Balance transfer with Barclays: rates, fees, features

If you’ve got a few different credit cards or want to get a better interest rate, you might want to consider doing a balance transfer.

In this guide, we’ll explain what a balance transfer credit card is, and how it works with UK banking giant Barclays. This includes the interest rate on offer at the bank and how to do a balance transfer.

This should help you work out if a balance transfer is right for you, and if Barclays is the best bank to choose.

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Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What is a credit card balance transfer?

A credit card balance transfer is simply the process of moving the balance you have on one credit card over to another.

The main benefit is to make monthly interest payments more affordable, or to clear debt more quickly. This is because balance transfer credit cards often have low or 0% interest for an introductory period. You might also want to use this option to bring all your credit card debts in one place, making it easier to manage.

The balance transfer process is pretty straightforward. You’ll need to get a new card that accepts balance transfer, then transfer over the remaining balance from another card (or multiple cards).

There are a few things to be aware of though:¹

• There’s usually a one-off fee to move your balance over - you can expect this to be around 1-3% of the balance amount.
• You’ll also be limited on the amount you can transfer, usually around 90% to 95% of your new credit limit.
• You can’t transfer a balance from one card to another from the same bank.

When should you consider a balance transfer?

If you pay interest on your credit card but are struggling to clear the balance in full, a balance transfer could be enormously helpful.

If you can shift the debt to a 0% interest balance transfer credit card, you won’t pay any interest and will be able to clear it faster.

This kind of credit card can also be helpful for people who have multiple credit cards, and find it tough to keep track of what they owe.

How to do a credit card balance transfer with Barclays?

The first step is to apply for a Barclays credit card. Take a look at the Barclays balance transfer credit cards available, and check your eligibility before applying.

If successful in your application, here’s how to do a Barclays credit card balance transfer:²

1. Login to your online account for your Barclaycard to check your available balance transfer offers
2. Enter the amount you’re transferring
3. Provide the details of the card you’re transferring from
4. Read the terms and conditions carefully
5. Check all the information you’ve entered, and tick the box to continue.

How much can you transfer?

The maximum amount you can transfer with Barclays depends on your individual credit limit and the current balance on your Barclaycard.

You’ll be able to check this when you login to Barclaycard online servicing, or in the Barclaycard app.

The minimum amount you can transfer is £100.²

What’s the Barclaycard processing fee for a balance transfer?

The transfer fee you’ll pay depends on which Barclays credit card you have. It ranges from 2.49% to 2.99%.³

However, if you have a strong credit history and are eligible for products such as the ‘No fee up to 15 month balance transfer Platinum card’, there’s no transfer fee to pay.

We’ll look at cards and fees in detail next, along with interest rates.

What’s the interest rate Barclays offers?

Let’s compare all the Barclays balance transfer credit cards currently available.³ We’ll look at transfer fees, how long the 0% interest period is, and the interest rates after the introductory offer ends.

How long does a balance transfer take?

A typical Barclaycard balance transfer should take just a couple of days. However, it can also depend on the provider of your other card too.

According to Barclays, the transfer request should reach the other card company as quickly as the next working day.²

What are the pros and cons of a balance transfer to Barclaycard?

So, is a Barclays balance transfer right for you? To help you make up your mind, here are some pros and cons to consider.³

Pros:

• Generous interest-free offers, up to 30 months (if eligible)
• Reduce the interest you pay and clear debts faster
• Conveniently manage your card on the Barclaycard app
• Fraud prevention and purchase protection
• Four Apple subscriptions, free for up to 5 months.

Cons:

• You can’t transfer a balance from one Barclaycard to another
• There are transfer fees of up to 2.99% to pay (although there is one fee-free card)
• If you can’t pay at least the minimum payment on time, you could lose any promotional rates you have
• You’ll need to meet the eligibility criteria to apply.

After reading this, you should have a better idea of how balance transfers work and what Barclays has to offer in this area.

There are lots of Barclays balance transfer cards to choose from, so hopefully there’s one that suits your needs - and that you meet the eligibility requirements for.

To find out more about banking with Barclays, read our guides to Barclays international transfers, bank transfer times and savings accounts.

And, if you’re looking for a debit card with an international reach, consider checking out the Wise card. Compared to the fees for using high street bank cards, you could get a better deal with Wise.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Sources used:

Sources last checked on date: 31-May-2023