Help with Barclaycard please

keatergreyhound

Heres the plan. Ive just been accepted for a new C/C
I want to transfer the 1200 credit limit from my Barclaycard onto this and then back as a balance transfer to save me some intrest. So that shall be a transfer of £1200. Also id like to transfer £400 from another card to my Barclays. Would the £400 pay off the £1200. I hope im making sence, but I was told any payments you make go off of paying your balance transfers first. Or would they be treated as 2 individual transfers and not cancel each other out. I really hope you understand me

Walletwatch

Hi

Am afraid you're not clear enough. Please give a list of your debts on each card with their limits and the outstandings, including the new card, and then tell us exactly what you intend to do, so we get a better picture.

keatergreyhound

I have a Barclaycard with a £4100 limit with approx £3500 on it at an Apr of 18%
My new card has a 1200 limit with an whopping 29.9% apr
I want to take 1200 off of Barclaycard onto the new card then transfer it back at 0% thats what theyve offered me. This would leave the 29% card free.
I also have £450 owing to littlewoods so I wanted to transfer that onto Barclaycard also at 0% saving me a lot of money. Id keep paying Barclays off with more each month.
But heres where I think im not making any sence. The money I pay back to Barclays always comes off of the 0% bit, so im reducing that but there still charging me 18% on my other 3000 or so I owe them which was not a transfer. So If I do the 1200 one would the 450 to Littlewoods when I transfer that count as a seperate transfer and me pay that back as well as the 1200 or would it clear the 450 off. Im trying hard to explain in just how the telehone advisor at Barclays did. If in doubt can anyone please explain how blance tranfers pay each other off

zcaprd7

I think what your are trying to do is wipe the barclaycard clear - then do the existing customer balance transfer offer.

However it sounds lke you cannot muster enough cash or credit to completely clear the debt, which is a shame because it is almost essential otherwise you will 'trap' the expensive debt underneath the new deal.

daveboy

You could use a few pounds to buy a dictionary.

And the Government can spend some money too, on getting English teachers to teach people how to write in a way that others can understand.

Or maybe it was just me who got lost in the attempt at explaining.

Cardinal-Red

daveboy wrote:

You could use a few pounds to buy a dictionary.

And the Government can spend some money too, on getting English teachers to teach people how to write in a way that others can understand.

Or maybe it was just me who got lost in the attempt at explaining.

A most helpful reply there...

Cardinal-Red

As zcaprd7 has said, you had best be very careful when you do this because if you have 2 different classes of debt on your card then your monthly payments will be biased towards the 0% offer - but seeing as you will have at least some of your debt at less than the 18% you will be paying less interest at least.

If I've read your question correctly you I think the answer is that all your payments will go towards paying off the £1650 in transfers at your promotional rate (is it for 6 months overall?)

Bearing in mind though that your £3000 is still attracting 18% APR maybe another strategy would be better for you?

What card do you have that has given you 29% APR? Can I assume you have a bad credit history?

One thing I did with Barclaycard a few years ago when the whole balance transfer thing took off was to write them a letter. Explain that you want to stay a loyal customer but feel there are better offers on the market. Then ask them to review your APR.

If you can get your APR reduced on the whole debt then you may be better off overall instead of shifting around 0% short term deals.

Walletwatch

keatergreyhound wrote:

I have a Barclaycard with a £4100 limit with approx £3500 on it at an Apr of 18%
My new card has a 1200 limit with an whopping 29.9% apr
I want to take 1200 off of Barclaycard onto the new card then transfer it back at 0% thats what theyve offered me. This would leave the 29% card free.
I also have £450 owing to littlewoods so I wanted to transfer that onto Barclaycard also at 0% saving me a lot of money. Id keep paying Barclays off with more each month.
But heres where I think im not making any sence. The money I pay back to Barclays always comes off of the 0% bit, so im reducing that but there still charging me 18% on my other 3000 or so I owe them which was not a transfer. So If I do the 1200 one would the 450 to Littlewoods when I transfer that count as a seperate transfer and me pay that back as well as the 1200 or would it clear the 450 off. Im trying hard to explain in just how the telehone advisor at Barclays did. If in doubt can anyone please explain how blance tranfers pay each other off

I think I understand you here, keater. To explain the sequence of steps you wish to follow:

1. Barclaycard ---> Balance transfer £1200 ---> New card @29.9%

2. New card ---> Balance transfer £1200 ---> Barclaycard @0%

3. Littlewoods ---> Balance transfer £ 450 ---> Barclaycard @0%

However, since presumably you will be doing these in the same statement period, you are concerned the BT from Barclaycard to the new card (payment from the new card to Barclaycard) will go first towards full payment of the £450 which you balance transferred from Littlewoods, resulting in only £750 (1200 - 450) accruing interest at 0%, the rest of the credit being at the normal rate of 18%. I think your concern is a valid one, and am afraid that might well be the way it is treated by Barclays (I stand to be corrected on this one)

While I think Cardinal-Red's advice is the best course of action to pursue, if you still want to go ahead with the above set of steps, maybe you could do the Littlewoods transfer first, wait for a statement to come in, and then carry out the next set of transfers. This will ensure that all of the transferred amt accrues interest at 0%, as the two 0% transfers will be in different statement periods. It may be dodgy to go by any advice they give from Barclays, unless it is in writing, as in most cases, they would know no better than us about their own card T&Cs.

Cardinal-Red

Walle****ch wrote:

However, since presumably you will be doing these in the same statement period, you are concerned the BT from Barclaycard to the new card (payment from the new card to Barclaycard) will go first towards full payment of the £450 which you balance transferred from Littlewoods, resulting in only £750 (1200 - 450) accruing interest at 0%, the rest of the credit being at the normal rate of 18%. I think your concern is a valid one, and am afraid that might well be the way it is treated by Barclays (I stand to be corrected on this one)

I think I thought that this is what you were trying to say

You could just be extra safe by doing the transactions over two statement periods as suggested.

Even if you do this, I'd still advise a letter to Barclaycard asking for a rate review - they can only say no.

In the current climate 18% APR is ridiculously high.

CTT_2

daveboy wrote:

You could use a few pounds to buy a dictionary.

And the Government can spend some money too, on getting English teachers to teach people how to write in a way that others can understand.

Or maybe it was just me who got lost in the attempt at explaining.

If you have nothing constructive to add its better not to reply at all or perhaps you enjoy making yourself seem silly.............

Walletwatch

daveboy wrote:

Or maybe it was just me who got lost in the attempt at explaining.

Yes, am afraid, it was just you getting lost - the rest of us seem to have made a lot of sense of what was being said. Maybe if you were to get off the imaginary pedestal you place yourself on, and try to understand posts out here, you could make a more meaningful contribution.

By the way, you could definitely spend some pounds and get yourself a book on basic manners...