barclaycard 0% for Life Offer

Jay_2-2

Hi Martin and other users.

Help needed

Wanted your advise is it still worth it to hold on to the Barclaycard 0% for Life Offer?

I have Premier Account and Normal Barclaycard account with balances of £2K I am now paying £12 interest on each card compared to £6 plus £1 spend on each card per month.

Do you think I should get a 0% balance transfer done and clear the account?

Need your help

Thanks

Jay

Milarky

Jay, you can help us to advise you:

More details required.

What mimimum amount are you required to spend for 0% for that month - 1p, £1, £25 or £50?

What is

1) Your card balance?

2) Your '0%' balance [it's shown on the second page of your statement]

3) What is the interest rate on you 'Standard balance' [again, it's on there]

Taking '2' from '1' gives your standard balance [it's not printed explicitly anywhere]

With this information we can work out how soon the standard interest will outweigh the benefit of the remaining 0% balance.....

Jay_2-2

Thanks Milarky

My minimum spend is £1, I get £1 interest charged very month
1. card balance £1,700 for premier and £1,800 for barclay visa
2. 0% bal is £1600 for premier and £1700 for barclay visa
3 1.527%

thanks
jay

dc

Do you mean your interest rate has jumped from 50p to £1 a month, as a result of Baclays change of conitions re minimum interest charges?

If so then you will still only be paying £12 a year to borrow £1700 or £1800.
This equates to an AER of around 0.67%, so best to stick with the 0% for life cards, as you still are a long way from the jumping ship point.

Especially if your only option is a BT fee card.

Apologies if I have misunderstood.

Jay_2-2

DC

Thanks I think i will stick to paying £1 interest per month

Jay

Milarky

Just to add to this that Barclaycard has increased the standard APR by 2pc this month [and 3pc for 'cash' also] so that Standard rates have now gone up from 14.9 originally, to 15.9, to 17.9 in my case.

OK, so the standard balance is still miniscule, with £1 plus interest only being added each month, but when I checked the statement information for November it based the 'estimated' interest [which is usually turns out correct to the penny] on the lower rate so that the interest 'leapt' from 58p last month to 67p this month!

[I know "sad man!" for noticing this and telling you about it]

It's just that I don't recall noticing an announced increase of 2 pc [perhaps it was in that letter advising of the 50p to £1 min interest, but I think I would have noticed]

dc

Milarky they sent a letter way back, in September, re £1 and 2%+ increases in December. I posted ( angrily) in a thread on here, and no one was interested HERE

I also posted on old board when they upped the min interest from 1p to 50p, that case you might as well spend an extra £50ish to get to the correct interest. I was bombed out, ppl saying that that would be a disaster forcing me into early closing.
2.5 years later the interest was a staggering 78p! so I have been spending up to £2 recently, ( tho I'm more guarded with the % increases ) to redress the £1 charge expected next month.

HTHs dc