UK bank Barclays has unveiled Barclaycard Platinum, a credit card allowing borrowers 30 months of 0% interest on balance transfers.

With a representative APR of 18.9% and an assumed credit limit of £1,200, the Platinum card is also contactless and PayTag-compatible.

According to Barclays, with the exception of a 2.9% handling fee, balance transfers will incur no charge and customers will also be able to make purchases at 0% interest for the first 6 months after opening the account.

The bank stipulates the amount transferred must not exceed 90% of the account’s available credit, nor may it originate from other Barclays credit accounts, including the bank’s partnership cards, Hilton HHonors, BHS, Thomas Cook, Orange & Intercontinental Hotels Group.

To be eligible for the balance transfer deal, customers must transfer their debt within two months of opening the account.

A salary of at least £20,000 and an excellent credit rating are also required, according to the bank.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

News of Barclays’s new product follows reports of a rise in credit card spending in the UK, said to be partly due to an increase in consumer confidence.

 

Related articles:

UK switching service sees small lenders take on the Big Four

Barclaycard offers instant credit to online shoppers

Britain’s biggest banks to pay out £1.3bn for mis-sold credit card insurance