0% or 6.9% - help please

ti1980

As my maths is terrible I need all the help I can get with this.
I just phoned Barclaycard and they said I have 3 offers available to me.

Offer 1: 6.9% until paid off in full.(no fee)
Offer 2: 0% until April with a 2.5% fee.(uncapped)
Offer 3: 0% until August with a 2.5% fee.(uncapped)

I can tell that offer 3 is better than offer 2 but is it better than offer 1?
I want to transfer £700 but may transfer £1000 so if anyone could give me the figures payable I would be most grateful.

Cheers :beer:

CIMA_LOVER

Please check your private messages. And reply.

[Deleted User]

ti1980 wrote:

As my maths is terrible I need all the help I can get with this.
I just phoned Barclaycard and they said I have 3 offers available to me.

Offer 1: 6.9% until paid off in full.(no fee)
Offer 2: 0% until April with a 2.5% fee.(uncapped)
Offer 3: 0% until August with a 2.5% fee.(uncapped)

I can tell that offer 3 is better than offer 2 but is it better than offer 1?
I want to transfer £700 but may transfer £1000 so if anyone could give me the figures payable I would be most grateful.

Cheers :beer:

how much and when will your payments be to the card?

CIMA_LOVER

Also is the card clear or do you have purchases on it?? Or other BT?

grumbler

ti1980 wrote:

... my maths is terrible ... I can tell that offer 3 is better than offer 2

:T ...
2.5% for 5 months (until Aug) is about 6.1% APR - just a fraction lower than 6.9%. From Aug rate will revert again to something considerably higher than 6.9%. If you are going to repay the major part of the debt before Aug, than (3) is better. Otherwise take (1).

... if anyone could give me the figures payable I would be most grateful.

What figures do you mean? If you transfer £1000 and make only minimum payments this will cost you about £27 in interest over 5 months with option (1) or £25 BT fee with option (3).

ti1980

Thanks for all the replies. You guys are great.
I already have a BT on it and that is at 6.9% so I know that if I did a BT then the 0% would be paid off 1st.
I think that even if I did a BT to another card to clear the Barclaycard then BT'd back to the Barclaycard to get the 0% it would still be cheaper to just take the 6.9% as I estimate it will take me 10 months to fully pay off the Barclaycard.
The 0% would go up to a ridiculous 19.9%...don't think so!