Barclaycard Loophole

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Barclays card brings in a real sweetener for card owners with its offer of transferring balance at a mere 6.9% and no additional charges for it. The Barclays card is not all that easy to get since it needs a good credit history. Without that you run the risk of being rejected as well. the best part is that this special service is also on offer from other banks but they are not heavily advertised. In most cases, this service is available only to new customers.

Further details include a 0% interest balance transfer which can extend up to 12 months! This is an excellent opportunity for credit card tarts and there is no doubt that many of them exploit it to their advantage. The 6.9% rate might not be the best around but if you are planning for long term debt and don’t care much for tarting….then the Barclays card is a good bet. The 0% interest rate transfer is also permitted to existing customers under specific conditions which are quite easy to adhere to.

However, like most credit card schemes, this one is also not without its entrapment and this one is not a small one. Though the low rates of interest exist…they are mostly for the transferred amount and not for any new spending on the card. The traditional rate of interest which hovers around 17% continues to be charged and it is easy to fall into the trap quite easily. Move your eyes away and you will see the interest building up rapidly and the banks are aware of this fact and that is why they offer balance transfers in the first place.

The antidote to this problem is simple enough for individuals to implement and the only assumption is that you have another card to tide you over emergencies etc. transfer the balance at the low rate of interest and keep paying the installments till you are debt free once again. Patience and a good eye for detail (as well as a good organizing ability) can help you reduce the amount you pay in interest. In fact many individuals confirm that smart debt management via credit card results in very low rates of interest which you need to shell out and savings can amount to as much as 80% of the inflated interest costs charged by credit card companies. So go ahead and give it a shot…you never know…getting the better of banks might be the best thing you do!