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Barclaycard application of payments
mat5664
Posts: 166 Forumite
in Credit cards
I have balance transfers on my barclaycard at 0% and 6.9% but have also made a few cash advances.
Where I have made the cash advances, I have paid them off pretty quickly, as they attract interest from day one. However, Barclaycard have been applying the payments to the balance transfers not to the higher rate cash advances.
I complained about this 2 months ago and we have finally agreed a resolution. Basically, if you make a payment before the next statement is produced, that payment goes towards the highest rate on the previous statement. So even though cash advances attract interest straight away, there is no way to pay them off until after the next statement date.
Barclaycard have said this is the way their systems operate. I have made the point that payments should be applied to the highest rate currently attracting interest, even if it's before the next statement.
To resolve this, they have given me 2 months interest free on all balances and the remaining cash balances will be transferred to a 6.9% rate (even though I thought I had paid them off).
Clearly using a credit card for cash is never the best thing to do, but I needed to at the time. Have to remember in future that you can't use the card to get short term cash as you can't pay it off for up to 56 days.
Never knew any of this! To be fair, Barclaycard have explained everything to me clearly and offered this one time resolution, which I have accepted.
Where I have made the cash advances, I have paid them off pretty quickly, as they attract interest from day one. However, Barclaycard have been applying the payments to the balance transfers not to the higher rate cash advances.
I complained about this 2 months ago and we have finally agreed a resolution. Basically, if you make a payment before the next statement is produced, that payment goes towards the highest rate on the previous statement. So even though cash advances attract interest straight away, there is no way to pay them off until after the next statement date.
Barclaycard have said this is the way their systems operate. I have made the point that payments should be applied to the highest rate currently attracting interest, even if it's before the next statement.
To resolve this, they have given me 2 months interest free on all balances and the remaining cash balances will be transferred to a 6.9% rate (even though I thought I had paid them off).
Clearly using a credit card for cash is never the best thing to do, but I needed to at the time. Have to remember in future that you can't use the card to get short term cash as you can't pay it off for up to 56 days.
Never knew any of this! To be fair, Barclaycard have explained everything to me clearly and offered this one time resolution, which I have accepted.
0
Comments
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Same on all cards - statemented before unstatemented. Good result for you though.0
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