Barclaycard launches new 36-month balance transfer card

Barclaycard has announced the launch of a new 36 month balance transfer card with a 4.9% interest rate and no balance transfer fee.

Michael Ossei, personal finance expert at uSwitch.com, says: "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 that there's no balance transfer fee.

"With over half (53%) of consumers expecting to take a  year or more to pay off their credit card loans, while 15% don't expect to be able to shift their debt within the next three years[1], this card could be a saving grace for consumers looking for new ways to manage their debt.

"But, as always the devil lies in the detail. 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. Having now stretched the balance transfer period to three years it remains to be seen just how many of those who apply will actually be accepted.

"We are yet to see what Barclaycard's competitors are going to offer, but it looks as though 2013 is going to be a good time for people to pay down their debts. With this new offer Barclaycard has made it clear that it is aiming to be the number one card provider of choice when it comes to helping consumers to manage existing debt."

For more information, visit uSwitch.com.