Great credit … but only for the squeaky clean

PERSONAL finance experts have welcomed a new 36-month balance transfer card from Barclaycard – saying it could help people pay off their debts.

The new Platinum card charges 4.9 per cent interest on debts consolidated on to the card and there is no fee for transferring a debts from different cards.

After six months interest free customers will pay 17.9 per cent on any new purchases made.

Michael Ossei, personal finance expert at uSwitch.com, said: “Barclaycard’s long-term low-interest balance transfer offer has arrived just in time for Christmas, helping consumers who have racked up large debts on a number of cards to consolidate them in one place. With many funding Christmas through debt, this offer is likely to be extremely popular once consumers face up to the cold reality of their New Year credit card bills. Barclaycard’s offering is further sweetened by the fact there’s no balance transfer fee.

“With over half (53 per cent) of consumers expecting to take a year or more to pay credit card loans, while 15 per cent don’t expect to be able to shift their debt within the next three years, this card could be a saving grace for consumers looking for new ways to manage their debt.

“A market-leading product is only beneficial to consumers if they can actually get their hands on it, and this new card will only be available to those with a squeaky clean credit rating and a minimum income of £20,000.”