Barclaycard Balance Transfer Cheque

dale_hopkinson

Hiya. I have just recieved two BT cheques from BCard, both offering 0% until April 2010. I already have a small debt on the card, and also a partly used large overdraft.

Obviosuly I don't want to just use the cheques without clearing off the bcard first (due to low interest priority payments).

Basically my question is can I pay these cheques into a current account? It says on the letter they are just for cards in my name that are not part of the Barclays group. My current ac is a Barclays one. I also have an old rbs account still functional but unused.

Would Bcard actually know or care where these cheques end up?

I wanted to use my overdraft to pay off the bcard, then write out the cheques to pay off my overdraft. So in effect I have circuled round and got both my bcard and my overdraft interest free for a few months.

There are also some other bits and bobs I wouldnt mind clearing, but as I don't have enough cheques then running these through my current account would be ideal.

Do you think I should pay it into another bank account completely to ensure Bcard can't have a sneeky look at my current acs?

Thanks for any help, sorry if it sounds a bit confusing.

Dale

bargains83

If the cheque is like a standard cheque and asks for payees name etc rather than a card account number then you should be able to pay it into your current account fine. Barclaycard used to send them me all the time. When interest rates on the best savings account were 6 and 7%. These cheques I got were at 0% for 9 months with a 2.5% fee so you could make money by paying them into savings accounts.

I never had any problem, if you have any recourse you can say that you payed the cheque into your current account and then was going to pay another card off from that account with the money.

You won't though, I don't think and it will be fine.

Moggles_2

I wanted to use my overdraft to pay off the Barclaycard, then write out the cheques to pay off my overdraft, so in effect I have circled round and got both my Bcard and my overdraft interest free for a few months.

Sounds like a plan, but check Ts & Cs carefully, as these vary with each promotion. With B'card there's normally a 2.5% handling fee.

Do you think I should pay it into another bank account completely to ensure Bcard can't have a sneeky look at my current acs?

I don't know whether the bank's system is sufficiently intelligent to tell whose account a cheque has been paid into, but personally I wouldn't risk this, particularly as you have a ready-made alternative.

If I were you, I'd play safe and route the money through your RBS account.

keithboy40

when did you get the cheques. I am an existing customer and have no debt on the card. Do they send these cheques to everybody?

dale_hopkinson

keithboy40 wrote: »

when did you get the cheques. I am an existing customer and have no debt on the card. Do they send these cheques to everybody?

Got them in the post last week. The letter is simply dated July 2009. The offer expires at the end of the month, after which the cheques are treated as a cash withdrawel. However, it comes about 2 weeks after a previous letter which has just doubled my credit limit. Maybe the offer of a 0%BT is also as a result of the limit refresher?

I made no request for a limit increase or a balance transfer. Had the card about 15months, only once accidently over limit (misunderstood cash limit was included in total purchase limit) of which charge was refunded. Since a change in circumstances, I cannot score for any other decent credit elswhere.

I had used just over half my limit before they doubled it. Maybe they want me to keep spending?

Another thought is that they are sending them out to all elligiable customers before this new proposed law thats in the news stops them!

You could always ring them up and ask them.

dale_hopkinson

Thanks for help. I guess I'm just gonna have to try it and see what happens!

pumpkin30

my wife got some cheques last week aswell phoned bcard up and explained she only had 500 available to spend so they upped her credit limited 2500 more and allowed her to balance transfer another card i was shocked they did this

hope it helps others do the same

dfh

Make sure you put in the cheques with plenty of time before the offer expires and they could take a while to clear.I have a Barclaycard and I used my HSBC internet banking to pay off a lump sum.HSBC told me that Barclay had signed up to the faster payments scheme and the payment would be credited within 2 hours.But it still took 2 days for it to reach Barclaycard.

dale_hopkinson

dfh wrote: »

Make sure you put in the cheques with plenty of time before the offer expires and they could take a while to clear.I have a Barclaycard and I used my HSBC internet banking to pay off a lump sum.HSBC told me that Barclay had signed up to the faster payments scheme and the payment would be credited within 2 hours.But it still took 2 days for it to reach Barclaycard.

Will have to pay off card tomorrow then. Want to make sure that its cleared off before the cheques debit.

I think its just immediate payments made to 20 sortcodes (bcard is 23)which use faster payment system at the moment. So this doesn't include 'bill payments' or standing orders, just immediate transfers.

FPS will be eventually used everywhere (not sure about 10 bank of england though).

Andy_Ches

I've received my Barclaycard Statement today and there is a cheque attached with the following message:

0% pa interest on balance transfers until January 2010

Use the attached Barclaycard Cheque before 07/08/2009 and the amount of the cheque, up to £5,000 will benefit from the above offer. A 2.5% fee applies, min £2.50. Any balance remaining after January 2010 will be charged at 9.9%pa. See the enclosed Balance Transfers leaflet for details.

Except there isn't a leaflet!!