Transferring Balances to another Credit Card

A little depends on your regular spending, as there's also a deal from Barclaycard of 0% on transferred balances for life of the debt, with a max limit of 5,000 (if they accept it - for anything from 5k to 10k it charges 6.9% APR). However there is a minimum spend each month of 50 pounds, which attracts interest immediately.

So, depending on your regular outgoings, you might routinely make a payment of say 65 pounds into Barclaycard, timed to match transactions of less than that (*) (effectively not reducing the transferred debt, unless you are able to do that comfortably). Your payment into the a/c would likely be used to first pay off interest accrued, and then depending on how Barclaycard's terms are written, the purchases you made, and then be set against the larger balance.

You could perhaps put 4,750 onto Barclaycard at 0% and the rest of your balance from the higher interest accounts onto Capital One, paying that one off faster than the Barclaycard, to get down to nil owing, then push down the balance on the Barclaycard. If someone spots flaws, I'd be interested to know. Peter M.

(*) but must be over 50 pounds, else you pay 6.9% interest on the full balance that month (ouch!)

Halifax have a current 0% for nine months on balance transfers and, more usefully, purchases as well.

I've just moved 11,200 over so there doesn't seem to be a cap on the credit limit either.

Wasn't there a recent ruling whereby Barclaycard were forced to withdraw the offer because it was deemed to be a scam?

AFAIK any payments into any card will be used firstly to repay the 0% balance. So it's vital never to use a card (to which you have transferred a debt) for normal transactions. Use an existing card where this facility does not exist.

Barclays' deal means that you will steadily build up a debt at normal rates while reducing the low percentage debt.

Rob Graham

What a word ! Trap for the unwary.

If you say so, but I was going from information on their web site (I have no Barclaycard myself) which I looked at this afternoon.

Thanks for that - I don't have a Barclaycard, and had not delved into the web site to check the fine print.

"poster" wrote

Ooooops, no! - last time I looked, Barclaycards T&C indicate that any repayments go to pay off the (0%) balance transfer *first* - thus all the "regular outgoings" are left on the card, attracting the usual interest, until *after* you have paid off all of the balance transfer!

Eg after 12 months, you may have halved the balance transfer, but will now have at least 600 owing from "regular outgoings" which is charged at the usual rate of interest. The longer it takes to pay off all the balance transfer, the more lots of 50 per month you'll have added which are being charged at usual rates....

Plus compound interest thereon

No, they were asked to withdraw the advertising the product at 0% balance transfer for life because the advert was misleading as you have to spend 50 a month to get this offer and your repayments pay off the 0% outstanding balance first.

Fair play to Barclaycard, the offer is very cunning. I wouldn't recommend the card, the deal may be worthwhile for a small amount of (imo sad) people, but the time taken to compute and service the card on a monthly basis is not worth the time and effort and you still leave yourself open to be stung at any time till the balance is repaid.

The majority of people, should stay well clear of this card.

snipped-for-privacy@btinternet.com (Justin Evans) wrote in news: snipped-for-privacy@posting.google.com:

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