Barclaycard's Platinum Credit Card

Barclaycard’s Platinum credit card with Long Term Balance Transfer currently offers the lowest long-term rate available on transferred balances, at 6.3% APR for 36 months.

What’s more, no handling fee is charged when you transfer a balance onto the card within the first 60 days.

When the 36-month introductory period is up, any new balance transfers will be subject to a 2.9% handling fee, plus any remaining balance will be charged interest at the card’s standard APR which is 12.4%.

This rate will also apply to any new purchases made on the card during and after the introductory period.

6.3% APR for 36 months is currently the lowest long-term rate available on balance transfers. This means that if you have a large balance to clear, you will have up to 3 years in which to pay it off at one of the lowest rates available.

This can give you valuable breathing space because you’ll have the reassurance of knowing that during the entire 36-month period, the rate on your balance transfer won’t rise above 6.3%.

This will help make your debt cheaper because of the interest you’ll save, freeing up more money for you to be able to clear the balance quicker.

A second significant benefit of the card is that no handling fee is applied when you transfer your balance, which sets it apart from the vast majority of other balance transfer cards. This coupled with the lower rate can mean bigger savings and more money available to clear your balance quickly.

This card would ideally suit those who are looking to clear a credit card balance of up to £5,000, and want the chance to be able to pay it off at one of the lowest rates on the market.

However, you will need to be confident that you can clear the balance within the 36 month period during which the introductory offer applies and budget your repayments accordingly.

You’ll have to be over the age of 21 to apply, be earning at least £20,000 a year, and be a new Barclaycard customer.

Additionally you’ll need to have a good credit history with no recent CCJs or IVAs, making this card ideal for applicants who have handled credit well in the past and who are looking to transfer a balance at a low rate with no handling fee.