Transferring funds to Barclaycard...

mark_steps

Just now i have about £950 on my barclaycard. 21.9% is charged for cash withdrawel,dunno how much ive taken out and the apr on the account is currently 14.9 %.
I want to transfer funds from my BOS credit card (£2900 at 19.9%apr) and was told i can only transfer £895 from the account on 6.9% apr. I think it would be best to do this because:

It would 1.reduce the BOS outstanding money at a higher rate
2.Go to a lower APR rate...

am i doing right? i mean do the maths add up?

mark_steps

I have about £950 onmy Barclaycard and my limit is £2000 so i was looking to transfer say £900 from another account with a higher interest rate.The thing is i have made cash withdrawels and am being charged 21.9% on that plus 14.9% typical apr and would also be charged 6.9% on the balance transfer. Do you think it would be wise to wait until i have fully cleared the balance and then make a balance transfer? Inother words would i then only be charged for 14.9% and 6.9% for transferring?

Thanks

Fedz

Barclaycard always take promotions first in payments.

So if you transfer your £895 from BOS to the Barclaycard at their 6.9% promotional rate then you'll have the your 21.9% cash withdrawls and any purchases at 14.9% sat behind your 6.9% promotional rate.

Until the 6.9% balance is paid the others will sit their, then you'll start paying them off.

It's good practice to pay the highest apr as quick as possible.

I'd clear the Barclaycard amount first which will then leave you an higher amount to be able to balance transfer from your BOS to your Barclaycard at the 6.9% balance transfer promotional rate.

Just don't use the Barclaycard after you've balance transferred to it as any purchases and or cash withdrawls will sit behind the 6.9% at full rate until the 6.9% is fully repaid.

Hope this helps.

Rafter

I would really see if you can try and get a third card first to transfer the £950 to. That way you can then transfer back up to your £2000 limit all at 6.9% and really cut your bill.

You should also really try and avoid withdrawing cash on a credit card - it is so expensive!

R.

mark_steps

Ok so i rang up and paid some funds to Barclay card and all i will have outstanding now will be £580.31 which im pleased about.... So when i clear that i can transfer £1900 but will only transfer £1850 to give me that bit of edgeway and will only be charged 6.9%APR from then on...huge fiff even compared to 14.9%.

My plan is to then leave that, making min payments and settle me eyes on the BOS account which would roughly be at £1000 on an APR of 19.9% + silly apr of cash advance etc... Pay that off then get back onto the Barclay one...

Out of interest there is a website that works out what interset u pay back on cards etc..anyone know of it? And does anyone know if for example i get the barclay card to £1000 and make ANOTHER balance transfer what happens to the apr. Does it still remane at 6.9% for the entire balance??

ti1980

If you go to https://www.whatsthecost.com then on the left of the screen it has the financial calculators for the different scenarios most of us have.