BarclayCard 0% Balance Transfer

NottsStag

Hi Guys,

First post so be gentle, avid reader of the boards though!!

Anyway today I have been accepted for a Barclaycard Platinum with 0% Balance Transfers. They have set a 9800 limit on this card which I intend to decrease as it frankly scares me!!

I have always had airmiles duo with Lloyds and currently have 3500 on a 4k limit. This is what I will be transferring to the barclaycard, I do not intend to spend on this card just set up monthly payment of £150 per month, there fore after 22 months all going to plan will be alot less!!

Just a couple of queries if you may be able to help, would you shut down the airmiles duo or decrease limit to say £500 and use purely for my petrol expenses which I get monthly 45p per mile :j

Sorry to go on but I also have a £3000 overdraft, when applying for the new card I only intended to balance tranfer my card, thus needing a limit of circa 4k, obviously with them ghranting the £9800 limit, a) would you be able to put overdraft on to Credit Card, b) would you recommend this or is it a no goer and daft idea??

I will admit that in the past I have been poor with money, I have unfortunatley gotten myself in to debt through poor choices, living a life I couldnt afford and sadly some gambling. This is now all in the open with the support of my better half and am now just looking forward to thhe future!!

Thanks
Notts Stag

stephane_2

If you are not planning to apply for any more credit in the future then I would leave the limit of your Lloyds as it is.
You won't be able to transfer your overdraft...not with Barclaycard anyway. You would need a card like MBNA/Virgin to do that.

YorkshireBoy

stephane wrote: »

You won't be able to transfer your overdraft...not with Barclaycard anyway.

Whilst it's not an option given initially, Barclaycard do select and notify some customers who are eligible for this type of transfer...

http://barclaycard.metafaq.com/help/brochure/1_creditcards/transfermoneytoaccount

bbfc

I have an option for 'Transfer to a Current Account' with my Barclaycard, but i have no offers for it at the moment.

Paul_the_Painter

You normally have 90 days to transfer balances to your new card. So bearing this in mind, I would try to shift as much spending as possible as possible over the next 3 months to your Airmiles card, then balance transfer the lot over to the Barclaycard (either in 3 chunks or at about the 80 day point) If your expenses are fairly typical you should be able to put about £1500 - £2000 onto your Airmiles card that would otherwise be in your overdraft.

You then should have an overdraft of a LOT less!

You'll continue to pay some interest on your Airmiles card for a couple of billing cycles after you've paid off the balance, so don't cancel any direct debits!

This will require discipline!!

Set up a budget before you do this, as it can be very easy to spend into the overdraft again, and you'll be left at month 3 with a £3000 overdraft, and £1500 more on your credit card!

Rupert_Bear

BC offered me a transfer to my bank account with a apr of 12.4%. Obviously I declined it. I find MBNA are the best for me. The present offer is 12 months 0 percent with the usual fee. in my case 3.5 percent.