Barclaycard's 0% Cash Transfer?

Jlawson118

I'm a little unsure about interest on credit cards as usually I pay them in full but I keep getting emails and letters from Barclaycard offering a cash transfer to my account, the maximum I can take just over £3000 for a 1.9% fee, and 0% interest until July 2018.

To my understanding, does this mean out of every £1000 I borrow, I would be charged £1.90?

So with that in mind and my calculations are correct, say I borrowed £1000 today, set a direct debit to pay back £83.35 (Approx) each month but managed to pay it all off before July, would I simply just pay back £1001.90? Or would their be some kind of extra charges? Or say I set it to pay the minimum payment back each month, would there still be a charge there?

It seems like a good offer to snap up at the moment as I am in need of a short term loan until some time between September & November. It saves me looking elsewhere, having credit searches taken etc

[Deleted User]

Jlawson118 wrote: »

To my understanding, does this mean out of every £1000 I borrow, I would be charged £1.90?

No. Percentage means 'per hundred'. So £19 per 1000. Or £1.90 per £100.

If you pay the total back before the promo period ends, there would be no interest to pay.

Jlawson118

Deleted_User wrote: »

No. Percentage means 'per hundred'. So £19 per 1000. Or £1.90 per £100.

If you pay the total back before the promo period ends, there would be no interest to pay.

I'm thinking it works the same as interest from savings, so I thought the £1.90 seemed too good to be true :rotfl: But even £19 but no interest is still really good

Shakin_Steve

The £19 will be added to your account at the same time as the £1000. So, if your balance was zero, and you asked for a money transfer of £3000, your new balance would be £3057. This is one of the reasons you can only transfer up to 95% of your available balance.

Jlawson118

Shakin_Steve wrote: »

The £19 will be added to your account at the same time as the £1000. So, if your balance was zero, and you asked for a money transfer of £3000, your new balance would be £3057. This is one of the reasons you can only transfer up to 95% of your available balance.

The reason I got things mixed up with the percentage rate was because around March/April, I made a balance transfer to my Halifax Clarity card. I can't remember the exact figure but it was around £300 at a transfer fee of just short of 10%, so overall I had to pay back £330. Had that have been £1000, would that have been £1100 altogether?

So if I paid £30 in fees for £300, where does the £19 come from if the rate is 1.9%?

I know you're right don't get me wrong, but I'm just wondering where I am going wrong here?

[Deleted User]

The £19 comes from the fact that 1.9% of £1000 is £19...