Barclaycard offer a choice of four Platinum cards, allowing applicants the ability to select the card which is best suited to their needs. Consumers can choose an extended zero percent balance transfer period or opt for a longer zero percent APR on purchases, or a fixed low interest rate card. Each of the four Barclaycard Platinum cards offers the same benefits but consumers have the choice of opting for the terms to best manage their finances.
All applicants are required to be above 21 years of age and Barclaycard demand a good credit history of at least four years. Additionally applicants must earn a minimum £20,000 per annum and not carry credit card debt in excess of 10% of income.
Some of the terms and conditions are identical across the cards. Each card levies a fee of 2.5% or minimum £2.50 for cash withdrawals. The overseas transaction fee is a fixed 2.75% and copy statements are charged at £3. In each instance balance transfers must be taken within the first 60 days of opening the account.
Considering each of the four Platinum cards the Simplicity card is simplicity itself. There is a fixed variable APR of 7.9% on balance transfers and purchases, with a cash advance APR of 15.8%. The Platinum Simplicity card is best suited to those who routinely carry a balance as interest charges incurred will be lower than average.
Two of the Platinum cards offer extended terms for balance transfers, making them the best choice for those considering transferring a balance which needs a long time to pay down. The Platinum with extended balance transfer gives 20 months 0% APR on transfers and just three months 0% APR on purchases. The interest rate is 17.5% is the balance transfer fee is 3.2%.
The Platinum with balance transfer offers 0% APR on transfers for 18 months with a fee of 2.9%. Again it gives 0% APR on purchases for three months. The variable APR is slightly lower at 16.9%. Applicants who select either of these cards should do so with the aim of paying down balances and not use the cards for additional purchases.
The last Platinum card is the Platinum with purchases. This card offers 0% APR for 12 months on both balances and purchases, with a balance transfer fee of 2.9%. The APR is 16.9%. All the cards with the exception of the Platinum Simplicity charge an APR of 27.9 for cash withdrawals.
All Barclaycard Platinum cards offer the standard benefits of contactless payment technology for purchases less than £15, participation in the Barclaycard Freedom reward program, and Barclaycard Unwind.
The primary advantage of Barclaycard Platinum cards is the option they give in allowing the individual cardholder to select the most appropriate card for their needs, and thus concentrate on paying down accrued balances if that is the priority focus. Rather than one card suiting all, Barclaycard Platinum cards offer a variety which allows card holders to focus on their needs.