Current Acc Transfer

sammy1969

Hi - I have a Barclays credit card which I have used in the past for cash withdrawls which are carrying a high level of interest - 25.9%.

I have been offered the option by Barclays to transfer money from the card to my current account with an interest rate of 8.9% until April 2016.

Is there anything stopping me from transferring money from the card to my current account and then paying it straight back to the card which should repay the higher rate interest items first, so I will effectively pay 8.9% on a balance I'm currently paying 25.9% on ?

Any advice greatly appreciated:)

grumbler

You can do this, no problems, although the transfer will cost you.
Stupid Barclaycard...

sammy1969

Thanks Grumbler. They are offering it at 0% transfer fee, so I guess I should take advantage!

msallen

What you're basically getting here is a three year loan at 8.9% (although unlike a normal loan you will be able to vary the amount you pay off each month). Have you considered just getting a standard loan instead, which you may be able to get at somewhere between 5% & 6% depending on your credit rating.