Card giant Barclaycard has just announced the launch of a new credit card offering 0% on transferred balances for a record term of three years.
The card sits top of the best buy tables but comes with a one off balance transfer fee of 2.99% of the sum transferred.
Personal finance expert Andrew Hagger said: “this move puts the pressure on rivals Halifax, Tesco Bank, MBNA, HSBC and Sainsbury’s to keep their deals competitive”
He added:”If you are financially disciplined, there are some good savings to be made, but the potential financial costs of these cards can be high if they aren’t managed properly.”
“The problem, and something the card providers rely on, is that many people fall off the 0% wagon mid-term and end up incurring significant interest charges.”
“If you are accepted for one of these products, make sure you don’t exceed your limit or miss a monthly payment as the lenders use this as a handy get out clause to terminate the introductory promotional deal on the spot.”
Helpful Resource Depending On Your Requirements