Credit Card Con

Connedman2009

Having taken up the offer of the six month 'INTEREST FREE' Barclaycard cheque attached to the monthly statement for the six month 'INTEREST FREE' with 2.5% handling charge I have found that it is anything but 'INTEREST FREE'.

I clear my account every month and having paid the requisite amount plus a lump sum off of the 'INTEREST FREE LOAN' I was astonished to find interest added to my latest statement. On questioning this with Barclaycard I was informed this was due to the fact that they allocate the payment to the 'INTEREST FREE LOAN' before removing the payment for the added purchases. This makes the 'INTEREST FREE LOAN' anything but!

I will be writing to Barclaycard about this as I have achieved nothing via either the initial call centre operator or her supervisor except for a high telephone bill due to the amount of time spent 'holding on'.

To conclude therefore my advice to anyone contemplating this type of loan is to avoid these so called 'INTEREST FREE' offers like the plague.

Has anyone else come across this problem before and is there any way round it apart from cutting up the card and going elsewhere.

CLAPTON

Nearly all CC do this I'm afraid, they allocate payments to the balances that have the lowest interest rate first leaving the higher APR balances behind. (nationwide are an exception)

Basically, unless you read and understand the T&Cs very carefully never mix different types of spending or BTs or cheques on a CC.

ILW

If you pay off the balance before using the interest free cheques, then it is interest free. You do need to work the system.

Connedman2009

I thought I had read the T and C's correctly and assumed that as I had cleared my 'spending' on the card this month as I always do that the 'Interest free loan' would be treated seperately. How wrong can you be? This just shows that not only can't you trust the "government" any more but you should never underestimate the greed of the bankers either.

IWantToBeFree_2

Maybe you should have read the terms and conditions, it would have clearly stated the payment hierachy on the card. You haven't been conned, you've been stupid.

tobiascurious

IWantToBeFree wrote: »

Maybe you should have read the terms and conditions, it would have clearly stated the payment hierachy on the card. You haven't been conned, you've been stupid.

bit harsh??

danielanthony

Connedman2009 wrote: »

Having taken up the offer of the six month 'INTEREST FREE' Barclaycard cheque attached to the monthly statement for the six month 'INTEREST FREE' with 2.5% handling charge I have found that it is anything but 'INTEREST FREE'.

I clear my account every month and having paid the requisite amount plus a lump sum off of the 'INTEREST FREE LOAN' I was astonished to find interest added to my latest statement. On questioning this with Barclaycard I was informed this was due to the fact that they allocate the payment to the 'INTEREST FREE LOAN' before removing the payment for the added purchases. This makes the 'INTEREST FREE LOAN' anything but!

I will be writing to Barclaycard about this as I have achieved nothing via either the initial call centre operator or her supervisor except for a high telephone bill due to the amount of time spent 'holding on'.

To conclude therefore my advice to anyone contemplating this type of loan is to avoid these so called 'INTEREST FREE' offers like the plague.

Has anyone else come across this problem before and is there any way round it apart from cutting up the card and going elsewhere.

This is obvious, surely? You always end up paying the lowest interest attracting sum off first. Credit Card companies are there to make a profit, how else do you think they can afford to employ people to listen to you complain needlessly?

Connedman2009

I have not been stupid but the latest statement still reads on the current offer and I quote "0% p.a. interest on balance transfers until March 2010. This is in big block capitals and not in tiny little print. At no point is any mention made about the way the payments are credited. Your defence is such that I assume you are a banker. A co is a con and that is all there is to it!

Peeky

IWantToBeFree wrote: »

Maybe you should have read the terms and conditions, it would have clearly stated the payment hierachy on the card. You haven't been conned, you've been stupid.

Couldn't agree more.

Shiny.Side.Up

Connedman2009 wrote: »

I have not been stupid but the latest statement still reads on the current offer and I quote "0% p.a. interest on balance transfers until March 2010. This is in big block capitals and not in tiny little print. At no point is any mention made about the way the payments are credited. Your defence is such that I assume you are a banker. A co is a con and that is all there is to it!

Balance transfers and payments made from the CC are different things. If you're complaining that you've been offered 0% on balance transfers and now are upset because the purchases you've made are charged at an interest, I'm afraid you can yell and scream and stomp until the day you die and still get nowhere.

Connedman2009

Obviously some people just read what they want to read and ignore everthing else. Please note that I always clear the full amount each and every month. If you are offered 0% interest for six months then even to the simplest mind that means 0% interest for six months. There was a handling charge of 2.5% added to the initial amount so the loan was never entirely free anyway. To my mind therefore it is still a con because it is not FREE!