Barclays slammed over £50 spend card

stub451

The Consumers' Association has written to the Advertising Standards Authority (ASA) urging it to take action against Barclaycard re the £50 spend card.

Full story at the BBC site: http://news.bbc.co.uk/1/hi/business/3424469.stm

System

i've got my debt on this offer. i was already a barclaycard customer but the card was empty as they won't charge me any less than 17.9%, so i use my other card, still 14.9% but we have a bad credit rating so can't get anything better. they offered me this 0% deal and the terms were very clear. not misleading at all. i've had my debt on here for a while now, i spend £50 a month, pay off £50-ish a month minimum payment (plus whatever interest i'm charged).

the interest on the £50 a month creeps up slowly but is still nowhere near the amount i'd be paying if i'd left the debt in my 8.9% APR overdraft. i reckon i've got another year or so using this deal until it becomes cost effective to switch the debt back into my overdraft. the debt hasn't grown any because i've been paying off the interest and my spending each month. okay, it hasn't reduced any, but i'm not in a position to reduce this debt at the moment, i'm paying back other debts and this one's my cheapest debt, this one just has to stay at the full amount for a couple of years. through using this deal, my monthly interest bill has been smaller so i've been able to pay extra towards my other debts that i'm paying off first.

i'm pretty pleased with this :-) other MSE'ers may be able to find better deals elsewhere, but for those like me who are stuck with what they've got and would be refused credit elsewhere, it's okay :-)