Barclaycard extends period for interest-free credit card balance transfers

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Barclaycards flexi-rate package will include a 12-month interest-free period for credit card balance transfers from October 9th.

Under the terms of the innovative package, customers who pay a larger percentage of their balance each month are rewarded with a lower interest rate.

The modifications include a decrease of the cards typical APR from 16.9 per cent to 14.9 per cent. This figure drops to 9.9 per cent for customers who pay off more than a tenth of their balance.

Managing director of Barclaycard UK cards, Amer Sajed, said: "We are delighted that flexi-rate is continuing to change the way cardholders manage their borrowing."

Barclaycard notes the likelihood that a flexi-rate system will encourage people to manage their debts responsibly, allowing them to clear their debts faster by paying less interest.

"Using a card in this way has a positive effect on borrowing costs," added Mr Sajed.

A television campaign featuring Green Wing stars Julian Rhind-Tutt and Stephen Mangan will be launched to coincide with the new terms.

The 12-month interest-free period is subject to a 2.5 per cent handling charge.

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