Got 0% for 6 months

izoomzoom

Yipppppeeeeee :j:j (thanks to Barclaycard, 2.5% handling fee letter that came through the post this am).

But actually I know it isn't very much and not sure how much I should move.

HSBC 1651 of 2500 @16.9%. Pay £150/m
Barclaycard 957 of 3000 @14.9% Pay minimum
PO 2255 of 2600 @16.9% (abt 1000 at 0% for 2/3 more months). Pay min.

It has actually thrown a bt of a curve ball cos I was going to ask Barclaycard for a 6.9% LOB deal.

Any suggestions on what to do.

PurpleJellyFish

No harm in asking them about a LOB offer. I know that the 6.9 deal is on my account at the moment (I had the 0% offer last month and it seems to revert to the 6.9 once deadline has passed). One thing to be aware of is that the LOB deal still has a 2.5% handling fee so make sure that you figure this in to your calculations.

I'd leave the PO Card alone now as you will just transfer what you've got on the 0% deal with them. I'm sure some clever bods will be along to do some sums re the HSBC card though. I'd be tempted to transfer what I know I can pay off in the 6 months and once that's expired, ask for the LOB deal for the rest of the HSBC or even PO card.

CannyJock

As an addendum to your previous post https://forums.moneysavingexpert.com/discussion/2490299=

I'd be tempted to stick to the original plan. Just because they've offered it doesn't mean that you should take it

The potential problem is that you'll be moving a balance which will only be 0% for 6 months, at which time the full balance will revert to their standard rate, and not the 6.9% LOB rate you really want. And if you did BT to the Barclaycard at the moment, I don't think there's much chance of getting a 0% offer from HSBC to let you move the balance back - don't think I know anyone who's ever had a 0% offer from HSBC apart from their initial sign-up offer.

What you could try, is to phone Barclaycard and ask them if they can move your existing balance onto a 6.9% LOB deal and let you transfer some other balances to them at the same 6.9% LOB. Normally they won't move existing balances onto lower rates, preferring to charge you interest and catch you out with their allocation of payments trap, but I remember someone else posting not too long ago that they had successfully arranged this. Slim chance maybe, but worth a phone call, using the 0% offer they've just given you as an excuse to call them

CannyJock

Did you decide not to apply for any new cards btw?

izoomzoom

Well applied for natwest 0% and got declined.

will get dh onto barclaycard and see if he can arrange the 6.9% LOB deal.

izoomzoom

CannyJock wrote: »

What you could try, is to phone Barclaycard and ask them if they can move your existing balance onto a 6.9% LOB deal and let you transfer some other balances to them at the same 6.9% LOB. Normally they won't move existing balances onto lower rates, preferring to charge you interest and catch you out with their allocation of payments trap, but I remember someone else posting not too long ago that they had successfully arranged this. Slim chance maybe, but worth a phone call, using the 0% offer they've just given you as an excuse to call them

CannyJock and everyone-else, thank you very much for all your advise. I really appreciate it.

When I get DH to phone Barclaycard should he speak to customer service and if he doesn't have any luck, descalate it up to a manager. What threats should he make (move the balance elsewhere ???)

Sorry, DH gonna need some crib notes

CannyJock

From a negotiation point of view, it's never good to make a threat that you're not prepared to follow through with

It's basically just a case of saying that you're "considering" clearing the balance and closing the card. The reason for this is that you have a balance with them at a high rate of interest that's preventing you asking for their standard 6.9% LOB deal for existing customers - you would like to use that rate to move other balances to them and close down other cards - you're basically having a clearout of your wallet/purse. Come January when the allocation of payment rules kicks it, the existing balance on top of the 6.9% LOB rate wouldn't be an issue, but that's 6 months away.

Then basically just ask them what can be done to help you move balances to them sooner rather than have to wait 6 months. If they don't come up with any brilliant ideas, then suggest to them that they move your existing balance onto the 6.9% LOB rate, and arrange the BT's for the other cards there and then. Ask for them to confirm in writing that the existing balance plus the balances you're transferring will all be at the same 6.9% rate with immediate effect.

It's not really a hard-ball phone call to make, you basically just want to put yourself forward as being reasonably well informed, with a sensible proposition and trying to work with them as your preferred card provider. Also ask them to confirm how any new purchases on the card would be treated and what rate those would be at - not that you would make any new purchases with this card, but you might want them to think that you would

They won't search your credit report for taking them up on an offer, but they might if they need to increase your credit limit - they can't search your credit report without your permission though, so you can ask them to confirm whether they need to search your report at any point of the phonecall.

dscarff

I received a letter from Barclaycard this morning offering me 0% until Sept 11 (2.5% fee). I rang up last month asking about any BL promotions they offered me 0% for 3 months or 6.9 LOB both with a fee.

At the time my card didn't have a balance on it. Now theres over £1,000 on it, they offer me way better deal. Funny that.

I've made a payment and will take up their offer once it's cleared.

pwllbwdr

CannyJock wrote: »

I don't think there's much chance of getting a 0% offer from HSBC to let you move the balance back - don't think I know anyone who's ever had a 0% offer from HSBC apart from their initial sign-up offer.

(OT) You do now. 0% for 6 months earlier this year.

CannyJock

pwllbwdr wrote: »

(OT) You do now. 0% for 6 months earlier this year.

Pleasedtameetcha.