Negotiating lower rate, Barclaycard

Brodiebobs

I currently have just over £6,000 on a Barclaycard, started off as a 0% balance transfer but this has now ended and £125ish of the £275 a month I pay is going on interest.

Trying to clear this a.s.a.p throwing any spare cash that way also applied for and was declined on another providers 0% card (think due to low income, credit score is good I've checked).

I've looked via here and the credit score provider and Barclaycard always show as a match for my score but they don't accept transfers from themselves.

Would they be open to negotiation in reducing my rate, has anyone tried this and was successful?

TIA Brodiebobs.

[Deleted User]

whats the apr you are paying now?you could ask them to lower it they could refuse or they might even say yes,better to ask them than us tbh

andyfromotley

Ask them they can only say no, if they do try another provider again, you don't have much to lose.

CAPTAINBLONDECHICK

Absolutely worth a try. I contacted them by phone about 6 months ago and just enquired if there were any offers available to me to save me moving my balance to a lower interest card - I played on the fact that I had a good relationship with them and would prefer to stay with them because of that (in all honesty, I found I couldn't actually get another 0% card at that time, but they didn't know that ...). I said I was keen to reduce the balance but found the interest was swallowing up a lot of the payments made - they offered to reduce my interest from about 22% to 9.9% for 2 years. I was delighted with that, so it would be definitely worth the phonecall.

I find them very reasonable to deal with please so don't be put off trying

Brodiebobs

brill thanks!


I tried to get through to discuss but was on hold sat for ages so thought id see if anyone had success before trying again.

Candyapple

Yes there's numerous threads on here about the same topic. Barclaycard usually offer you 2 things when you call up:

1. 0% on purchases for 12 months
2. A reduction in your APR (usually to 9.9%)

Do you not have any money transfer offers from them? That would possibly be even cheaper for you. Usually they are for 6-9 months and with a 1.9 or 2.9% fee. I guess it depends on your remaining credit available though and if it would be worthwhile.

Brodiebobs

Candyapple wrote: »

Yes there's numerous threads on here about the same topic. Barclaycard usually offer you 2 things when you call up:

1. 0% on purchases for 12 months
2. A reduction in your APR (usually to 9.9%)

Do you not have any money transfer offers from them? That would possibly be even cheaper for you. Usually they are for 6-9 months and with a 1.9 or 2.9% fee. I guess it depends on your remaining credit available though and if it would be worthwhile.

Yes offered me a money transfer when I last logged on and have around £3000 available credit, I never thought of that do a money transfer then pay it back off?


Would it automatically go off the interest charging part of the card rather than just pay back the amount I've taken IYSWIM?

jckh14

Brodiebobs wrote: »

Yes offered me a money transfer when I last logged on and have around £3000 available credit, I never thought of that do a money transfer then pay it back off?


Would it automatically go off the interest charging part of the card rather than just pay back the amount I've taken IYSWIM?

You could request a higher credit limit first so you could money transfer more?

Candyapple

Brodiebobs wrote: »

Would it automatically go off the interest charging part of the card rather than just pay back the amount I've taken IYSWIM?

Yes.

If you do not pay the total outstanding balance in full by the payment due date, we'll apply the amount you do pay to reduce higher interest rates balances before lower interest rate balances. This usually means that you will pay off any cash transactions and purchases before you pay off any of your balance transfer.

http://help.barclaycard.co.uk/brochure/paying_bill/payment-allocation

I would apply for a credit limit increase with Barclaycard and then do the money transfer. Even if they decline the increase, at least when you apply for a new balance transfer card you aren’t so reliant upon receiving a very high credit limit.

Brodiebobs

Thanks for your help everyone.

I phoned, took me nearly 20 mins to get through but have been reduced from 17.9% to 9.9%.

Also offered me 0% on purchases but I politely declined don't need anymore temptation to spend!

Will have a log on tonight and look at the money transfer offer too.

CAPTAINBLONDECHICK

Brodiebobs wrote: »

Thanks for your help everyone.

I phoned, took me nearly 20 mins to get through but have been reduced from 17.9% to 9.9%.

Also offered me 0% on purchases but I politely declined don't need anymore temptation to spend!

Will have a log on tonight and look at the money transfer offer too.

Brill - well done :j