Barclaycard - end of promotional rate question

Dani7

Good morning all, 

My Barclaycard's 0% purchase offer promotional rate expires soon, on 08/04 and they sent me a reminder. However, I am not sure when I need to pay my outstanding balance to avoid interst.

In the email from them they say, my promo rate ends on the 08/04 and my outstanding promotional balance at the time of writing is £38.43.

And then they go to explain: "When your promotional rate ends, if you dont pay off your promotional balance(s) in full, we'll transfer anything outstanding to your standard balance and interest will be charged at your simple standard rate of 18.02% (19.6% compound equivalent)."

Probably a silly question, but when do I have to pay off this balance of £38.43 to avoid any interst? Before 08/04 or after I receive my new statement?

My last statement was from 12/03 and due date to pay by 06/04. I've already paid it a week ago.

The thing is, if I wait for the new statement to come out, it will most likely be after the 08/04 (there is usually a delay), but if I pay the balance before 08/04, I will have a zero balance and hence no statement (I want to register a month of payment history).

Thank you all in advance.

Regards,

Dan

bengal-stripe

Your payment must be credited to your account by 08/04 at the latest. Interest will be charged from 09/04 onward. Although your next statement might have a zero balance, you will get issued with a statement as there were financial transactions in the previous month.

sasha20

If your last statement was generated on 12 March and you haven't changed your statement date in the last few weeks, your next statement in most likelihood will come out on 13 April (as the 12th is a Sunday). Even if you pay on the 13th, you will still have to pay interest for the 5-day period that the balance incurred interest.

You should check the wording of your balance transfer terms as to whether the 0% rate holds through to the 8th or expires on the 8th. If it lasts until the 8th, you need to make sure your repayment lands on or before the 8th - faster payments is the best way to make sure it goes through quickly. If it expires on the 8th, you'll need to pay by the 7th to avoid interest.

bengal-stripe

Let's face it: £38.43 isn't exactly a princely sum and the daily interest will be minuscule. Whatever you save by paying at the last moment, won't buy you a boiled sweet. Pay it now and get it out of the way!

But even if you've missed the correct date and have to pay a few days interest, that won't break the bank either

Dani7

Thank you bengal-stripe and sasha20. The issue is not paying off the balance but more wanting to find out, going forward, what is the correct way of paying off the credit card, once I no longer have a 0% promotional rate.

Until now, I was waiting for my credit card statement to come out and then paid off the balance in full.

Should I continue doing the same, when I no longer have a promo rate, or do I need to clear any balance on the card before the new statement is generated? 

Thanks.

Dan

chistery

When you no longer have a promo rate, you just need to pay the balance on the statement by the payment date of that statement.