Barclaycard Existing Customers Loophole Discussion

ti1980 · 24 May 2005 at 9:19PM

I phoned up Barclaycard today to see what they could offer me and they said the best on offer at the moment was 5.9% on balance transfers for life, also there would be NO fee.

This would be available til the end of June.

I want to do a balance transfer but it will take me til July when I can clear the balance off my card unfortunately. I don't want that 5.9% turning into something higher but thats a risk I will have to take.

ikr2 · 25 May 2005 at 4:07PM

Can I just say that the latest Money Tip email made me think that us "spend £1 a month and get 0% on our balance transfer for life" Barclaycard users wer ein trouble. The email said,

"Barclaycard has changed its hidden deal for existing customers allowing cheap long term borrowing."

But I don't think it affects me. Is that right?

MSE_Martin · 25 May 2005 at 4:42PM

Yes this is only for people newly doing the deal. If you are 0% for life customer don't do anything - nothing will beat that deal (providing your following my description for managing it)

As for 5.9% life of balance offer above - this won't change. The recent rate change isn't for people who 'already have the deal' its for people 'now talking out the deal' so if you're offered a 5.9% lob - grab it!

wilbur111 · 5 June 2005 at 11:53AM

In Martin's list of Balance Transfers Available, it says that Barclaycard is offering 2.9% life of balance with a 2% fee. I understand that it's not worth paying the 2% for a mere 9 month's of 0%, but is it worth taking it for life of balance?
And if so, is it only for certain amounts?
(I tried to search for an article discussing this but I couldn't find one)

Matt_EA · 31 August 2005 at 12:37PM

I'm a little unfortunate in that I have an Egg card on standard interest, and don't seem to be getting accepted for new cards at the moment.

I've just taken advantage of the Barclaycard loophole at6.9% for life-of-balance, and it has occurred to me that if they continue this offer, or even if their 'life-of-balance' rate gets a little higher in the future, I could wait until I've paid off a grand or so and then transfer another grand onto the offer from my Egg card. Would that approach save me any money long-term?

Ghost_Dog · 9 October 2006 at 10:12PM

Slightly OT, but other posters keep mentioning the BarclayCard 0% for life deal. I received this month's statement and they have charged me 6.9% on my original transfer. A long conversation ensued, the gist of which was that they claim never to have had such a deal, that I have always paid 6.9% (my statements tell a different story) and that they have "lost" my application and credit agreement!

Anyone else had this happen and has anyone held on to a copy of the original ternms and conditions, I pruned my filing cabinet recently and appear to have chucked them out. Help!

kempy17 · 7 January 2007 at 10:40PM

I have had a Barclaycard (for my sins) for some 18 years or so now but have on occasions completely paid off any owed balances as well as racking up quite hefty amounts in owed credit.

Currently however, I have a zero balance and have done now for the last 4 months or so. Upon hearing the loophole information, I thought it wise to transfer another balance (on a card which currently charges 15.9% or so) to the lifetime rate of 6.9%. To my shock however, I have had the transfer request rejected as I 'do not have sufficient Barclaycard usage history' and therefore, my account has not got any interest rate or balance transfer offers at present. What a load of cobblers. I cannot believe I have been a customer of Barclaycard for such a long time, having probably spent hundreds of pounds over those years on interest and yet, they would prefer me to pay interest to another card company.

Has anyone else experienced this shambles of a ruling recently? Any suggestions what I should do (except the obvious - cut the ******g card up)?

Thanks

uselesswith£ · 9 January 2007 at 11:01AM

I've been a Barclaycard customer for 14 years. At present I owe £3500. I always try to pay more than the minimum payment but have never paid off the balance in full. I am being charged interest at 19.9%. I have asked them to reduce the interest rate with no luck. This is my only credit card and I am reluctant to apply for another in order to balance transfer for fear of refusal as I am an unemployed single mum. Any suggestions???? Apologies if this is posted in the wrong place....I'm really new to all this.

vwman_3 · 9 January 2007 at 11:22AM

uselesswith£ wrote:

I've been a Barclaycard customer for 14 years. At present I owe £3500. I always try to pay more than the minimum payment but have never paid off the balance in full. I am being charged interest at 19.9%. I have asked them to reduce the interest rate with no luck. This is my only credit card and I am reluctant to apply for another in order to balance transfer for fear of refusal as I am an unemployed single mum. Any suggestions???? Apologies if this is posted in the wrong place....I'm really new to all this.

Hiya and welcome
It may be a good idea if you re-post this over on the Debt-Free Wannabe board, they may be able to suggest/advise you what the best course of action is for you to do, they are a very helpfull bunch there.

One thing that you should include in your post is a list of ALL your income and all your outgoings, and also a list of all your debts, original amounts borrowed and whats still owing, together with interest rates that you pay.

Good luck...

daisywhitehead · 8 October 2007 at 12:41PM

As an existing customer, I rang BC to confirm they'd offer me the 6.9% life of balance transfer, and they claimed I could only get this rate for a maximum transfer of £1278. Has this happenned to everyone else - seems like a bit of a con when it comes down to it....

Barclaycard Existing Customers Loophole Discussion

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