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

YorkshireBoy

guy999 wrote: »

Could somebody explain to me if this is correct?

That figure is close enough for me. But, two questions...

Can you get 7.05% AER for the entire 15 month duration? I would suggest not.
Are the minimum payments still 2.5% (I believe some Barclaycard products have gone to 2.25%).

Clariman

guy999 wrote: »

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

Those figures are correct if the BT card interest rate is 0.9 rather than 0.09. Other than that I agree with them.

Clariman

Annando

I also got this offer at 0.9% but with NO HANDLING FEE!!
First time I'm happy with Barclaycard!

thepearce

p1an0player wrote: »

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)

If I'm reading it right the 7.05% bond at Stroud & Swindon has now closed. Issue 59 (18/9/2007) is offering 6.30%.

So what's the best option to put my money in now? Thanks

wayoflife

where did you get this offer from? i.e ring up?

Honour_2

I have been sent the same offer. My thoughts were "whats the catch" other than the obvious where they rely on you Not to be able to be in a position to pay it back at the end of the term. If I used one of the cheques for say 10,000 then the 3% would be £300 charged. What I would like to know is would that charge be added to the 10k or is it paid up front and how much would the monthly payment be till Jan 09. Also are there any hidden charges to be aware of ?:money: Many thanks for any reply.

p1an0player

My understanding is that the fee is added to the balance, and is also at the promotional rate.
The minimum monthly payment I think is 2.25% of the total balance for most Barclaycards.
Hidden charges: don't borrow more than 90% of the credit limit as it will be a higher interest rate, don't spend on the card at all due to higher interest balances being paid off first.

Honour_2

p1an0player wrote: »

My understanding is that the fee is added to the balance, and is also at the promotional rate.
The minimum monthly payment I think is 2.25% of the total balance for most Barclaycards.
Hidden charges: don't borrow more than 90% of the credit limit as it will be a higher interest rate, don't spend on the card at all due to higher interest balances being paid off first.

I have decided to try this out, many thanks for your reply I will let you know what happens.
Honour.

Honour_2

Many thanks p1an0player. I shall give this a try and let everyone know what happens. I would also appreciate any views from someone who has already done this and knows there is a catch ?

bankslayer

I also received the 0.9% 'till Jan 09 offer - with no handling fee.

Unlike some CC companies, Barclaycard do not seem keen on people paying BT cheques into a bank account.

The call centre operator in Mumbai/Delhi (grrrr!) would not transfer to a bank account and couldn't advise on BT cheque usage because the deal varies from customer to customer, so it depends upon what conditions have been described in your offer letter.

My offer letter states somewhat vaguely that cheques can be made payable to 'whoever you need to pay'.

I have paid a cheque into a spare bank account - will this work? Could they screw me with a fee or refuse the cheque? Has anyone else tried this?

I would prefer to get the cash now for what I need, rather then rack up the debt somewhere and use the BT cheques to transfer later. This would be too late for the Barclaycard offer anyway.