When you become more financially secure and your salary rises above £20,000 you may consider applying for a Barclaycard Platinum credit card, but what do they offer?
With increasing career success come opportunities to spread your financial wings and enjoy some of the benefits of your hard work. Apply for a Platinum credit card and it may provide you with some of the benefits that you are looking for.
The Barclaycard Platinum credit card is intended for those with regular salaries over £20,000, who have a good credit history. There are a range of interesting benefits available, each with different interest rates, for Platinum card holders, as we will explain.
Those looking for a long interest free balance will appreciate the 20 month 0% balance transfer that is available with the Barclaycard Platinum Credit Card with Extended Balance Transfer.
You also receive 0% interest on purchases for the first three months after opening your account so there is a good opportunity to benefit from zero interest rates with this credit card.
It does come at a price, though, and you should be aware of the 3.2% handling fee which applies to the balance transfer and also to the fact that Barclaycard charge 17.5% variable representative APR when you opt for this option.
If you are happy with a shorter zero interest balance transfer period (12 months, in this case) then the Barclaycard Platinum Credit Card with Purchase might be more suitable.
This has a lower representative APR at 16.9% and also offers you twelve months interest free on all purchases. A 2.9% fee is applied to all balance transfers, though.
The Barclaycard Platinum Simplicity Credit Card is definitely attractive to those who do not have a large balance to transfer. At a rate of 7.9% representative APR this is Barclaycards lowest interest rate and is one of the most competitive in the market.
A 7.9% interest rate is applied to balance transfers, which is why we mention that it is wise to have a small or no balance to transfer to this card.
So there are four variations of the Barclaycard Platinum credit card, each giving you different rates and interest free periods, depending on your needs.
It is an interesting suite of credit cards that should be considered seriously, though we definitely like the 7.9% rate for the Barclaycard Platinum Simplicity Credit Card, but then it is always best to pay as low an interest rate as possible, or avoid interest all together by settling the credit card bill every month.