Barclaycard Platinum No Fee Balance Transfer Visa review January 2020
A competitive balance transfer deal with no transfer fee for a limited period.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
Balance transfer fee
|Balance transfers||0% for 18 months reverting to 21.9%|
|Balance transfer fee||0% for transfers in first 60 days|
|Purchases||0% for 6 months reverting to 21.9%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£50|
|Max credit limit||Not specified|
|Additional cards available||1|
|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.|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
If you’re seeking to clear card debt faster by cutting out interest payments, this card might not come with the longest 0% interest period on the market, but Barclaycard has waived the balance transfer fee. Because balance transfer fees are generally set at a percentage of the balance being transferred (typically around 3%), this deal 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. It’s also important to remember that if you don’t clear your balance in full within the 18-month 0% interest period, any outstanding balance will start to accrue interest at the card’s standard rate.
This card also offers a 6-month-long 0% deal on purchases. It isn’t a lot, but it can be helpful if you need to handle an unexpected 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.
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 and cons
- Balance transfer fee is fully refunded
- No annual fee
- Exclusive discounts and pre-sale tickets for selected live events
- Online banking and mobile app to manage your card
- 2.99% fee on overseas transactions
- Purchases are interest-free only for six months
- Designed for saving you money on interest, there are few rewards for spending with this card
- Only available to new customers
Comparison of balance transfer cards with introductory no-fee periods
When it comes to repayments, you can make manual repayments online or over the phone (0800 731 0200), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. 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 for the Barclaycard Platinum No Fee Balance Transfer Visa
If you have compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, it’s a smart idea to quickly use the “eligibility checker”, which can give you a good idea of your chances of approval before you apply. Crucially, because it uses a “soft” credit search, this tool won’t affect your credit score.