Barclaycard has introduced a credit card offering an unprecedented 26 months 0% interest on balance transfers as the competition for the most attractive credit cards hots up.
The card comes with a 3.5% fee on balance transfers and 0% interest on purchases for six months.
The move follows hot on the heels of Tesco launching a card this week offering 0% interest on balance transfers for 25 months with a 2.9% fee, which enjoyed a brief spell at the top of the table.
After the initial period of 0% interest on balance transfers and purchases, the new Barclaycard Platinum Balance Transfer reverts to an APR of 18.9% on both.
Competition hotting up
Recently several providers have been vying for the longest period of 0% interest on balance transfers with Barclaycard, Tesco and Halifax all trying to outdo each other.
Balance transfer cards are a great way to consolidate debts cheaply and pay off more expensive loans. But unless it also offers 0% on purchases it doesn't usually make sense to spend on the card. Spenders should look instead for cards offering the longest 0% on purchases.
Currently, the best 0% purchase card is the Halifax Purchase Credit card, which offers 0% interest on purchases for 17 months, with an APR of 16.9% from there after.