Barclaycard Balance Transfer Offer

Venusflytrap

Hi All,

I have had a BC platinum for 1.5 years which offers repeat BT offers. I now would like to take advantage of a 1 year BT offer and have the ffg questions:

• Can I transfer a balance from two CCs or just one?
• With a BT fee of 2.9%, will my first repayment be the minimum or whatever I choose to pay above this + this 2.9% fee?
• If I made a purchase on the card and repaid this in full plus monthly payment before the due date, would I still incur interest/be penalised for using the card for both BTs and purchases?
• If I BT from multiple cards, would the 2.9% fee be applicable to both balances = 4.8%?
• Does it count against my credit worthiness or flag me as 'financially lean' that the BT sum is small (in the hundreds)? I could pay it all off but would just rather grow my savings.

Would be my first BT so want to get it right! As I am currently saving for a MA programme and this BT offer is much lower in APR than my ISA, I would rather leave my savings untouched and pay off balance over 12 months. Provided I keep my spending moderate, it should work out seamlessly.

Venusflytrap

70 views and no comments? Really?

jamesd

That probably means that nobody who happens to have read it also happens to know all of the answers, which Barclaycard will be happy to answer for you.

The 2.9% fee will apply to each balance individually and you will pay 2.9% of each balance transferred. It does not get multiplied by the number of transfers. There may be a minimum fee of £5 or perhaps more that could make it more costly for low value transfers.

The amount matters more in relation to your income and having a spotless record of paying on time. It's not of much significance in itself.

guesswho2000

Venusflytrap wrote: »

Hi All,

I have had a BC platinum for 1.5 years which offers repeat BT offers. I now would like to take advantage of a 1 year BT offer and have the ffg questions:

• Can I transfer a balance from two CCs or just one?
• With a BT fee of 2.9%, will my first repayment be the minimum or whatever I choose to pay above this + this 2.9% fee?
• If I made a purchase on the card and repaid this in full plus monthly payment before the due date, would I still incur interest/be penalised for using the card for both BTs and purchases?
• If I BT from multiple cards, would the 2.9% fee be applicable to both balances = 4.8%?
• Does it count against my credit worthiness or flag me as 'financially lean' that the BT sum is small (in the hundreds)? I could pay it all off but would just rather grow my savings.

Would be my first BT so want to get it right! As I am currently saving for a MA programme and this BT offer is much lower in APR than my ISA, I would rather leave my savings untouched and pay off balance over 12 months. Provided I keep my spending moderate, it should work out seamlessly.

You can BT from as many cards as Barclaycard will allow, but I've done multiple txfers onto mine;

The fee will be added to the balance, the minimum repayment will be the standard min payment for your account;

If you make a purchase, it won't be repaid until after your monthly statement is produced (purchase on 10th, payment on 11th, statement on 12th=payment applied to BT, purchase on 10th, statement on 12th, payment on 14th=payment applied to purchase);

The fee will be 2.9% of whatever you transfer, subject to any minimums. 2x transfers of £1000 or 1x transfer of £2000 will both attract a total £58 fee;

It'll have no affect on your credit worthiness, you're just taking advantage of the offer. The same as making 50p purchases on a credit card doesn't affect it.

HTH

Venusflytrap

So the BT went through swiftly and I have set up a DD (via my BC online account) for fixed 12 month payments. This was done 3 days before my statement was generated.

While setting up there was a message advising that DDs may take btwn 6 - 8 weeks to be active and I should continue to make payments until I see on my statement that payments will be collected by DD.

I received a text msg next day saying that my DD had been set up and received my paper statement few days after that showing that the next payment on 1 Sept. will be taken by DD.

Is this all that needs to happen or should I still make a minimum payment just in case the DD doesn't take? I expected the set up to take longer than 4 days.

I am being cautious as I will be away during that time and don't want any surprises on returning home.

Thanks

Venusflytrap

Bump!

Your thoughts needed please...

bigadaj

You should be fine, if you Are still worried they why not make a manual payment for the minimum amount as well, this way you can be sure of avoiding a missed payment.