Pay 0% on balance transfers for 17 months
If your bank account is feeling the strain from an indulgent Christmas, you're in luck as Barclaycard has just launched the longest ever 0% balance transfer deal at 17 months.
At the moment, the longest balance transfer period is 16 months, which both MBNA, Virgin and Natwest offer.
The Barclaycard Platinum offers 0% interest on transferred balances for 17 months for a one-off 2.9% fee. It also offers customers £20 off your balance transfer fee when you transfer £3,000 or more by the end of January. There's also 0% on purchases for three months – but you must be a new customer to apply.
Borrowing money on a 0% balance transfer card is a cheap way to spread your debt as you can concentrate on paying off the debt without fear of accruing any more interest, providing your make the minimum monthly repayments.
For more on balanced transfers read: How to do a 0% balance transfer
It's worth considering that credit providers will check your record each time you apply for one of these cards, and this check will leave a footprint that could damage your chances of getting credit in the future. If you are rejected for credit once, don't apply blindly for lots more in the hope of being successful.
If you do transfer your Christmas debt to the Barclaycard Platinum, work out exactly how much you need to pay off each month and include this in your monthly budget. Consider setting up a monthly standing order to always pay off the minimum payment, otherwise you'll risk being stuck with a huge sum at the end of the period with no funds to clear the debt.
Moving money from one account to another, whether switching bank accounts or more likely transferring the outstanding balance on your credit card to another card that charges a lower – or 0% – rate of interest. Some card providers may charge a transfer fee that can be a percentage of the balance transferred.