With Christmas just a memory many people are left picking up the financial pieces of their festive spending or even for bills going further back. And as many try to navigate he financial pressures managing debt efficiently is a key priority.
According to Compare the Market money expert Charlie Evans there are some deals to be had. But he warns it is best to shop around to see where you can get the best offer.
Barclaycard has enhanced their highly competitive balance transfer credit deal, giving consumers an even longer window to pay down their balances without incurring interest. This market leading offer has seen the 0% balance transfer period be increased from up to 31 months to up to 32 months (rep APR 24.9%).
And for new customers who access it through Compare the Market is a £25 cashback offer which the card comes with when transferring a minimum of £2,500 within the first 60 days. However it the price comparison site warns the Barclaycard deal ends on February 6, 2025 at 12pm – see the site for full terms and conditions.
The money expert had advice for consumers looking to move a balance. They said for those considering a balance transfer, a few key points to keep in mind:
- Maximising the 0% period: The key advantage of a balance transfer card is the ability to pay off debt without accumulating additional interest. However, the 0% period starts as soon as the card is approved, so transferring balances as early as possible ensures you get the full benefit.
- Understanding the fees: Most balance transfer deals come with a fee, which in the case of Barclaycard’s market leading offer is 3.45% of the transferred amount. It’s essential to weigh this cost against the potential interest savings.
- Making repayments on time: To keep the 0% rate, it’s crucial to pay at least the minimum amount each month. Missing a payment could result in losing the promotional interest-free period and reverting to a much higher standard APR.
Charlie Evans added: “For those looking to consolidate their credit card debt, it’s worth shopping around online and seeing what deals are available. The market leading Barclaycard deal offered on Compare the Market is highly competitive, as it combines an extended interest-free period with an exclusive cashback benefit, which is only available if you apply through Compare the Market.
“While there are many benefits to a balance transfer, it is important to remember that you must make at least the minimum monthly repayments on time or you risk losing your interest-free benefit. If possible, try to pay more than the minimum as this will help you stay on target to clear your debt before the 0% deal ends. If your balance isn’t paid off by then, you’ll start paying interest.
“You can use our credit card eligibility checker to compare which cards you are likely to be accepted for from a variety of lenders before you make your application. It’s a soft check, so it won’t harm your credit score.”