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Stingy Barclays policy
We bought a new kitchen from Homebase last Jan on a 'Buy now pay in 12 months' interest free loan. The loan company they use is Barclays. We saved up the money to pay off the amount in full within the 12 months so as to avoid paying the interest, which would almost have doubled the price of the kitchen. Partner decided to pay using his credit card which we would then pay off in full at the end of the month (best option for us as would have got a few loyalty vouchers). We knew there was a £29 early settlement fee (or a 'we are not getting any interest off you so we'll take something' fee) but were surprised when Barclays said that there would be £100 fee if we wanted to pay using a credit card. Partner asked why and was told 'I don't know. You just do. It's policy'. Needless to say, we paid on debit card instead. Hadn't encountered this before and we're not usually naive since we discovered budgetting. Is this normal practice? It seems laughably tight-**sed to me!
"For each of our actions there are only consequences" (James Lovelock)"For in the true nature of things......every green tree is far more glorious than if it were made of gold & silver" (Martin Luther King Jnr)
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Comments
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I'm guessing that as you're wanting to pay off a loan instead of buying a product/service, it could be construed as a cash advance.My posts are my own opinions based on my experiences and info gathered from sites such as this.
They are not a substitute for professional financial advice - but you knew that already didn't you?
VSP 2011 - Member #25 - Started 6th December 2010 - Total As Of 4th May 2011 (21 weeks in!) - £323.67/£500 - So far so good!0
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