Barclaycard cheques, 3% fee, 0.9% until Jan 09

p1an0player

This seems to me like a good offer if I can borrow £5k from Barclaycard and stick it all into Stroud & Swindon's 7.05% bond.

Any thoughts on this (I'm not in a position to apply for any new credit cards at the moment)

YorkshireBoy

http://www.stoozing.com/calc.htm

Spirit_2

I have also had this offer. Forgive me for being dense but the .9% is that annual or monthly? I cannot figure it out.

[Deleted User]

Spirit wrote: »

I have also had this offer. Forgive me for being dense but the .9% is that annual or monthly? I cannot figure it out.

I think it's an annual rate ie 0.075% per month.

p1an0player

anactuary wrote: »

I think it's an annual rate ie 0.075% per month.

not sure if you have rounded this up but is the monthly interest not 0.0747% (assuming the interest is applied to the account monthly)? if you are an actuary you probably won't think I am splitting hairs!

achilles

I got this offer as well but it says with no fee on mine. Are you sure you've got a 3% fee?

molar

I got this offer with a 3% fee.

[Deleted User]

p1an0player wrote: »

not sure if you have rounded this up but is the monthly interest not 0.0747% (assuming the interest is applied to the account monthly)? if you are an actuary you probably won't think I am splitting hairs!

It depends whether the 0.9% quoted is a simple rate or the APR. If the former then my figure applies (0.9/12) and if the latter yours applies (twelfth root of 1.009 minus 1). You're not splitting hairs and yes, the clue's in the name.

p1an0player

The T&C don't say whether it's 0.9% per month, per annum, over the term of the offer, or if it's the APR. It says on the front sheet "0.9% for 16 months".

Also, about the 3% fee, I can't work out the if the fee is added to the account and charged also at the promotional rate? What about if I borrow exactly 90% of my credit limit (the maximum at the promotional rate as per T&C), as the 3% fee goes above 90% of the credit limit, would they still charge the promotional rate on the fee?

kmilward

I've just been on the phone to query the offer and it is 0.9% APR. :T

I'm chuffed with this as I've just returned from travelling and there is no way I can apply for a credit card just yet!!

I also double checked whether I could use this in conjuction with my current account and it appears I can! Great stuff :j

guy999

Hi
Could somebody explain to me if this is correct?
Totally new to this
Cheers


Calculate your profit
Balance to be transferred (£) 5000
BT card interest rate (%) .09
Introductory period (months) 15
Balance Transfer Fee (%) 3
Maximum BT Fee (£)
Minimum monthly payment type Percentage Fixed Amount
Min monthly payment amount (% or £) 2.5
Savings interest rate AER (%) 7.05
Select Tax Rate Basic
Answer: £112.27