Barclaycard Platinum 20 Month Balance Transfer Visa review
- Representative example:
- When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on balance transfers
- 20 months
- Account fee
- £0
- 0% interest on purchases
- 3 months
Our verdict
Save money on existing card debt when you transfer it to Barclaycard.If you're seeking to clear card debt faster by cutting out interest payments, this card lets you enjoy 0% interest for 20 months with a balance transfer fee of 1.99%. Because balance transfer fees are generally set at a percentage of the balance being transferred (typically around 3%), a lower transfer fee stands to benefit those with hefty levels of card debt most.
Don't forget that you'll need to transfer your balance within the specified window of 2 months in order to benefit from the waived fee. The minimum you can transfer is £100. It's also important to remember that if you don't clear your balance in full within the 20-month 0% interest period, any outstanding balance will start to accrue interest at the card's standard rate of 24.9%.
This card also offers a 3-month-long 0% deal on purchases. It isn't a lot, but it can be helpful if you need to handle a forthcoming expense while paying back your debt. It gives you a bit of leeway and allows you to spread the cost over that period of time. The monthly minimum payment will be 3.75% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 2.5% of the outstanding balance.
As well as helping you with your existing debt, like all Barclaycards, this card comes with a number of handy extras including pre-sale tickets to selected live events through Barclaycard entertainment.
Pros
- Customers report excellent customer service when dealing with Barclaycard
- Over a year of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- No annual fee
Cons
- Minimum annual income requirement of £20,000
- You may be offered an opening credit limit as low as £50
Details
Product overview
| Issuer | Barclaycard |
| Network | Visa |
| Representative APR | 24.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 20 months reverting to 24.9% |
| Balance transfer fee | 1.99% |
| Purchases | 0% for 3 months reverting to 24.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 24.9% |
| Minimum credit limit | £50 |
| Maximum credit limit | Subject to status |
| Additional cards available | 4 |
| Incentive | Buy tickets for up to 3500 selected live events through Barclaycard entertainment and get 5% off tickets per year and exclusive pre-sale tickets on selected festivals with 10% off ticket prices. |
| Additional Rewards Info | Buy tickets for up to 3500 selected live events through Barclaycard entertainment and get 5% off tickets per year and exclusive pre-sale tickets on selected festivals with 10% off ticket prices. Save 10% on food and drink at all UK 02 Academy venues. |
| Potential costs | 4.0 ★★★★★ |
| Doing its job | 4.5 ★★★★★ |
| Extras | 2.5 ★★★★★ |
| Overall Finder score | 4.0 ★★★★★ |
Fees and charges
| Minimum monthly payment | 3.75% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 2.5% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 1.99% |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 2.99% (min. £2.99) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 21 |
| Minimum income | £20,000 |
| Availability | Available to new customers |
The Barclaycard Platinum 20 Month Balance Transfer Visa is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
How does it compare?
Barclaycard's card
Other popular balance transfer deals
Approval for any credit card depends on your status. The representative APRs shown represent 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
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 20 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 20 Month Balance Transfer Visa, 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 20 Month Balance Transfer Visa?
If Barclaycard offers you this deal, it 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 you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Barclaycard Platinum 20 Month Balance Transfer Visa?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Barclaycard Platinum 20 Month Balance Transfer Visa 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 24.9% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the Barclaycard Platinum 20 Month Balance Transfer Visa abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£171.41), it'll cost you around £5.13 in fees.
What is the minimum payment on the Barclaycard Platinum 20 Month Balance Transfer Visa?
Each month, you must pay at least 3.75% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £120.00 outstanding, you'd pay £5.00, and if you had £533.33 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.
Finder credit card scores
Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
