31 Month 0% Balance Transfer Offer (2.99% Fee) @ Barclay card! (That's 2 Years 7 Months at 0% APR)!!
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31 Month 0% Balance Transfer Offer (2.99% Fee) @ Barclay card! (That's 2 Years 7 Months at 0% APR)!!

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53 Comments

Any one explain how it works. Will b great full thanks

kingscorpion1

Any one explain how it works. Will b great full thanks

kingscorpion1

Any one explain how it works. Will b great full thanks

I second that

0% interest for 31 or 15 months from account opening (depending on individual circumstances) with a 3.5% fee on transfers made within 60 days of opening your account.
The amount transferred must not exceed 90% of the available credit on your account.


Might just be a marketing ploy to get more cards in peoples wallets in that the credit limits are very low, deeming transfers pointless ?

Original Poster

kingscorpion1

Any one explain how it works. Will b great full thanks



FULL explanation and guide including the card in the deal among others can be found on martin lewis's MSE credit card guide......
moneysavingexpert.com/cre…rds
Edited by: "herby247" 6th Feb 2014

Its not really 0% as you have to pay the fee - 2.99% - and spread that over the period you are borrowing, but its still the cheapest way of borrowing, cheaper than any mortgage deal I bet.

A better deal, which is also from Barclaycard, who seem to do the best balance transfer deals, is 25 months @ 0% with a fee of 1.5%. You pay 2% and get a refund of the 1/2% later. Thus you save 1.49%, almost half the cost, compared with the 31 months deal at 2.99%, for the sake of 6 months extra at 0%.

Also when I transferred my balances, as you can borrow up to 90% of your credit limit, I borrowed the max. and was able to cover both balance transfers, and have a 700quid surplus on my Tesco clubcard credit card, so I now have that 700quid credit to spend!

Cannot remember if the 25 months deal allows transfers to a bank account but if it does, you can transfer the 90% to a bank account, then pay off the credit card, and have the remainder in the bank to spend any way you want.

Edited by: "RayB" 6th Feb 2014

Original Poster

RayB

Its not really 0% as you have to pay the fee - 2.99% - and spread that … Its not really 0% as you have to pay the fee - 2.99% - and spread that over the period you are borrowing, but its still the cheapest way of borrowing, cheaper than any mortgage deal I bet.A better deal, which is also from Barclaycard, who seem to do the best balance transfer deals, is 25 months @ 0% with a fee of 1.5%. You pay 2% and get a refund of the 1/2% later. Thus you save 1.49%, almost half the cost, compared with the 31 months deal at 2.99%, for the sake of 6 months extra at 0%.



It IS 0% on the BALANCE you transfer for the timescale of 31 months, you are paying the fee that is clearly stated at point of balance transfer.
IE 2.99% of £2000 is £59.80 = £2059.80 paid back to barclays would not incur any interest over a period of 31 months @ 0% !
Edited by: "herby247" 6th Feb 2014

herby247

It IS 0% on the BALANCE you transfer for the timescale of 31 months, you … It IS 0% on the BALANCE you transfer for the timescale of 31 months, you are paying the fee that is clearly stated at point of balance transfer.IE 2.99% of £2000 is £59.80 = £2059.80 paid back to barclays would not incur any interest over a period of 31 months @ 0% !



It's obvious what he's saying, be aware of the fee. Although the fee is relatively small. You're both correct. Your post is technically correct, his post was more helpful.

herby247

It IS 0% on the BALANCE you transfer for the timescale of 31 months, you … It IS 0% on the BALANCE you transfer for the timescale of 31 months, you are paying the fee that is clearly stated at point of balance transfer.IE 2.99% of £2000 is £59.80 = £2059.80 paid back to barclays would not incur any interest over a period of 31 months @ 0% !



Still for the sake of 6 months (25 months is plenty), I would rather pay the equivalent £29.90 fee in RayB's deal than the £59.80 in yours herby......no offence it's just a better deal for me.

Transfers to bank accounts allowed?

OMG that's amazing I can finally spend money I don't have!
UK, the only European country where people with credit cards are not laughed at.

RayB

Its not really 0% as you have to pay the fee - 2.99% - and spread that … Its not really 0% as you have to pay the fee - 2.99% - and spread that over the period you are borrowing, but its still the cheapest way of borrowing, cheaper than any mortgage deal I bet.A better deal, which is also from Barclaycard, who seem to do the best balance transfer deals, is 25 months @ 0% with a fee of 1.5%. You pay 2% and get a refund of the 1/2% later. Thus you save 1.49%, almost half the cost, compared with the 31 months deal at 2.99%, for the sake of 6 months extra at 0%. Also when I transferred my balances, as you can borrow up to 90% of your credit limit, I borrowed the max. and was able to cover both balance transfers, and have a 700quid surplus on my Tesco clubcard credit card, so I now have that 700quid credit to spend! Cannot remember if the 25 months deal allows transfers to a bank account but if it does, you can transfer the 90% to a bank account, then pay off the credit card, and have the remainder in the bank to spend any way you want.




you'll never pay them off if you continue to carry on like that.

Note that transfers to bank accounts can incure higher fees. Not sure about this card.

dalmore12

OMG that's amazing I can finally spend money I don't have!UK, the only … OMG that's amazing I can finally spend money I don't have!UK, the only European country where people with credit cards are not laughed at.



...Said the prat that gets turned down for a mortgage due to zero credit history.

I got this cad a few months ago and

andynicol

0% interest for 31 or 15 months from account opening (depending on … 0% interest for 31 or 15 months from account opening (depending on individual circumstances) with a 3.5% fee on transfers made within 60 days of opening your account. The amount transferred must not exceed 90% of the available credit on your account.Might just be a marketing ploy to get more cards in peoples wallets in that the credit limits are very low, deeming transfers pointless ?



Nope. I got this card a few months ago and couldn't believe it when my credit limit was £10,000!

Remember remember remember anything else you spend after the balance transfer attracts interest from day one. Ie no free 30 days. So you cannot use the card after transfer for day to day spend without interest charges

The point about any 0% deal of this type is that it is not free - 0% does not mean its free. There is a cost to be paid and that is the transfer fee, which can be spread over the loan period to give an idea of the cost to you on an annual basis.

nicolanicolanicola

I got this cad a few months ago and Nope. I got this card a few months … I got this cad a few months ago and Nope. I got this card a few months ago and couldn't believe it when my credit limit was £10,000!



oO oO
Edited by: "andynicol" 7th Feb 2014

Correct me if m wrong. If I have a Barclay card with the limit of £2500 so I can transfer about £2200 in my other bank account or it should b credit card account for 2 years and 7 month with out paying any APR for that period.but I have to pay transfer fee

Do you have this credit card with this offer?

After you been accepted for this card, the paperwork (also online account management) will tell you if you can transfer to bank accounts as well as other credit cards. The former is not always the case.

If you already have a BC, then you need to check your account for any BT offers. Chances are, if you do, they will not be of this type as these are designed to grab headlines and new customers - not existing ones.
Edited by: "Sponge" 8th Feb 2014

dalmore12

OMG that's amazing I can finally spend money I don't have!UK, the only … OMG that's amazing I can finally spend money I don't have!UK, the only European country where people with credit cards are not laughed at.



Stupid comment, if managed well this will help people pay off their debts. Isn't buying a house spending money you don't have? Even people in Europe need some form of credit.

Wow!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Really?

Lol its gonna hit 3 years before long!! Thats epic!

Halifax has joined in the battle.
Consider Halifax if you can't apply Barclays.
Edited by: "peggy79" 12th Feb 2014

Just a note: I have a Barclaycard already + wasn't happy with the balance transfer offer as an existing customer. I called, asked for a longer interest free period (quoting this deal) & bagged a much improved deal in a tick. Worth asking

thecleric

Just a note: I have a Barclaycard already + wasn't happy with the balance … Just a note: I have a Barclaycard already + wasn't happy with the balance transfer offer as an existing customer. I called, asked for a longer interest free period (quoting this deal) & bagged a much improved deal in a tick. Worth asking

good advice, I keep on getting letter after letter, does my head in, the last one was 1.99% fee for 12 months. They still haven't realised its regular spend and paid off monthly.

2 weeks ago, I applied for Barclaycard the free 0% for 25 month with a BT fee of 1.5% (2 % offer but they will refund 0.5% of the BT fee after a few days only), worked out (in maths if you time it with 2) at 50 month 0% for the 2.99% fee, which make it much cheaper if you divide the fee per month or per year, £25 cashback from MoneyExpert.com too.
Not sure if this offer is already posted on HUKD but clearly 25 month 0% for 1.5% BT fee is better than 31 month for 2.99% BT fee.

Amerviv

2 weeks ago, I applied for Barclaycard the free 0% for 25 month with a BT … 2 weeks ago, I applied for Barclaycard the free 0% for 25 month with a BT fee of 1.5% (2 % offer but they will refund 0.5% of the BT fee after a few days only), worked out (in maths if you time it with 2) at 50 month 0% for the 2.99% fee, which make it much cheaper if you divide the fee per month or per year, £25 cashback from MoneyExpert.com too.Not sure if this offer is already posted on HUKD but clearly 25 month 0% for 1.5% BT fee is better than 31 month for 2.99% BT fee.



Some people cant afford to pay it off in 25 months - 5 or 6 months makes a lot of difference.

if you already have barclaycard and Halifax then tesco are doing 29 months at 3% transfer fee or lloyds 24 months at 1.5% fee. to pay my wedding ring off (think my original budget of £500 for two was a bit optimistic) I chose the tesco one as the monthly payment was £10 cheaper

sadly they couldn't offer me anything but a 6.9% for the term of a balance transfer

I signed up to the 29 month and never got any credit back, so assume it is 3.5%

so say you have a loan with 30 more months left to pay...with interest....
would it be better to get this card and pay off the loan with the card and just pay back on the card????

someone please answer that for me!!!

katnmarco

so say you have a loan with 30 more months left to pay...with … so say you have a loan with 30 more months left to pay...with interest....would it be better to get this card and pay off the loan with the card and just pay back on the card????someone please answer that for me!!!



i dont think you can pay off a loan using this method and cash advances are not eliigble either.

the only way around is is to use another credit card to get a cash advance for the loan you want to pay off and then balance transfer from that credit card to the barclaycard.

the other card cant be any other barclaycard either
Edited by: "DIAL_999_FOR_CORRUPTION" 12th Feb 2014


katnmarco

so say you have a loan with 30 more months left to pay...with … so say you have a loan with 30 more months left to pay...with interest....would it be better to get this card and pay off the loan with the card and just pay back on the card????someone please answer that for me!!!



Depends on the amount of loan interest and any early repayment charges

katnmarco

so say you have a loan with 30 more months left to pay...with … so say you have a loan with 30 more months left to pay...with interest....would it be better to get this card and pay off the loan with the card and just pay back on the card????someone please answer that for me!!!


It won't let you transfer to you current account to be able to pay bank. As I understand balance transfers are done to another credit card account. However, I have read somewhere on this very site a way around it. Apparently you can transfer to you other credit card even you don't have anything to pay on that card. You will then have a credit card with positive balance that you can ask to be transferred to your current account. Not sure if it works but seems legit.

Folks make sure you aim to pay this off before the end of the interest free period. We don't know where interest rates will be in 2.5 years, it could be very easy to forget about this.

Crazily good deal though, if you are responsible


Edited by: "speric07" 12th Feb 2014

All u need is a Barclays and a Virgin or Halifax card and just transfer every 2 years, with a fee never more than 3%. Always interest free.

Not going to go over the same ground over again but I do feel sorry for those who get excited by these deals.

Donkii

All u need is a Barclays and a Virgin or Halifax card and just transfer … All u need is a Barclays and a Virgin or Halifax card and just transfer every 2 years, with a fee never more than 3%. Always interest free.



And get accepted!

speric07

And get accepted!



Goes without saying, there are so many interest free deals flying around even for exsisting customers. Barclays are even transferring to bank accounts intrest free for 12 months. It can be a very sliperry slope if your not careful.
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