Barclaycard Cash Transfer Advice Needed Please

sunshine_and_rain

Hi
I have a balance of just under £4000 on my Barclaycard, £3300 of this was transferred on a 0% deal until Feb 2017. I'm paying £100 a month and know I will need to shift again before the end of the promotion.

I want to help a relative to pay for something and want to transfer a cash amount of £1300 into my bank account on a promotional 0% until April 2017 offer.

If I keep making 'my' payment of £100 per month and also make an 'extra' payment of £110 per month to clear the £1300 in 12 months will both these payments be enough to meet the minimum payment Barclaycard will ask for each month?

Sorry in advance for being a numpty but can't get my head around it!

If the relative pays what they have borrowed, plus the fee at 2.9% then any balance left will be my own....is this right?

grumbler

sunshine_and_rain wrote: »

If I keep making 'my' payment of £100 per month and also make an 'extra' payment of £110 per month to clear the £1300 in 12 months will both these payments be enough to meet the minimum payment Barclaycard will ask for each month?

Just check the summary box for your card and you'll see:

Minimum Repayment The highest of:
1. £5 (or the full outstanding balance if it’s less than £5)
2. 2.25% of your main balance plus any purchase plan instalments due for that month

(I randomly checked some Barclaycard and guess it's the same for all).
It's not a rocket science to calculate that for £4000+£1300=£5300 minimum payment is £119.25.

If the relative pays what they have borrowed, plus the fee at 2.9% then any balance left will be my own....is this right?

Well, for this to be correct all payments have to be allocated to the new 0% balance in the first place and to the old (your) 0% balance in the second. To make this sure check your T&C:

How we allocate payments
If a payment you make is less than your total outstanding balance as shown on your statement, we’ll use it as follows:
•...
• To reduce your main balance (your statement balance less any purchase plan balance). We’ll start with the balances charged at the highest interest rate first and then reduce the lower-rate balances. If you have more than one promotional balance at the same interest rate, we’ll use your payment to reduce the balance with the promotional rate that ends first.

In fact you have some other ~£700 balance that will be paid off in the very first place if it's not 0%. However, this doesn't make any difference in your case except that with help of your relative you'll pay it off earlier thus saving on some interest.

sunshine_and_rain

Thank you, this is what I had thought but wanted to make sure I hadn't missed anything. Really appreciate your help, thanks.