Barclaycard balance transfers

gogsboy

Just started paying interest on a card that had slipped my mind...dont usually do credit anymore so this is the only one I have.

It's with Barclaycard, I have both Nationwide and Lloyds cards that have no balance on them.

Can I call them and haggle for a 0% transfer or would I need to look at another provider or a new application.

If so are the providers limited

[Deleted User]

You can try calling your other cards. They may offer you something, although 0% is unlikely.

If not, there's a number of 0% deals out there for those who qualify.

YorkshireBoy

More chance with Lloyds than Nationwide for offers I'd have thought.

If you go elsewhere, your existing available credit (across the 3 cards you have) may mean you don't get sufficient limit for the transfer?

gogsboy

Perhaps hadnt thought of that, however in the past obtaining credit has never been an issue.

I know things have tightened up over the years.

The balance is around the £4k mark and I could pay it off but just thinking for sake of a percentage could just let it run on for a while continuing to pay the min payment

Having Barclaycard does that restrict who you apply to, remember reading that many cards go under the same umberalla

YorkshireBoy

gogsboy wrote: »

The balance is around the £4k mark and I could pay it off but just thinking for sake of a percentage could just let it run on for a while continuing to pay the min payment

Unless you're making more than circa 1.5% per month on the money you'd use for that, wouldn't that be a bit foolish?

Having Barclaycard does that restrict who you apply to, remember reading that many cards go under the same umberalla

Barclaycard don't underwrite a lot of other cards, certainly not many (if any?) mainstream 0% cards.

gogsboy

Whats foolish, I was looking to take the 4k balance...move it onto another card offering 0% and just keep making the basic payments required?

YorkshireBoy

gogsboy wrote: »

Whats foolish, I was looking to take the 4k balance...move it onto another card offering 0% and just keep making the basic payments required?

When you said "I could pay it off", I assumed you meant with your own money.

You don't pay debt off by transferring it elsewhere...the debt still exists...you simply reduce the cost of servicing the debt.

[Deleted User]

YorkshireBoy wrote: »

When you said "I could pay it off", I assumed you meant with your own money.

You're so old school. Get with the times, Grandad!

gogsboy

YorkshireBoy wrote: »

When you said "I could pay it off", I assumed you meant with your own money.

You don't pay debt off by transferring it elsewhere...the debt still exists...you simply reduce the cost of servicing the debt.

The debt is being paid off at a rate of around £100 per month, if I dont have it on 0% then it wouldn't be getting paid off if subject to 16% APR

However if I move it to another 0% and continue to pay £100 per month then the debt is being paid off, or am I missing something here.

I did say I could pay it off and I could in full with no issues, however don't see the point for a small fee to move the debt and keep the cash at bank..less a monthly payment?

YorkshireBoy

gogsboy wrote: »

...don't see the point for a small fee to move the debt and keep the cash at bank..less a monthly payment?

This calculator will tell you (in pure financial terms*) if that's the best move...

http://www.stoozing.com/calculator/stoozcalc.php


* There may be a secondary benefit (ie cashflow) to BTing the debt.

gogsboy

Anyone recommend a card to move to, one that is easy to set up as had enough dealing with incompetent energy companies this past few weeks