Barclaycard Swap Around

CharlieB11

Good Morning,

I have a balance on my Barclaycard approx 7k. I'm paying this off at approx 900 a month but this is at their full interest of 24.9.

Barclaycard are currently offering a balance transfer deal of 6.9%.

I have another's card with enough credit to transfer my barclaycard to (they are not doing any offers for the rate). So my question is can I transfer my barclaycard balance to my other card and then back to Barclaycard to get the 6.9%? I assume I'd have to leave it on the other card for a month of two before transferring it back. But is this a ok procedure to use ?

TIA

Tixy

Yes you can do it - you'd have to pay 2 lots of balance transfer fees of course, so factor that into your calculations to see if its still worthwhile (bearing in mind how quickly you are paying it off anyway - it may not work out as much of a saving if at all).
And there is always a potential risk that after the first transfer Bcard reduce your limit to below £7k, or take away the 6.9% BT deal.

blisteringblue

In the past I did something similar with a Sainsburys offer and found there was no transfer fee when I transferred the balance to a card without any offers? Also note there is no "interest free" period like a purchase when you do this, so you will be getting charged interest as soon as it transfers.

Mine was a few years ago so this might have changed now?

On another note where are you getting this 6.9% offer from? I've only £300 on my barclaycard and could make use of this deal, but when I logon online and click balance transfers I always get "there are no balance transfer offers on this account at the moment"

Tixy

blisteringblue wrote: »

On another note where are you getting this 6.9% offer from? I've only £300 on my barclaycard and could make use of this deal, but when I logon online and click balance transfers I always get "there are no balance transfer offers on this account at the moment"

BCard offers vary wildy between customers, and can change surprisingly frequently - all you can do is keep checking your online account every week or so to see if they decide to offer you a deal.

If you have no offers then try varying your behaviour with them - e.g. if you only normally pay the minimum payment try paying a bit more off each month and then see if any offers appear.

CharlieB11

Thanks for the info.

The 6.9 offer is listed online when I view a statement been there for months maybe longer.

blisteringblue

Tixy wrote: »

BCard offers vary wildy between customers, and can change surprisingly frequently - all you can do is keep checking your online account every week or so to see if they decide to offer you a deal.

If you have no offers then try varying your behaviour with them - e.g. if you only normally pay the minimum payment try paying a bit more off each month and then see if any offers appear.

I've only just cleared it with another 0% deal so I guess that is why. Will wait till next statement day and see what happens. A 6.9% deal would clear all my remaining standard apr rates and knock another 6 months off the snowball.