Barclaycard 0% money transfer

9
Found 1st Nov 2017
I currently owe some money my Barclaycard, and today they have messaged me an offer of 0% money transfer to my current account until 05/18 with a 1.99% fee. so can I just transfer the amount currently owed to my current account and pay it back off the card? so changing the interest rate from the standard APR to 0% for the one off fee of 1.99%? or am I missing something?
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For example I owe 1000 at the standard APR so I tranfer 1000 to my bank account, then use that 1000 to pay off my original debt and now owe 1000 at 0% plus the fee of 19 pounds
Using your example I suspect this may be the case....

After taking the 0% transfer you owe...

£1000 at standard APR
£1000 at 0% APR

You then repay £1000 ....... Would this payment not be put against the 0% loan - so cancel that out? So you would have done all that for a £19 fee and be no better off.

You need to check the fine print but I suspect after taking the 0% loan any repayments you make are against that until it is cleared.
Van197311 m ago

Using your example I suspect this may be the case....After taking the 0% …Using your example I suspect this may be the case....After taking the 0% transfer you owe...£1000 at standard APR£1000 at 0% APRYou then repay £1000 ....... Would this payment not be put against the 0% loan - so cancel that out? So you would have done all that for a £19 fee and be no better off.You need to check the fine print but I suspect after taking the 0% loan any repayments you make are against that until it is cleared.


He is better off, the money will pay off the bill that he is paying standard rate interest at, then all he will have is the borrowed money at no interest just for paying a small fee.
You transfer money into your bank account (5 working days).

Say you transferred £3000. There is a handling fee of 1.99 or 2%. That’s £60.

Add £60 to 3000 = £3060.

You will pay some of it back interest free until May 2008. Then you’ll pay interest on the money you borrowed.

Pay it back before May!

You can chose to pay monthly the minimum amount to stay interest free

or

pay a higher amount to stay interest free and pay it back quicker.

Add a direct debit to your account to pay the minimum or however much extra you want to pay back each monthly bill.

Don’t expect the first month’s direct debit to work. So pay the minimum off for the 1st month with a direct payment made by yourself to avoid cancellation of the 0% and being hit by interest or a late fee on top.
Edited by: "jr007" 1st Nov 2017
As far as I know lenders allocate the payments first to the highest interest balances on the card...
I checked and I am correct help.barclaycard.co.uk/bro…ion
Edited by: "hearts22" 2nd Nov 2017
Van197311 h, 24 m ago

Using your example I suspect this may be the case....After taking the 0% …Using your example I suspect this may be the case....After taking the 0% transfer you owe...£1000 at standard APR£1000 at 0% APRYou then repay £1000 ....... Would this payment not be put against the 0% loan - so cancel that out? So you would have done all that for a £19 fee and be no better off.You need to check the fine print but I suspect after taking the 0% loan any repayments you make are against that until it is cleared.



help.barclaycard.co.uk/bro…ion
jr00711 h, 9 m ago

You transfer money into your bank account (5 working days).Say you …You transfer money into your bank account (5 working days).Say you transferred £3000. There is a handling fee of 1.99 or 2%. That’s £60. Add £60 to 3000 = £3060.You will pay some of it back interest free until May 2008. Then you’ll pay interest on the money you borrowed.Pay it back before May!You can chose to pay monthly the minimum amount to stay interest free or pay a higher amount to stay interest free and pay it back quicker.Add a direct debit to your account to pay the minimum or however much extra you want to pay back each monthly bill.Don’t expect the first month’s direct debit to work. So pay the minimum off for the 1st month with a direct payment made by yourself to avoid cancellation of the 0% and being hit by interest or a late fee on top.

May 2008? Surely you mean 2018
Cheers for the advice people, the debt is a deposit that I paid for a new car, which I will get back when I pick the car up in march so I can clear the debt before the interest free period ends in may. I will obviously make the minimum payments between now and march, so I see this as a way of having that deposit on my card for 0 interest
Edited by: "sparxuk" 2nd Nov 2017
cliosport652nd Nov

May 2008? Surely you mean 2018



I thought he was time travelling
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