Barclaycard credit card 'could allow debt consolidation'

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Barclaycard credit card 'could allow debt consolidation'

A Moneynet.co.uk finance expert has highlighted how a new product from Barclaycard could help people consolidate their debts.

Andrew Hagger, spokesperson at the firm, explained that the Barclaycard Platinum account is different to many other arrangements because its promotional rate period applies to money transfers as well as balance transfers.

This means that individuals can use the financial tool to pay off other credit cards and current account overdrafts.

Mr Hagger noted that the 1.9 per cent introductory rate for the first year could save customers a significant amount of cash, since overdraft interest rates tend to be about 19 per cent.

According to research by Moneynet.co.uk, this means an account holder would pay £47.50 over 12 months for a balance of £2,500, compared to more than £480 for the same amount in an overdraft with HSBC, RBS or Lloyds TSB.

Recently, the same firm advised the public that bank accounts offered in association with football clubs do not tend to offer great rates.

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