Money transfer to pay off purchases?

c.cam108

I have a Barclaycard with around £1000 of purchases on it at the standard rate of 20-odd percent. They are offering me a money transfer at 0% for 18 months with a 3.9% fee. My credit limit on the card is £3000.

Is there any reason not to do a money transfer of £1000 from the card to my bank account, and then pay £1000 to the card, which goes towards the more expensive debt first - i.e. the regular spending?

It seems like a no-brainer to me, but is there something I'm missing? I don't want to take out another card to balance-transfer.

grumbler

c.cam108 wrote: »

I have a Barclaycard with around £1000 of purchases on it at the standard rate of 20-odd percent. They are offering me a money transfer at 0% for 18 months with a 3.9% fee. My credit limit on the card is £3000.

Is there any reason not to do a money transfer of £1000 from the card to my bank account, and then pay £1000 to the card, which goes towards the more expensive debt first - i.e. the regular spending?

No.

It seems like a no-brainer to me, but is there something I'm missing? I don't want to take out another card to balance-transfer.

After doing this using the card for new purchases is best to be avoided as all new purchases will attract interest even if paid in full every month.

c.cam108

Sorry - do you mean that I should do it? The purchases have been made - I'm not talking about making any new purchases on the card.

Candyapple

c.cam108 wrote: »

Sorry - do you mean that I should do it? The purchases have been made - I'm not talking about making any new purchases on the card.

Yes - do the money transfer and pay off the £1k you owe.

Grumbler was saying that once you have paid off the £1k, not to make any further purchases on your Barclaycard.

Long story short, yes to the money transfer, clear debt, put the Barclaycard in a drawer and forget about it, set up DD for min repayment and make sure you clear the balance owed before the end date.