.
The interest rate on this part of your balance will be 21.9%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
What should I do with my old credit card after transferring the balance to the Barclaycard Platinum 24 Month Balance Transfer Credit Card?
Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you), and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.
How much does it cost to use the Barclaycard Platinum 24 Month Balance Transfer Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£172.65), it'll cost you around £5.16.
What is the minimum payment on the Barclaycard Platinum 24 Month Balance Transfer Credit Card?
Each month you must pay at least 3.25% of your balance at that point or £5.00 – whichever of the two figures is greater. So if you had, say, £138.46 outstanding, you'd pay £5.00, and if you had £615.38 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.