An introductory rate of zero per cent will be available for Flexi-Rate applicants from October 9th and will remain applicable for 12 months.

To off-set the offer to existing customers, Barclaycard has also announced a two per cent reduction to its base interest rate on the same card, making it 14.9 per cent APR.

Barclaycard Flexi-Rate rewards customers that pay off a higher proportion of their outstanding balance each month with a lower interest rate – a unique offering that, according to Barclaycard UK’s Amer Sajed, has made the account an attractive proposition.

“We are delighted that Flexi-Rate is continuing to change the way cardholders manage their borrowing,” Mr Sajed said.

“It is clear from our findings that using a card in this way has a positive effect on borrowing costs. By opting to manage their debts more responsibly, customers are rewarded by paying less interest and having the time taken to clear their balance reduced.”

To find out more about balance transfer credit cards, click here.

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