Paying Loans And Credit Card From Credit Card

dinerodinero

Hello All,

I need some help because I do not know very much about this. I owed two loans and also I need to pay a credit card. I need to buy a car by the beginning of December and I do not have enough money. I applied for the Barclaycard ( 0% balance transfer for 14 months; 2.5 handling fee; 14.9% APR ) Is it good idea to pay what I owed of my credit card and the car with the Barclaycard?

Sorry but I do not understand very much all of this related to banks and I need some help

Thank you

CLAPTON

You can balance transfer (BT) from your existing CC to your new barclaycard and get the benefit of 0% interest.

However you must not spend on the card as purchases will be charged at 14.9%.

Some CCs allow you to BT from your current a/c but I dont think Barcalycard does (unless they have given you CC cheques that count as 0%) so you wont be able to pay off the loans that way.

As far as the car is concerned you could use your existing card to buy the car then do a BT to Barcalycard ... this assumes that the car dealer will allow a CC to be used and doesn't put too much of a charge.

If your currrent CC allows BTs from your current account (i.e. MBNA stable of cards and a few others ) then you could BT to your current a/c and pay off the loans/buy the car from your current a/c and then BT to barclaycard.. although you would be paying two lots of BT fees.

All assuming your credit limit on the barclaycard is high enough.

dinerodinero

If I BT from my Halifax account to the new barclaycard the loans, because it is 0% interest for a year does it means that I need to pay the loans in a year time?

Thank you very much for all your advice

CLAPTON

Sorry your post makes no sense to me.

You can't BT the loan amounts to your Barclaycard because they won't let you BT a loan.

Some CCs allow you to BT from your current account (ie. MBNA stable, EGGMONEY and a few others) but I dont think Barcalycard do this... but maybe your other card can do this ? If you can get money into your current account then obviously you can use this to pay off the loans (or anything else for that matter).

If you BT to your barclaycard you must pay the minimum monthly amount on time and then you will get charged no interest for the period of the promotion (14 months) after that they will start charging interest on the balance at the time.

dinerodinero

Thank you very much

So I will be able to transfer the amount from my CC to the barclaycard however you do not think barclaycard does it.

Maybe I will need to apply for another card, because what i want to do is not to pay the interest which I am paying now

Once again thank you