New credit cards with 0% for 35 months: how to quickly repay your debt.

According to The Sun: Two attractive offers for credit cards have appeared on the market, which will be useful for those who have debts.

TSB and Barclays offer balance transfer promotions with 0% that will last for 35 months.

A credit card with 0% on balance transfers allows you to transfer debts from one card to another free of charge for a certain time, helping you pay them off faster.

TSB Offer

The TSB Platinum card allows you to transfer debts at 0% for up to 35 months. This also applies to any purchases made with the card in the first three months.

However, you should remember that there will be a fee of 3.49% for transfers made during this period. For example, if you transfer £1,000 in the first 90 days, the fee will be £34.90.

The minimum credit limit is £500, and after 35 months, the interest rate will increase to 24.9% APR.

APR is the annual percentage rate that includes interest and other fees.

If you want to see about getting a card, TSB's website has a eligibility check. It allows you to find out if you can get the card without affecting your credit history.

“The new offer from TSB is extremely attractive for those looking to spread the cost of their debts,” says Rachel Springall, finance expert at Moneyfactscompare.co.uk.

“If borrowers can pay off their debts faster, it’s worth considering getting a card with lower transfer fees, especially if a large sum needs to be transferred.”

She also emphasized: “It is important that borrowers choose short-term borrowing, such as a credit card or an overdraft, to cover unexpected expenses.”

“There remains a necessity to pay more than the minimum on any credit card and to switch to 0% deals if more time is needed to pay off debts.”

According to Money Charity, the average debt on credit cards per household is £2,612.

This debt can be paid off in two years, paying £115 each month.

Barclays Offer

Barclays also offers a similar deal with 0% for the same term. However, it is only available to new customers opening their first credit card with the bank.

The minimum transfer amount is £250, and the maximum depends on your credit rating. To take advantage of the offer, transfers must be made within 60 days. After 35 months, you will be charged 31.9% APR.

You can compare these credit card offers on websites like Moneysupermarket.com and moneyfactscompare.co.uk.

If you cannot pay off the entire balance before the promotional period ends, you may need to switch to another offer before the end of the 0% deal.

When transferring debt from one credit card to another, it is important to close the original card or only use it in extreme situations.

This will help avoid accumulating new debt while repaying the existing balance.

Considering the ongoing rise in debt levels in households, such offers can be a lifesaver for many trying to cope with financial difficulties. Choosing between TSB and Barclays will provide the opportunity to find the most favorable terms for debt repayment and improve financial situations.