Barclaycard!!!

[Deleted User]

meme wrote: »

I check my credit rating - nothing wrong with it.
I earn £30K.
What do you think?
I've had this card for 22 years!

I think thatll be option three then :D

Check ur credit rating again with the 2 major companies (as one company does have all that the other does) though as it might be that a fraudsters ruined it or you made a mistake you forgot about like a missed payment.. Or even barclays might have processed a payment late. Any number ones on the repay history?

Once you have done that you need to get either a gold or platinum car these come with guarenteed minimum credit limits, and likely to be 2-4 times the minimum limit with your circumstances (providing a good credit report).

Get either a cashback card or a 0% for twelve months that way you can eitherearn cash back or slow stooze - ie pay the minimum but keep the balance in a savings account, that way you make money from them and its satisfying lol :rotfl:

Chris2000

nfiche07 wrote: »

Hi Chris2000
Like you , I have received this offer. I cannot see any snags, but I am suspicious, and wonder whether I have misunderstood something..
I have £1000 left on my 0% LOB offer, and I am tempted to repay this and take the new offer (90% of 6000), although the interest I would earn on this, less the 3% fee, until July 2008 is not much greater than I would earn on the remaining LOB for another 4 years or so .
Is it significant, I wonder, that the "BT" must be done using a Barclaycard cheque.?

Any thoughts ?

Yes - don't pay off the 0% LOB!

As I understand it, when Barclaycard determine the order in which your balance is repaid, the old 0% LOB offer is treated as 6.9% (the rate that would apply if you didn't spend anything on the card during the month).

So if you take up the new offer, your monthly repayment should go towards the new 0% balance transfer first, and the old 0%/6.9% LOB transfer should stay on the account and stop reducing for a year.

The catches...

Must continue using the card once a month to keep the 0% LOB rate.

Must remember to pay off whatever's left of the new 0% balance transfer before the July 2008 statement. Otherwise it will become part of the standard balance and once that happens it can't be paid off until after the 0% LOB has been cleared. I would hope that the new 0% balance transfer would be itemised separately on each statement to make it easy to see how much to repay in June 2008, but this might not be the case.

I want to check that the 3% fee is added to the 0% promotional balance and is not added to the standard balance.

Also the maximum amount is a bit confusing, but I assume it means the maximum BT is 90% of the credit limit, less the existing balance.

nfiche07

Thanks Chris2000 but BEWARE . Iam not sure it is wise to leave the 0%LOB not paid off !
I received some new conditions and perhaps you did also. Operative from 11th July they affect the allocation of the monthly repayments.
They will apply repayments first to "Promotional Balances" and
" If you have more than one Promotional Balance they will normally be repaid in the following order;
transferred balances before promotional purchases
then open ended offers before fixed period offers ( ie the 0%LOB)
then lower rate before higher rate offers
then oldest offers before newer offers "
Assume an existing 0%LOB of 1000 and a new credit limit of 6000. The new July 08 BT will be 90% x 6000 =5400 less existing balance 1000= 4400. The first monthly repayment will be 2.25% x 5400 = 120 and this, with a further 11 rather smaller repayments, will mean repayments over £1000 before July08.. Applied first to the 0%LOB, it will repay it before July08.
Doubtless the company want to get rid of these 0%LOB cases. If you repay the loan before taking the new one, they clear it straightaway. If you let it run, it will be repaid before July 08. They win !
I think it will be marginally better to repay the original loan, as it is already attracting small amounts of interest on the small purchases you have to make. When this balance is cleared , then take the new loan, unencumbered by any interest complications and then repay it by July08. In this example, 5400 earning interest for me less the 3% fee, assuming you are correct in thinking this fee will be "Promotional" rather than "Standard".
Any further views ? I hope you can follow my tortuous logic.
.

Chris2000

nfiche07 wrote: »

I received some new conditions and perhaps you did also. Operative from 11th July they affect the allocation of the monthly repayments.

Thanks for the warning.

I still have £2032 of 0% LOB remaining and only £60 of standard balance, or I could pay that off and take £9000 under the new offer. I'll have to dig out my 0% LOB spreadsheet to work out which is better.

meme_3

Al_Mac wrote: »

Barclaycard used to be one of the most rigorous rule makers and checkers for credit cards. Forms used to ask if you had a Barclaycard, as it was a sign you were a good risk. My guess is that is the way it will go again.

If you are over exposed, can you blame someone for reducing their own risks?

If I was over exposed, then no - I wouldn't blame them.

We have no unsecured debt (except the £500-£600 on the Barclaycard, which is paid in full every month).

Secured debt is a mortgage, up to date (actually overpaying) with a major high street lender.

Income multiple on secured debt (jointly) is currently approx. 1.4 - that's right - 1.4, not 4 or 5 or 6.... And the lender has indicated that they are quite happy to double that so that we can buy a holiday home abroad (still less than 3 x our joint salary).

We both work full time with above national average salaries.

Could it be that I closed my Barclays bank account? :rolleyes:

Money_Man

Still no reason to reduce your limit on your CC product. Only way you will find out is by calling customer services

Daisy_Duck

Money_Man wrote: »

Bclys would only reduce your limit and withdraw the cash option if you have had difficulty paying the facility.

I don't think this is true- if you do a search on this forum you will find lots of people who have had limits reduced repeatedly and who are not having difficulties paying.

Bokkens

meme wrote: »

I check my credit rating - nothing wrong with it.
I earn £30K.
What do you think?
I've had this card for 22 years!

Close the card down and move to another provider.
Have a read through Martin's credit card articles and start stoozing your funds and get a smile on your face when your not giving them a penny in interest!