Barclays 0.8% pre approved offer

safc118

Just logged into my online banking and thought oh we'll let's see how much I can get and at what stupid apr.

Low and behold 7000 over 5 years only 0.8% lol so total repayment works out at 7000.20 over 5 years

I'm thinking take it and lock it away in a ISA and looks like a good return over 5 years

Is it just my account or you think thers a glitch with their system?

Eonel

Sounds very much like a glitch to me. 0.8% apr is surely too good to be true - a stoozers paradise. And even if the rate were true, 0.8% works out at a lot more than 20p interest over 5 years.

creditcardhelp11

safc118 wrote: »

Just logged into my online banking and thought oh we'll let's see how much I can get and at what stupid apr.

Low and behold 7000 over 5 years only 0.8% lol so total repayment works out at 7000.20 over 5 years

I'm thinking take it and lock it away in a ISA and looks like a good return over 5 years

Is it just my account or you think thers a glitch with their system?

Barclays APR for existing customers starts at 9.9%.

chanz4

think its a mistake, barclays never offer that low

safc118

It lets me apply and at the tick for online signature bit it says Apr 0.8 monthly amount 116.67 x60 = 7000.20

If I apply can they change the rate once I've signed?

jonesMUFCforever

If it is an obvious error (as this is) they can't change the rate once accepted by BOTH parties. What they can do is void the contract and put you back into the position you were in before the application ie they would not charge you for any monies put into your account and the date they reclaim it.
They can then offer you a loan at the correct rate - up to you to accept or decline.

Before you ask no there is no point asking for compo and no the financial ombudsman will not want to know.

silo24

You don't have an offset mortgage do you by any chance?

Not sure how the pre-approved offers work, but it is possible they are allowing you to draw down funds against overpayments on your mortgage and this is the net rate.

LovelyLeeds

safc118 wrote: »

Is it just my account or you think thers a glitch with their system?

If something's too good to be true then it usually is.

That said, good win for Sunderland today.

DUTR

safc118 wrote: »

Just logged into my online banking and thought oh we'll let's see how much I can get and at what stupid apr.

Low and behold 7000 over 5 years only 0.8% lol so total repayment works out at 7000.20 over 5 years

I'm thinking take it and lock it away in a ISA and looks like a good return over 5 years

Is it just my account or you think thers a glitch with their system?

You may have gotten your math incorrect £7000+0.8% = £7056 and that is just the 1st year even spreading the payments over 60 months, the 1st year interest would be around £45 and that is not including any cash advance fee, that is just on purchases.
Further calculations suggest the minimum monthly would be £210 and interest £4.69 per month.

jonesMUFCforever

What cash advance fee?
OP was looking at loan rates not credit cards.

safc118

First of all brilliant result today I agree over the moon. Big upset all weekend for prem league.

The figures from my account show monthly amount 116.67 over 60 month total amount payable 7000.20 when I get on my comp I will post the picture ( minus personal details)

In answer to the other questions. I'm not stupid enough to expect compo I'm looking for a loan ATM and when I saw this I thought hang on... Lol

And secondly no offset mortgage With them I have mortgage but with natwest.