Barclaycard "Transfer to Bank". Advice needed

Marcio45

Hi plodding,
if you have an offer for a money transfer it could be done anytime until the expire date. I would do as soon as possible. As long as the high interest debt that you want to pay off has already come out on the last statement, any payment (from the money transfer) will apply to the most expensive debt.
it is a common thing for people to do, although banks can withdraw offers or reduce credit limits at any time. But as one off, you should have no problem. And you save a lot of money on interest.
let us know how u get on.

[Deleted User]

I've always had the offers on my account but waiting now till after 1st of the month the ensure longest period.
I'll update this post with whatever happens anyway as soon as I can. Thanks again for the reassurance.

Marcio45

just be aware that offers might change month to month. There is no guarantee that the money transfer will be there next month. It will probably will, but not 100%.
just recently, had a nice balance transfer offer on barclaycard with just a 0.4% fee. I tought i would leave for next month, but then it was gone and replaced with a BT offer with a 2.9% fee.

[Deleted User]

Just another question on this, I'm guessing taking these offers doesn't affect my credit rating? Also how quickly could you take another offer once the one your on expires or would this be a bad thing (depending on your answer to my first question..) ?

bigadaj

Plodding1537 wrote: »

Just another question on this, I'm guessing taking these offers doesn't affect my credit rating? Also how quickly could you take another offer once the one your on expires or would this be a bad thing (depending on your answer to my first question..) ?

Your credit rating as in an experian or similar number doesn't mean a lot, a single balance transfer offer shouldn't affect your file.

I've seen estimates whe people have quoted available credit on your cards being less than half your income, and card balance being half your available balance, as rules of thumb, so might be soemthing to consider.

Having said that we've seen people saying they have over six figures being stoozed with no issues so there's no absolute rule.

[Deleted User]

So for anyone else about to do a money transfer here was my whole experience :
I saw the next set of offers actually just before the end of the month so quickly realised I was better off taking an offer that was about to run out. I applied and within 24-48hrs the money was confirmed in my bank account. Once it looked fully cleared I transferred it back onto my credit card balance and also paid off the fee at the same time.
Then I sat back to wait to see my next statement which now shows I've now no more interest to pay for the term of my offer!
So perfect and still amazed how fast it happens. I was half expecting to occur some interest on the latest statement but I'd say clearing your balance must negate that somehow.

minimula

Hi all, I'm looking for a little advice on this exact topic so didn't see the need to start a new thread, I hope that's ok? If not I can pop a new thread on

I have a Barclaycard with a balance of around £800

I have an overdraft with Natwest that's maxed out at £3150 that I'd like to pay off as quickly as possible

Is it a good idea to use this Money Transfer option to send £3150 to my bank account (which I'll then close down as I have another open that I usually use)?

I wouldn't hesitate if the Barclaycard didn't already have a balance on it but I'm not sure how it all works considering it does? If it makes any difference the transfer fee offered is only 0.9%, and the 0% interest rate is good through April 2017. Not long I know but I intend to have it all paid off before then.

So what happens? If I for example make a £500 payment, does that go towards paying off the existing balance or does it come off the interest free balance? The terms and conditions are as previously detailed in this thread.

Any help here is appreciated as this is a bit of a minefield and I don't want to make the wrong choice.

Cheers
M

Dobbibill

Barclaycard explain their allocation of payments here on their website meaning they will take money off your statemented balance first.

As a side note, if your balance is accruing interest is there any reason you are not going to take a MT of a little extra than planned to pay off the balance you are carrying on the BC making the entire balance interest free.

minimula

So take a money transfer of 4000, pay off the overdraft with 3150 and put the 850 straight back on the card leaving the remaining balance interest free? Would that work?

If so, I think I may as well go for that!

Dobbibill

Yes, exactly that.......please make sure you address the reason you are in your overdraft. Doing this is only very effective if you don't land up with more debt, for the exact same reason in a years time.