Barclaycard 6.9% p.a bank transfer...

K9cuddles

Sorry if this has been asked before I did have a quick search and found nothing!

Okay.. I've got a £500 limit with Barclaycard at 19.95%!!! Balance is at £325 which I could clear by 22nd Jan as priority.

The 6.9% offer doesn't expire to 31st of Jan so I could transfer £450 (going by what I've quote below from there website) from my Monument card at 21.37%!!

You can transfer any amount providing that the total does not exceed the lower of £5,000 or 90% of your credit limit. Offer closes 31st January 2006.

So.. I am right in thinking that if my limit is £500 my max transfer is £450? Has anyone else done this? It says the application for balance transfer can take 7-10 days would I be cutting it fine.. or be okay as I got in before the closing date??!! Sorry for all the questions.. I'm just trying to start my credit card shuffle!

K9cuddles

I've just read:

Please note that we are unable to accept transfers from cards or loans issued by companies within the Barclays Group.

I guess monument fall in to that???

Rafter

Barclaycard and Monument are both owned by Barclays so guess you are going to have a problem.

Do you have a third card such as an old egg card that you could do the transfer through?

R.

K9cuddles

Thanks for replying Rafter, yest I've got an Mint card.. so I can use that as the first party I guess!! I suppose I have to check that they also do balance transfer's at a good rate/no fee.

angelica

Sara,

Please, be very careful with Barclaycard. When you pay your outstanding balance on 22nd January, wait until the next statement is issued before you do BT. If you transfer balance thinking that your card is clear in the same period, Barclaycard will arrange balance transfer for you, but in the next statement your payment will be used to clear partly this BT amount and expensive purchases/cash advances will stay there until you repay your BT. To illustrate

Balance from last statement

angelica

Sorry, pressed 'reply' too quickly by accident.

Balance from last statement 100
Payment 150
Tesco purchase 50
Balance transfer 500
Interest on purchase xx
Interest on BT of 450 xx

I guess this scenario applies only if you've had other transactions during the month, but I would suggest anyway that you wait until you see that your card is completely clear. I am sure Barclaycard will have similar offers in 2006 again.

K9cuddles

Okay.. I'm with you... If I can get it paid off in Dec then it would be ideal but if any later then I guess not!