Barclay card = THEIVES?!?!

Markyt

Customers = Thick????

mrposhman

bgam2005 wrote: »

Good day all,

This is my first post - so I hope it's in the right place...

I have just had a particually nasty experience with barclaycard and wanted to a) check if anyone else had and b) warn people about it.

I took out a Barclaycard Platinum Card because it had a very attractive 0% interest rate on balance transfers for 12 months. I was transferring £5'000. Upon transferring this sum, I had to pay a 3% fee - £150. Afterwhich, I assumed, and it would appear wrongly, that the minimum payments would be small in comparison to the usual credit card rates of 13%-20%.

So I was massviely shocked to speak with one of their customer service assistants who informed me that my minimum payments were to be £115 per month / £1'380 per year / 27.6% of my total balance p/a. Clearly if this is the case, then Barclaycard are the biggest sheisters ever to roam the earth.

I tried to clarify with their customer servie assistants however their vocabulary is somewhat limited therefore I have sent an email and written a letter and am awaiting the reply.

Has anyone else experienced this sort of thing from either BC or another card?

I really hope this is a pure error and will be corrected, as in all honesty, i'm pretty sure there is some grounds for legal action against them if this is their actual policy.

best regards

Ben

You do realise that you have to PAY it back right??? A credit card is not a freebie. Just because you pay no interest does not mean that you do not pay for the right to have a credit card.

I really hope this is a pure error and will be corrected, as in all honesty, i'm pretty sure there is some grounds for legal action against them if this is their actual policy.

Oh yes, lets sue Barclaycard for asking you to pay the money they have lent you back.

Enjoy spending your money on a court case, I seriously doubt you will see any of that cash again.

YorkshireBoy

bgam2005 wrote: »

...my minimum payments were to be £115 per month / £1'380 per year / 27.6% of my total balance p/a.

You forgot, or didn't understand (unusual since you clearly already had a debt to transfer and so ought to know roughly how these things work!), that each 2.25% payment is based on a reducing balance, ie last month's balance minus last month's minimum payment.

All of which means you'll pay a good bit less than 27.6% (or more accurately 26.8% had you used £5,150 and not £5,000). Of course this means you'll also owe more at the end of the intro period...and that's a bad thing isn't it?

Ivan_Konstantinov

MABLE wrote: »

I have had various MBNA Cards over the years and find them brilliant.

i was thinking back to the time last year when they tried to screw me (i posted on this board at the time) by increasing my interest rate from 18% to around 30%. i quickly transfered the balance to another card,then the scum bags wrote back saying my interest had been reduced back down to 18%. If i didn't have another card to transfer to, i would have been trapped.This is the sort of sharp practice those loan companies advertising on day time tv do to people...give them a low rate to start with,then a couple of months later increase the rate to silly APR.

MABLE

Ivan_Konstantinov wrote: »

i was thinking back to the time last year when they tried to screw me (i posted on this board at the time) by increasing my interest rate from 18% to around 30%. i quickly transfered the balance to another card,then the scum bags wrote back saying my interest had been reduced back down to 18%. If i didn't have another card to transfer to, i would have been trapped.This is the sort of sharp practice those loan companies advertising on day time tv do to people...give them a low rate to start with,then a couple of months later increase the rate to silly APR.

I had a letter from them a few days ago to advise my rate is going up to about 17%. However in my case it could be 40% and would not affect me. The reason being I use the card for the promotional rates they offer.

Also credit card debt like overdrafts should only be the short term and if you are unable to pay off then a loan is the answer. That said if the interest rate is really low and fixed until the maturity of the debt then that rule does not apply. However I'm sure you are aware of that.

somnerd13

bgam2005 wrote: »

Good day all,

This is my first post - so I hope it's in the right place...

I have just had a particually nasty experience with barclaycard and wanted to a) check if anyone else had and b) warn people about it.

I took out a Barclaycard Platinum Card because it had a very attractive 0% interest rate on balance transfers for 12 months. I was transferring £5'000. Upon transferring this sum, I had to pay a 3% fee - £150. Afterwhich, I assumed, and it would appear wrongly, that the minimum payments would be small in comparison to the usual credit card rates of 13%-20%.

So I was massviely shocked to speak with one of their customer service assistants who informed me that my minimum payments were to be £115 per month / £1'380 per year / 27.6% of my total balance p/a. Clearly if this is the case, then Barclaycard are the biggest sheisters ever to roam the earth.

I tried to clarify with their customer servie assistants however their vocabulary is somewhat limited therefore I have sent an email and written a letter and am awaiting the reply.

Has anyone else experienced this sort of thing from either BC or another card?

I really hope this is a pure error and will be corrected, as in all honesty, i'm pretty sure there is some grounds for legal action against them if this is their actual policy.

best regards

Ben

I had a small hiccup with Barclaycard a few months back and trying to sort it out over the telephone was a nightmare as I kept getting through to an Indian call centre (4 times in total) and none of them could understand what I was saying. Fortunately I managed to get through to a UK based call centre on 08009177277 (or 08448119091), and my problem was sorted within 5 minutes.

Unfortunately I don't think you'll get far though - as 2.5% is a pretty normal minimum amount.

JayZed

bgam2005 wrote: »

Good day all,

This is my first post - so I hope it's in the right place...

I have just had a particually nasty experience with barclaycard and wanted to a) check if anyone else had and b) warn people about it.

I took out a Barclaycard Platinum Card because it had a very attractive 0% interest rate on balance transfers for 12 months. I was transferring £5'000. Upon transferring this sum, I had to pay a 3% fee - £150. Afterwhich, I assumed, and it would appear wrongly, that the minimum payments would be small in comparison to the usual credit card rates of 13%-20%.

So I was massviely shocked to speak with one of their customer service assistants who informed me that my minimum payments were to be £115 per month / £1'380 per year / 27.6% of my total balance p/a. Clearly if this is the case, then Barclaycard are the biggest sheisters ever to roam the earth.

I tried to clarify with their customer servie assistants however their vocabulary is somewhat limited therefore I have sent an email and written a letter and am awaiting the reply.

Has anyone else experienced this sort of thing from either BC or another card?

I really hope this is a pure error and will be corrected, as in all honesty, i'm pretty sure there is some grounds for legal action against them if this is their actual policy.

best regards

Ben

As other posters have indicated, required minimum payments of 2.25% of the outstanding balance is standard practice for most credit cards and there's absolutely nothing unusual or unethical about requiring you to make this kind of minimum repayment of the money that they've lent you. A balance transfer fee of 2.5 to 3% is also standard practice these days.

I'm all for calling financial institutions on genuiine cases of sharp practice, but with the greatest respect, perhaps you should do a little homework before you shoot your mouth off and fling accusations around.

AceCobra1

LOL, look at the OP, gone all quiet!

Althought it doesn't seem like it, maybe we misintepreated his post? Because surely, if he knows how to do a BT, that will mean he prob. knows a bit about credit cards, interest rates and also there will be minimum payments either or!

Paul_Herring

AceCobra1 wrote: »

LOL, look at the OP, gone all quiet!

(Current) post count of 1. I'm guessing either

1) New user, all uppity about the situation originally, now au fait with what the real situation is, and is embarrassed about lack of knowledge to post again, or

2) troll (if so, it worked) or

3) they lost username and/or password.

I'll aim for (1)

AceCobra1

Funny that you mention that... I noticed there seems to have been A LOT of new users recently. i.e. 1 or 2 posts then gone quiet. Of course if you do stay up quite late like me, you will notice spam rates are up too lol. Been spammers every single night last week!