Barclaycard Purchase Plan

ooops

does anyone understand the Barclaycard purchase plan

[Deleted User]

Depends on the fee and how long you pay it back over.

ooops

I think its starts at 4% for 6 months, rising to 8% for 24 months.

grumbler

"Offer ranges from 4% of the purchase amount for a 6 month term up to 8% of purchase amount for a 24 months term."

The monthly rate is:
for 4% and 6 months - 1.13%
for 8% and 24 months - 0.63%

SnowTiger

You're comparing apples with oranges.

1.453% is more than likely a monthly interest rate. 18.9% APR (annual rate).

Your 4% APR or 8% APR offers would be cheaper.

If you have another card you may be better off making the purchase on that, then doing a 0% balance transfer to Barclaycard.

Barclaycard offer some fairly good deals. They email me and write to me every month with card and bank account transfer offers.

grumbler

SnowTiger wrote: »

You're comparing apples with oranges.

1.453% is more than likely a monthly interest rate. 18.9% APR (annual rate).

Your 4% APR or 8% APR offers would be cheaper.

4% and 8% are one-off fees, not APRs.

SnowTiger

grumbler wrote: »

4% and 8% are one-off fees, not APRs.

Ah. I had a quick look when it appeared in my account a while ago, but didn't absorb the details.

Ben8282

Another factor is that the purchase plan amount becomes separate from your main balance so that you will not pay interest on other purchases if you continue to make full payment of the main balance each month.