Barclaycard cheques ...how to use?

Deals_2

i have been sent some cheques (or 2 different ones) that they say is worth up to £5,000. I have some outstanding credit of about £1,500 but could do with a balance transfer from another card for a higher amount but i am confused whether this letter with the promotion actually means i can transfer this amount over. Can anyone enlighten me?

CannyJock

If any doubt, phone Barclaycard to confirm the exact rate for the cheques - you don't want to be caught out doing a cash withdrawal by accident.

If they confirm these are promotional cheques, they'll confirm the fee they will apply, the APR (hopefully 0%) and how long the promotional period will last.

Deals_2

does it mean they have increased my credit limit with them for balance transfer?

CannyJock wrote: »

If any doubt, phone Barclaycard to confirm the exact rate for the cheques - you don't want to be caught out doing a cash withdrawal by accident.

If they confirm these are promotional cheques, they'll confirm the fee they will apply, the APR (hopefully 0%) and how long the promotional period will last.

CannyJock

Nope, Barclay have a maximum 5k on promotional balance transfers as standard. They won't have increased your limit before sending you the cheques.

So if you did try and BT 10k from another card to them on a promo deal, 5K would be at the promo rate, and 5k would be at their standard rate :eek::eek::eek: it's a nasty trap for peope who don't read their T&C's

Moggles_2

No. Normally, you can transfer any amount from £250 up to £5000 or 90% of your credit limit, whichever is lower.

Note: if you have a balance on your Barclaycard, it would be advisable to pay that off first, before you take up the offer

Deals_2

my credit limit then then about £900 is the only amount i can transfer over from another card?
or - as it is unclear - i can actually transfer over £5000 over from another card?
thanks for clarification.

Moggles wrote: »

No. Normally, you can transfer any amount from £250 up to £5000 or 90% of your credit limit, whichever is lower.

Note: if you have a balance on your Barclaycard, it would be advisable to pay that off first, before you take up the offer

LeeSouthEast

If your credit limit is £1,000, then the max you can BT is £900 (less, if you incur fees).

chattychappy

Moggles wrote: »

No. Normally, you can transfer any amount from £250 up to £5000 or 90% of your credit limit, whichever is lower.

On a Barclaycard Platinum they just let me transfer £9,000 out of a £10,0000 limit after quoting me a special 6.9% LOB rate plus 2.5% fee.

(Unless the call centre misled me...should I be worried??)