Lovemoney.com rates Barclaycard's new balance transfer credit card
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Jane Baker, a personal finance expert at lovemoney.com, has advised Britons to consider taking out the balance transfer credit card available from Barclaycard.
A personal finance expert has endorsed the new balance transfer credit card from Barclaycard.As part of lovemoney.com's annual review of the best balance transfer credit cards and current accounts on the UK market, financial advisor Jane Baker praised the new Barclaycard product because of its "generous interest-free period on balance transfers".
Meanwhile, the independent financial research company Defaqto recently awarded the Barclaycard Platinum credit card a star rating of five in its own analysis of the credit card market.
The Defaqto ratings awards rating between one and five stars depending on the quality of the product - one is the lowest rating and five is the highest rating.
Ms Baker advised Britons that the balance transfer credit card from Barclaycard is an attractive option for Virgin Money customers who still have a balance left on their card.
In addition, she revealed that the Barclaycard gold card earned a five star rating because although the interest-free period available on the balance is shorter, it still charges one of the lowest transfer fees on the market of 2.5 per cent.
However, Ms Baker was cautious in her praise of the MBNA Platinum rewards card which also received five stars in the Defaqto ratings.
She said: "This card has a pretty good 13-month, zero per cent balance transfer offer and also a decent rewards points programme, but I'd urge you to only use the card for balance transfer or spending, not both.
"Otherwise, the negative order of payments will rear its ugly head once again."
Moneysavingexpert.com recently said that the number of interest-free balance transfer credit card deals has increased as more banks offer to clear debt at cheap rates.
The website listed seven cards with a 15-month or more zero per cent period, while there was only one such card available this time last year.
Posted by Rosie May
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