Barclaycard has come up with a new 30 month long Platinum balance transfer deal, making it the longest time offered by any credit card in history. The outstanding credit comparison experts at TotallyMoney.com have revealed shocking statistics that one in four consumers have missed a monthly payment due to securing one of the long term balance transfer deals. This brand new research has brought to attention the fact that consumers may lose out on this balance transfer deal before the 30 month period is up, due to the breach of terms and conditions. If this does happen consumers may be made to pay the typical APR interest which can be up to 18%.
Will Becker, co-founder of Totally Money states that Barclaycard’s new 30 month Platinum 0% balance transfer deal is the longest that they have ever seen and that it “can save people with the average balance transfer of £2,167 an incredible £715 in interest over the term.” However, Becker also says that “consumers must ensure they make at least the minimum repayment on time every month or they risk being forced to pay the purchase APR on their balance which is on average around 18%.” Will Becker further comments that “reducing credit costs is more important than ever before and this record breaking deal offers the biggest interest saving ever available. In fact, a saving of £715 is more than five times the average dual fuel energy bill increase (£131) made in recent weeks by one of the UK’s biggest energy suppliers. These competitive new credit card deals couldn’t land at a better time as today’s reports from the Ernst and Young ITEM Club predict consumer credit will gradually pick up pace, growing 1.5% this year and 3% in 2015, after falling 23%, or £50bn, since 2008.”
In the last two years a whooping total of 24% of credit card holders have admitted to missing their credit card payments, which can have a harmful effect on their credit record. Just 33% of the balance transfer card holders make sure they never miss a payment by having a direct debit put in place. The average balance of 22% of consumers who have a balance transfer credit card is £2,167. For these consumers, it will cost £63 to switch with Barclaycard’s Platinum 30 month deal. 62% of the interest free credit cards that are free for 12 months or more make up the amount of credit cards that are available to provide a 0% balance transfer facility for up to 30 months.
Track All Your Accounts With Personal Capital
Personal Capital lets you see all of your accounts in one convenient place. Sign up now for free.
Leave a Reply