Money Transfer Q.

snailshoal

Hello,

I currently hold a Barclaycard cashback card and I spent a bit of money last money and earned £20 in cashback! YAY.

Now I have an existing balance transfer on this card. Am I right in thinking I will now be charged my standard rate on each purchase as soon as it hits my card account?

Rather annoyed I didn't think about this sooner! I always thought I still had the 56 days interest free.

Thank you in advance for the advice.

snailshoal

Well I just called barclaycard and the person on the phone told me he was 110% sure I wouldn't be charged and that I get "30 days" interest free regardless of a transfer.

But then the barclaycard website says:
"Until you repay your transferred balance in full, you will incur interest on all your purchases at your standard purchase rate."

I'm rather confused.

grumbler

Well, this just shows how common incompetence in CS is. The worst thing is that instead of just admitting that they don't know something they eagerly say that they are 100% sure when giving absolutely incorrect answer. And why on earth 30?!

The fact is that all CC companies with only one exception do charge interest on purchases from day one unless the statement balance, that includes the 0% part, isn't paid in full.

The only exception is Nationwide that changed this recently: Nationwide revamps credit card fees, but will other providers do the same?



Balance Transfer Credit Cards

The six golden rules

...
3. Don't spend or withdraw cash on cheap balance transfer cards. It's not usually at the cheap rate

Credit cards let you spend, shift debt or withdraw cash but banks must put repayments towards the most expensive debt first. So spending on a balance transfer card isn't as bad as it was, as repayments first clear the spending, but it can still cost, as you only avoid interest if you pay off the FULL balance, including transfers and purchases.

Generally, you can pay the purchases balance off ASAP to reduce the interest.

CLAPTON

snailshoal wrote: »

Hello,

I currently hold a Barclaycard cashback card and I spent a bit of money last money and earned £20 in cashback! YAY.

Now I have an existing balance transfer on this card. Am I right in thinking I will now be charged my standard rate on each purchase as soon as it hits my card account?

Rather annoyed I didn't think about this sooner! I always thought I still had the 56 days interest free.

Thank you in advance for the advice.

get another CC for normal spending