Barclaycard lowers balance transfer fee

Barclaycard has announced that its balance transfer fee will be reduced on its 0% for 12 months Barclaycard Platinum balance transfer deal with immediate effect. The change means that the current balance transfer fee on the Barclaycard Platinum card has been reduced to 2.5% of the amount transferred from the previous level of 3%. This offer is available for any transfers made within 60 days of opening an account, on amounts up to £5,000. The reduction means customers will be able to save £25 on a £5,000 balance transfer onto the Barclaycard Platinum. The reduction in the balance transfer fee followed the reduction of the annual percentage rate (APR) on its Barclaycard Platinum credit card from 14.9% down to 12.4% which was announced by the company in February. This means that at the end of the promotional balance transfer period, the rate on the card will return to new lower rate of 12.4%. Along with services like identity protection, fraud monitoring, purchase delivery protection and contactless payment technology, the new lower rate will help to further consolidate Barclaycard Platinum’s position as the market leading credit card in the UK. Amer Sajed, Managing Director of Barclaycard UK, commented the action: "This reduction will mean customers looking to move their balance now have to pay less to get a market leading deal".