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Barclaycard 'transfer to current account'
ElwoodBlues
Posts: 386 Forumite
in Credit cards
Barclaycard are presently offering me a regular balance transfer, with a setup fee of 3.9%, then interest free for 12 months, or a 'transfer to current account' for 1.9% fee then interest free for 8 months.
At the moment, transferring cash to my current account would be very useful (more useful than a balance transfer). I'm reasonably confident that I can pay it off within the 8 month interest free period. But it seems like too good an offer - is there a catch that I'm missing? The only thing I can think of is that, at the end of the interest free period, they will start charging interest at the cash advance rate (nearly 30%). But my intention would be to have repaid it by then anyway (my trade is seasonal, slow over the winter).
At the moment, transferring cash to my current account would be very useful (more useful than a balance transfer). I'm reasonably confident that I can pay it off within the 8 month interest free period. But it seems like too good an offer - is there a catch that I'm missing? The only thing I can think of is that, at the end of the interest free period, they will start charging interest at the cash advance rate (nearly 30%). But my intention would be to have repaid it by then anyway (my trade is seasonal, slow over the winter).
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Comments
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ElwoodBlues wrote: »But it seems like too good an offer - is there a catch that I'm missing? The only thing I can think of is that, at the end of the interest free period, they will start charging interest at the cash advance rate (nearly 30%).
Yes, that's the catch.
Also, don't you lose the (up to) 56 days interest-free period on purchases if your card is carrying a balance?0 -
Yes, but I only use this card for balance transfers. I have other cards that I use for purchases.0
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no catch as such, it is what it is, however you can only transfer money to a Barclays current account - unless you have been sent a letter with a special code that allows you to transfer to a none Barclays current account, if you do not have this offer code or a Barclays current account then you cant take up this offer at all0
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Are you sure about that? Everyone I know that's been offered a current account transfer with BarclayCard has been able to send it to their non-Barclays account just by using the online system...leeroy2009 wrote: »no catch as such, it is what it is, however you can only transfer money to a Barclays current account - unless you have been sent a letter with a special code that allows you to transfer to a none Barclays current account, if you do not have this offer code or a Barclays current account then you cant take up this offer at allCredit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
thebritishbloke wrote: »Are you sure about that? Everyone I know that's been offered a current account transfer with BarclayCard has been able to send it to their non-Barclays account just by using the online system...
on my account and my mates the rules apply that I stated, I cant copy and paste this as at the moment I have no transfer to current accounts available so cant post the terms and conditions.
I have in the past had these such letters with the offer code for a transfer to a non Barclays current account.
I can confirm a few months ago I seen this offer only and used it, I had intended to transfer it into Santander, wouldn't let me, I read the terms and conditions which gave the above rules, luckily I had a barcalys account to transfer it too.
it also quite clearly stated that call center staff would also not be able to process to a none Barclays current account if you did not have the special code that comes with the postal mail shot offer from Barclaycard.
maybe someone who has a transfer to current account offer can nip in and and copy and paste the terms here.0 -
thebritishbloke wrote: »Are you sure about that? Everyone I know that's been offered a current account transfer with BarclayCard has been able to send it to their non-Barclays account just by using the online system...
You may be the exception then but the same applies with me. I have to wait for the letter with the code on and then phone them to arrange the transfer to my bank account.
QUOTE From my Letter from BC.
Transfer cash to your bank account.
0% until August 2015
(1.9%) fee applies)
1. Have your Barclaycard to hand, plus the Debit Card, account number and
sort code for the account you're transferring into.
2. We can transfer money into any UK current account in your name.
3. For security you will need to quote your Secure Transfer Code when you call us.
EG. XXX XXX XXX
You will not be able to complete your transfer without the code which will expire
30th November 2014.
4. Call us on 0800 316 8808.
Unquote0 -
This is the case. I have recently been emailing about this and it can't be done online unless you have a Barclays account.Life is not the way it’s supposed to be. It’s the way it is. The way you cope with it is what makes the difference.0
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thanks for confirming guys, I knew I was right been with Barclaycard 10 years +0
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