mimimum payment, 1% or 2.25% barclys

wellsy07

Iv been lucky enough to get a 2nd Barclay card and
It's a 32 month transfer,
So I'm planning on moving the remaining of my other cards onto this
To it.

Iv done the minimum payment calculator on here and it suggests on
Balance of 3k the minimum(which I plan to pay above) will be
About 30 quid, which be 1%

But when I read the print it says about 1% or 2.25%
Which obviously impActs the figures a fair bit.

Which one will I be looking at paying? It's been along time since
My other Barclaycard had balance on so iv forgotten.
Currently paying two lots of 25 quid mbna and Virgin that have shorter
0% left.

Chino

wellsy07 wrote: »

Which one will I be looking at paying?

Telephone Barclaycard and ask?

wellsy07

I have, and was in hold so long my 2 year old and 4 month old children now need
Feeding first, so I thtought a ....credit card forum....of useful people
Would be able to help, but of course your personally unable to do such so maybe
Someone else will post more helpful,cheers

danthemoneysavingman

this prompted me to look on stoozing.com where they held this sort of info - and was shocked to see all the tables have had to be taken down! reducing information available to people is apparently the FCA way forward, aren't they great! not


So... as its immaterial as you have the card already, wait for your first statement and you'll find out. Don't forget to set up a DD for minimum payment, as a backstop, rather than have none at all

[Deleted User]

It's the highest if 1% plus interest or 2.25%. So on a 0% BT, it's 2.25%.

eskbanker

http://www.barclaycard.co.uk/personal/credit-cards/platinum-balance-transfer#tabbox0 states the minimum repayment as being:

The highest of:
1. 2.25% of the amount you owe us on your monthly statement;
2. £5 (or the entire amount if less than £5);
3. any interest, account fees and default charges that have been added to your account since your last statement plus 1% of the remaining balance.

So, as zx81 says, it's 2.25% in this case....

wellsy07

Thank you for the informstive answers and prompt!
I was expecting it more to be the 2.25% but as its a decent difference
Of percentage in terms of repayments, I had to bw sure(1% seemed far to good to be true!)
Dantheman, useful information! Typical that such tables get taken away
Novices like me could do with it!

So am I right In taking tge 1% is active if it was a purchases built
Balance?

Cell

wellsy07 wrote: »

So am I right In taking tge 1% is active if it was a purchases built
Balance?

1% plus interest, but if that didn't equate to at least 2.25% of the balance then it would be 2.25%.

In other words 2.25% is a minimum unless you have a small balance where the £5 clause would kick in.

[Deleted User]

It would depend on your interest rate.

wellsy07

Far more educational than if I'd got through to Barclays!
Thank you for the answers it's helped my understanding,