With the sudden upsurge in credit card Company’s fighting for every single customer out there, the biggest of them all is trying to cut off this threat by offering it’s current customers the chance of better than the average deals (Boo-Boo) to keep a hold of their loyalty.

Here is the deal....

This is were Barclaycard has decided to come in with a deal for it’s existing customers, that they hope will stem the flow of their custom going to other credit card companies. The deal that they have come up with will be hard to beat by most of their competitors; it consists of giving their existing customers the chance to move debts that they have to their Barclaycard, this will cost the customer a fee of 2% of the amount transferred up to a limit of £50, but significantly the debt transferred will only accrue interest of 2.9%, with this rate lasting the length of time that it takes you to pay the whole amount in full.

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This comes in at a rate that is highly competitive to any of the low APR deals on life of balance transfers, which are being offered to new customers by credit card companies who are vying for custom, with the best being the 3.9% offered by the Texaco card, followed by British Airways Amex and the Amex Platinum cards. If you are thinking of paying the card off as quickly as possible, say over 9 months to a year then finding a credit card that has a 0% balance transfer deal for these periods of time will be more suited to your needs, as it will also cut out the need to pay the 2% fee and the 2.9% interest until the end of the 9-12 months.

There are two sides to an offer.....

If you are heading to do this with your Barclaycard, then always check out the down sides, one of which for this deal is that though you have got yourself a great deal on your balance transfer, any money that you now pay into the account will go straight to paying off the transferred debt and not the purchases that you have built up on the card before you transferred the other debt to it. This will mean all these purchases are amassing interest at the higher APR that you have on your card.

There is one solution to get round paying this, by transferring your Barclaycard balance to another credit card, and make sure you do this before you transfer any monies into your Barclaycard. Other tip is to make sure that when you transfer the debt from your Barclaycard wait until you have received a statement telling you that your current balance is now zero. This will mean that you can now transfer the balance back into the Barclaycard without fear of having to pay some of your debt at 17.9% and some at the life of balance interest rate of 2.9%.

Remember!

WARNING as with every balance transfer card, I will not tire of telling you, once you have transferred your debt, DO NOT and I mean DO NOT use the card again until your balance is paid off in full, we are trying to save money here not create more debt.