Barclaycard - Half BT fees. To wait or snap up?

mgarl10024

Hi all,

I'm pretty new to credit cards and BT, so basic advice welcome.

I've got around £4k on a Capital One card which is at 0% until October 2012. I also have a savings account with the same amount in - so affordability isn't an issue here.
My credit record is also good and I meet all the criteria for what I want to do.

In September, I had planned to look around and consider Balance Transferring to another 0% rate and hanging onto my money in the savings account (stoozing).

However, I've spotted Barclay's offer today where they are offering 1/2 rates for BT, down to 1.45% for 22mths. This strikes me as a really good deal.
http://www.barclaycard.co.uk/personal/credit-cards/platinum-balance-transfer

So, should I:
a) snap it up, BT across immediately. I lose 3mths of 0% with capital one, but these offers don't come around often. Stoozing.com says I should get £77, based on 22mths in a 3.1% account with basic tax and a 2.25% minimum payment.
b) hold fire for a few weeks. Barclaycard should be available until 9th August. I'll see what the competitors come out with - as they may beat it. The risk here is that it is taken off the table.
c) stick to my original plan. Enjoy the last 3mths of Capital One 0%, and then survey the market at that point.

I know this is just speculation (as I guess that no-one knows for sure), but I am hoping that those with experience can guide me with what has happened in the past.

Thanks,

pete_

Im also considering this - I have £3K with Tesco 0% ending in April next year.

For you I think the choice is easier - apply just before 9th August then you have up to 60 days to do the BT ... effectively you would not lose any interest if you time it right - unless im mistaken?

Can't decide what to do myself ... im sure I gain overall.

One thing to bear in mind though - "The amount transferred must not exceed 90% of the available credit on your account."

mgarl10024

Hi Pete_,

Thanks for your reply.

Things have moved along a bit for me, in that I cracked and ordered one.

As I understood it, the fee would be payable at whatever point in the 60 days you did the transfer, as the date that the balance transfer period ended was fixed when you applied.
So, if you
a) waited for 59 days and then did the transfer
b) did the transfer instantly
this would have the same effect - except with a) you would have 2 less months for the same fee, so the 'month-per-fee' worked out more expensive.

I applied and was accepted with a very generous limit - far bigger than I've ever been offered before. It took me by surprise really.

Finally, on lovemoney, I found a deal for 1.3% for 21mths instead of 1.45% for 22mths. This works out marginally better per month, but it could mean that I lose out in month 22 depending on what's around then.

Hope this helps,

mrs_T

I also did this from the lovemoney site, went for the 22 months card and got a scarily big limit which I probably won't use. The transfer I requested at application has gone through but is showing the full fee ie. the balance owing is what I requested + 2.9%. How does the half fee cash back work?

Found it:

Terms and Conditions

• You will receive a partial refund against the balance transfer fee paid when you transfer a balance to Barclaycard.
• The refund amount will reduce the effective fee charged to 1.45% of the balance transfer amount.
• The refund will be credited to your account within 28 days from the date your balance transfer is processed.
• You will qualify for this offer provided that you transfer a balance to your Barclaycard Platinum card within 60 days of opening your Barclaycard Platinum card.
• Your Barclaycard Platinum account is not in default at the time that the credit is due.
• You have not given us notice to withdraw or to close the account at the time that the credit is due.
• The offer is only valid for new customers applying through this site and may be withdrawn at any time.