Ex Egg Barclaycard order of payments?

catwoman73

I have a Barclaycard that was originally an Egg card.

I am interested in their money transfer offer (0% to end Dec 2016 for a 1.9% fee).

If I also spend on the card, and pay off what I spend, do the payments I make go against the spending, that would attract interest if not paid off, rather than the 0% offer?

Eg - transfer £3k cash and keep spending a few hundred pounds a month normal spending. Each month pay off the spent amount manually.

It's not the end of the world if it doesn't work like this, I have another card I can use, but I would like to carry on getting the cashback if possible, but obviously want to avoid paying interest.

Just wondered if anyone knows if my plan will work as I think it will?

grumbler

catwoman73 wrote: »

I am interested in their money transfer offer (0% to end Dec 2016 for a 1.9% fee).

If I also spend on the card, and pay off what I spend, do the payments I make go against the spending, that would attract interest if not paid off, rather than the 0% offer?

I am pretty sure it's the case for all UK CC cards because of some regulations.

...I would like to carry on getting the cashback if possible, but obviously want to avoid paying interest.

You can't avoid interest in this case by paying on the due date. You can only minimise it by making extra payments after the spending transactions appear online.

catwoman73

grumbler wrote: »

I am pretty sure it's the case for all UK CC cards because of some regulations.

You can't avoid interest in this case by paying on the due date. You can only minimise it by making extra payments after the spending transactions appear online.

Ah, interest would be generated because I am not paying the account off in full? I had forgotten about that - it's so long since I paid any interest on credit cards I forget how they work sometimes!

So if I decide to do the money transfer, I need to stop spending on the card, fair enough.

thanks

20aday

I've made the mistake (previously) of mixing Balance Transfers and Purchases and was charged interest until I realised what I'd done!

From the various replies I've read on here the general consensus is to never mix Balance/Money Transfers and Purchases.

AFAIK the only lender who doesn't implement this is Nationwide but don't quote me on that.

Superscrooge

This is a useful leaflet endorsed by the Citizen Advice Bureau about changes to credit card regulations.

The most expensive debt on your credit card will always be paid off first.

http://www.theukcardsassociation.org.uk/wm_documents/Good%20news%20for%20credit%20card.pdf