Barclaycard Balance Transfer Question

stclair

Just quick question sorry if this sounds a bit daft I’m just asking on behalf of my brother.

He currently has a Barclaycard with a balance outstanding of £2000.00 approximately, currently on interest free until September 2015 with a credit limit of £5000.00 He has £1800.00 to pay this balance in his savings account at present to pay towards this.

He also currently has outstanding balances on 3 other credit cards totaling 3000.00 at much higher interest rates. However Barclaycard are currently offering him 6.9 balance transfer for life however this offer ends on 31/07/2015on this online account so he needs to act before it expires.

If he did a balance transfer to Barclaycard to take advantage of the 6.9% am I right in thinking he would only pay the higher interest on the remaining £200.00 from his previous balance when the previous offer expires. If he uses the available credit again to accommodate the new balance transfers or am I overlooking something?

Many thanks

grumbler

stclair wrote: »

If he did a balance transfer to Barclaycard to take advantage of the 6.9% am I right in thinking he would only pay the higher interest on the remaining £200.00 from his previous balance when the previous offer expires.

Do you mean after paying £1800 off? If so, yes, but it's likely to be even smaller because of the minimum payments he will make before September that, most likely, will go towards the original balance.

stclair

grumbler wrote: »

Do you mean after paying £1800 off? If so, yes, but it's likely to be even smaller because of the minimum payments he will make before September that, most likely, will go towards the original balance.

Yes sorry after paying the £1800 off bearing mind the minimum payment will be paid as well. But he wanted to transfer 3 balances to Barclaycard using the available credit again to get the 6.9%.