Quick question: Barclaycard Platinum

ca2011

Hi all,

I have recently applied for, and received, a Barclaycard Platinum with 0% Purchases for 12 months and I am going to start slow stoozing.

So my plan is to make purchases using the CC and at the end of every month review them and transfer the equivalent amount from my current account into my ISA. Is this the correct thing to do?

My only question involves the payments I have to make each month to Barclaycard. The Barclaycard T&C say:

Purchases 0% for 12 months from account opening

but further down it states:

Interest free period:

Maximum 56 days from date of transaction for purchases if you pay your balance in full and on time each month.


No interest free period on cash advances or balance transfers (this is subject to any interest free promotional offer).


So does this mean it's not actually 12 months interest free on purchases or am I reading it incorrectly? Can I just pay off the minimum each month or do I need to pay the whole thing off every 56 days (if so it's not really a 0% card is it)?



Thanks for your help.

Tixy

It is 0% on purchases for the promotional period providing you pay at least the minimum payment on time every month.

After the promo period you will get up to 56days interest free subject to you paying in full each month and the date of your purchases and monthly repayment. The 56days comes from buying something the day after your statement is produced and repaying your card in full on the final day possible to still be within the due date. This is the same as any card with no promotional deal (although some are only 52days or so).

YorkshireBoy

ca2011 wrote: »

So my plan is to make purchases using the CC and at the end of every month review them and transfer the equivalent amount from my current account into my ISA. Is this the correct thing to do?

No, you transfer the money as soon as you've spent it...not a month later! Otherwise you're losing a month's interest aren't you?

...am I reading it incorrectly?

Yes.

Two ways of explaining it:

1. The T&Cs are written for general use after any 0% intro period, or

2. Interest still accrues on your balance, but that interest rate is 0%

Either way, it's interest free for 12 months...so long as you don't breach the T&Cs.

ermine

I have had one for about 8 months now and you don't pay any interest on purchases, well, on the satement it is shown as you do pay interest of 0% starred onto each purchase.

The amount you need to repay each slowly increases of course with the mounting balance, I paid the first month manually with a cheque paid in personally to a Barclays branch and set up a DD for the minimum amount.

Works for me

ca2011

Thanks for the response! I suppose it is more sensible to transfer the money into savings as soon as it is spent - although I was thinking of making the minimum payment out of the sum at the end of the month and then transferring the rest into savings, so that I'm not cutting into my ISA to make the repayments.

Although if I was going to do that I could just transfer 97.5% of every transaction (As the minimum repayment is 2.5%) keeping the remainder for the repayments at the end of month?