Credit Card

juliemario

I just want to check; I need to borrow £600.00. Barclaycard has a deal which states: Balance transfer length and fee: 28 months 0% with a 3.5% fee.

Does that mean that, if accepted, I could borrow £600.00 interest free for 28 months? How does this work? When I transfer the money, do they automatically charge me 3.5%. Is this £21.00 if I borrow £600.00.

Finally, is there a minimum monthly repayment? What is this likely to be on a loan of £600.00.

Thank you.

NPHammer

The 0% on that card is only for balance transfers from other credit cards.

What it sounds like you want is a 0% purchase card. Check them out in the cards and loans section of the site. The best you'll get is 18 months 0% - that's the best the market currently offers.

Your minimum payment will depend on the provider as a rule currently 1% of the balance for most providers although most have a minimum payment. For £600 the absolute most as a minimum payment you'd be likely to pay is £25 a month. If you just pay the minimum you will have some balance outstanding at the end of the 0% period.

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

juliemario

Thank you so much. That's really clear. You're right about it being a 0% purchase card that I am looking for. Thanks a million

InsideInsurance

What is the $600 for? If it is to buy something then a purchase card is your best option. If its to repay someone etc and thus you need cash then a purchase card wont help either.

There are some Super Balance Transfer cards that allow you to effectively use it as a loan by transferring not to a credit card but to a current account but these are in the minority.