0% Barclaycard cheque.

Andybez38

Today i have recieved 2 barclaycard cheques. The first cheque is a 0% till october. The second is a 6.9% for life of balance. I do not have any balances to transfer to my barclaycard. Is there anything i can do with the cheques?

jonesMUFCforever

Shred them in case someone unscrupulous gets hold of them.

fannyadams

Give them to me!
I have PLENTY of debt i can spend the money on!
I don't think this is the answer you wanted is it?
Wanna stooze?

ceejam

Pay the 0% one into a high interest savings account (BUT check if there is an "admin" fee)
You are now stoozing!

Andybez38

It does say on the back Barclaycard cheques are subject to a 2.5% handling fee for cash advances, with a min charge of £2.50

ceejam

So until October is 8 months, at 5.2% in a best buy A&L ISA, you'd make a net of 3.47%, assuming there's no cap on the fee!
Although TBH, you end up making less than 1% interest if there is no cap!
If there is a cap of, say £50, you're better off.

Milarky

ceejam wrote:

So until October is 8 months, at 5.2% in a best buy A&L ISA, you'd make a net of 3.47%, assuming there's no cap on the fee!
Although TBH, you end up making less than 1% interest if there is no cap!
If there is a cap of, say £50, you're better off.

How do you get 3.47%? 5.2% pa for 6 months is 2.6%. But fee is 2.5% and there are minimum payments to be made in the meantime. Bottom line - no profit at 5.2%

ceejam

I can't count!

until October is 8 months

October is the 10th month, we're in the 4th! D'OH!!