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.
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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.
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.
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