Classed as purchase or transfer?

Dibbley247

So I took out finance with Barclays via Anglian Windows last year, as we had no choice but to take then out on finance.
So sat down with advisor during a mortgage review, and was reccomened to take out a 0% credit card to pay off the loan.
Which with the money saved from new mortgage deal, and new house insurance I've redone. I can pay the debt off in 26 months.

So I applied for a Barclay card, got accepted, went to pay off, but they don't accept it, or American express.

So before I apply for a Sainsbury's card 0% on purchases for 30 months. 0% on transfers for 3 months.

Would this be classed as a purchase, or a balance transfer when I ring up the finance company to pay off the £3650 owed in full?

Many thanks.

StopIt

You'll need a money transfer card.


You then put the money in your account, then pay off the finance.

[Deleted User]

So it depends what you're doing.

So you can't do a BT for a loan.

So it will either go through as a purchase or a cash advance, if indeed they accept cards. So a cash advance would be bad news.

So I'd be looking for a money transfer option.

So I hope that helps.

Mogley

You will need to get a settlement figure from Barclays finance. They don't accept credit cards as payment and you cannot balance transfer a loan.


Apply for a credit card that allows money transfers with low charges.
On application, tell the credit card company how much you'd like to money transfer to your current account (to cover the settlement figure).
When the money is in your current account, pay Barclays finance the settlement figure by debit card or standing order.

Dibbley247

They do accept credit cards, just not Barclays or American express.
I rang Sainsbury's, gave them my scenario, and they said it's classed as a purchase. So if that's the case, I can pay off the windows with no interest within their timeframe of 0%

Candyapple

Dibbley247 wrote: »

They do accept credit cards, just not Barclays or American express.
I rang Sainsbury's, gave them my scenario, and they said it's classed as a purchase. So if that's the case, I can pay off the windows with no interest within their timeframe of 0%

Please note that a 1.5% fee will be applied to all payments made by credit card. We do not accept Barclaycard or American Express credit cards.

http://www.barclayspartnerfinance.com/personal/loanaccount

Just apply for a money transfer card as advised and avoid the 1.5% fee.

kovacsi76

Candyapple wrote: »

http://www.barclayspartnerfinance.com/personal/loanaccount

Just apply for a money transfer card as advised and avoid the 1.5% fee.

Just out of curiosity, which 0% money transfer cards have a fee less that 1.5%?

Mogley

Dibbley247 wrote: »

They do accept credit cards, just not Barclays or American express.
I rang Sainsbury's, gave them my scenario, and they said it's classed as a purchase. So if that's the case, I can pay off the windows with no interest within their timeframe of 0%

I stand corrected. Thanks.
You would need a 0% purchase card. You could also do it with a 0% money transfer card but only worth it if the fee is less than 1.5% (recently I got a 2.5% fee, 0% money transfer for 32 months with virgin).

So I think Sainsbury's maybe your best bet. Just hope you get the credit limit you require.

Candyapple

kovacsi76 wrote: »

Just out of curiosity, which 0% money transfer cards have a fee less that 1.5%?

Good point, however there is such a thing as a super balance transfer (read about it) which would mean no fee whatsoever.

Dibbley247

Sainsbury card is the route I'm going now, 1.5% is alot more appealing than the 22% monthly rate I have at the moment. Way things have gone today, I really can't be bothered to research or look into anything else. So I've applied, just got to sign the paperwork.

I will ask when I pay, is that 1.5% for laying g it in full, or just a standard rate, if it's due to paying in full, i'll just pay up until i have one more payment to do.

Cheers for all the advice.