Act quick!

Credit card companies are going to war, which we think is good news for consumers, with better rates and benefits promised.

Michelle Slade, from Moneyfacts, agrees: 'Since the start of the year, activity in the credit card market has gone up a gear,' she says. There is however as usual one caveat. Be aware that the best cards are only available to those with an exemplary credit rating.' Dang!

In all seriousness, balance transfer cards are getting mighty competitive now, and are a great way of avoiding paying interest on an existing debt. You pay a percentage of the debt to transfer the debt, then you pay only a minimum amount each month. This gives you breathing space to figure out what to do next. Only don't leave it too long to either pay it off or transfer the money again, or else you could be saddled with having to pay high interest on your debt.

Barclaycard has recently raised the bar by introducing a card with a 24 month interest free period. Barclaycard also has reduced the transfer fee from 3.2 to 2.8 percent.

Some cards even offer benefits, such as the Tesco Clubcard credit card which offers Clubcard points which can be used for your shopping.

But to take advantage of Barclaycard deal you'll need to act now as the deal itself ends today! So, if you're a new customer you can get 0% interest on transferred balances for two years as long as you make the switch by midnight!  

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