Barclaycard up the stakes in the credit card clash

Yesterday Nationwide launched a new 26 month 0% interest balance transfer term for its Select card, but today (Friday) Barclaycard has fought back by extending the length of its balance transfer period to 28 months, the longest interest free period on the market - with a balance transfer fee of 3.5%.
 
It has also extended its 26 month interest free balance transfer term to 27 months with a balance transfer fee of 2.99%.
 
Gocompare.com's credit card expert Matt Sanders said: "This move by Barclaycard shows just how competitive the balance transfer credit card market is at the moment.
 
"This length of interest free credit is the equivalent of a two year interest free loan - so a great option for anyone who is looking to consolidate their credit card debt. But it is important to consider the card provider's usual variable interest rate, which will be applied to any balances outstanding when the 0% introductory period ends.
 
"It will be interesting to see which credit card company will make the next move to try and match this product."
 
He added: "Now could be a great time to transfer your credit card debt to a new interest free card - but you'll have to make sure that you don't already hold a dormant Barclaycard credit card, as the offer is only open to new customers. And you'll have to make sure that you transfer all of your balances in the time specified by the credit card provider - which is usually 60 days - otherwise there will be interest payable on the debt transferred outside that period."