Barclaycard Business

ridingwood

Hello!
I'm looking for help/advice. Some time ago I took out a Barclaycard for our small business and used it quite a lot, paying off the balance in full every month. Things have not been too good lately I think due to the uncertainty or Brexit and so I resorted to paying just the minimum amount each month but the interest is very high and I am hardly touching the capital. So having watched a MSE TV show I applied for and got a M & S card with 0% balance transfer, I tried to transfer the Barclaycard balance to the M & S card but I have today received a message from M & S saying they can't take it as it's a business card. Any one got any advice/ideas?

TIA

[Deleted User]

Money transfer card.

ridingwood

Like which one?

[Deleted User]

Like any of them.

Use an eligibility checker to see what you might be best to apply for.

ridingwood

On a quick Google M & S comes up so is there any way to tell who will accept a business card transfer?
Tx

[Deleted User]

A money transfer card puts cash into your current account.

It's not up to anyone but you who you then pay.

ridingwood

So would you go - money transfer card - business bank account - BBA to BCard then money transfer card 0% onto M & S 0% for 2 years ?

Terry_Towelling

Yes, a money transfer card transfers the cash to your bank account and you pay whomsoever you like with it. Money transfers often have an up-front fee that is added to the debt, so check this out first and make sure you understand how the minimum payment is calculated because this may affect monthly affordability.

Also, I don't know if there are any ramifications/benefits to this. For instance you will effectively be making a loan to your company by paying the card debt off with your own money. The business will then be repaying that loan by giving you money to repay the Money Transfer debt that is sitting on your personal card. Could you charge the business interest (despite going through hard times) and then offset those interest payments against your tax bill - if you are making enough to actually pay tax?

Sorry, it is just another flight of fancy of mine. Perhaps have a chat with your accountant.

Robin9

Deleted_User wrote: »

A money transfer card puts cash into your current account.

It's not up to anyone but you who you then pay.

Are you sure you can operate a BUSINESS account - I thought Money Transfer cards were solely domestic.

ridingwood

We are VERY small. We don't use an accountant. I do it myself.

ridingwood

Terry Towel - it's £1500 effectively and the M & S card said I could do £ 2000 0% for 2 years thereby paying it back without interest - Barclaycard is about 24% that's why