Barclaycard Platinum Woes

benshort

Hi,

I want to pay off my co-op loan with my savings but needed a little extra so I applied for a barclaycard platinum card online to take advantage of the 31 month 0% balance transfer deal.

I got accepted only to find that they won't currently allow me to transfer to a current account. The co-op needs you to have money in your current account which they will take to pay off the loan.

So now I'm left with a credit card which is no good for me. I guess I should have spoken to barclaycard before applying.

Just wanted to post this here as a warning for anyone else.

Ben

YorkshireBoy

So do you have a plan B?...if not, would you like one suggesting?

benshort

YorkshireBoy wrote: »

So do you have a plan B?...if not, would you like one suggesting?

I'm thinking either I keep saving and making the monthly payments for 8ish months then pay the loan off in full or ask if they will take a overpayment now and then keep making the monthly payments until its paid off.

If I paid off the loan today I'd have to pay £6585 and I have £5173 savings. Leaving me to find £1389. The monthly payments are £145.

I was hoping to use the credit card to pay off £3000 so I had a bit of an emergency fund.

I'm open to other suggestions.

thebritishbloke

One option would be sending one of your friends the money you need on PayPal, using the BarclayCard (Depending on which card you have, you may/may not have 0% on purchases for a few months). You can then get them to give you the money, make sure it's somebody you trust though. You'll lose out on a little bit because of PayPal fees too.

They will usually accept overpayments even if it's not for the full amount.

YorkshireBoy

benshort wrote: »

I'm open to other suggestions.

30 months 0% on cash into your current account for a 4% fee...


http://www.mbna.co.uk/credit-cards/mbna-credit-card/ (check out 'money transfers')


Maybe 6 months 0% is adequate? If so, here's an option with a low 2% fee...


http://uk.virginmoney.com/virgin/vaa-amex/

benshort

YorkshireBoy wrote: »

30 months 0% on cash into your current account for a 4% fee...


http://www.mbna.co.uk/credit-cards/mbna-credit-card/ (check out 'money transfers')


Maybe 6 months 0% is adequate? If so, here's an option with a low 2% fee...


http://uk.virginmoney.com/virgin/vaa-amex/

Should I close the barclaycard and wait for a while before I apply though? So my credit check looks better?

YorkshireBoy

benshort wrote: »

Should I close the barclaycard and wait for a while before I apply though? So my credit check looks better?

Impossible to advise, without knowing more about your circumstances. However, if the application was very recent there's a chance the account won't have appeared on your credit files with the CRAs yet...so applying now, and not waiting for closure of the Barclaycard, might be better.

benshort

YorkshireBoy wrote: »

Impossible to advise, without knowing more about your circumstances. However, if the application was very recent there's a chance the account won't have appeared on your credit files with the CRAs yet...so applying now, and not waiting for closure of the Barclaycard, might be better.

I applied on Monday the 5th no not very long ago.

thebritishbloke

benshort wrote: »

I applied on Monday the 5th no not very long ago.

I'd just give the application a go online now. If you've got a solid history, you shouldn't have a problem having a second application.

cheops2006

I wouldn't close the account down if its new.

benshort

cheops2006 wrote: »

I wouldn't close the account down if its new.

Whys that?