Help with Barclays Credit Card for beginner

48 Posts

Hi, I hope you're well
I just wanted to clarify something, is the 0% interest exactly what it says on the tin?
Scenario:
I want to purchase an Item for about £700. Now I was going to get this outright to save myself the headache but I then thought it would be good to spread the cost if I could. However, I really don't like paying interest, AT ALL PERIOD.
So, ideally, if I can, I'd like a creditor to buy it for me, then I could pay them back in small installments every month. That's what crossed my mind.
Then I heard of Barclays Credit Card. They're offering 0% interest for 22 or something months.
Now, the last time I used credit to buy something was 3+ years ago, for something of a similar amount, but it was PayPal credit then, and I simply paid a fixed amount each month and by the end of 12 months, I had paid off the actual price of the thing I bought, and not a penny more.
Sadly, PayPal only offers interest free purchases for 4 months now so I don't want to use them, if I can help it.
If I use the Barclays credit card to pay for this, will it work just like when I bought the previous Item with Paypal?
They will buy it for me, then I pay them back the price of the item divided by the amount of time the 0% interest goes on for (which in this case would be 22 months or so), each month?
So if I buy something for £700, and pay £32 every month, for 21 months, I will have paid £672, and so the final month, I will pay £28 and this will clear my debt.
Is this correct?
Or is the interest added on some other way?
P.S. I have never used an actual credit card for anything before, but I have used Credit through PayPal, and that was my first time with that and I kind of liked the idea of spreading the cost, without interest of course.
Many Thanks
I just wanted to clarify something, is the 0% interest exactly what it says on the tin?
Scenario:
I want to purchase an Item for about £700. Now I was going to get this outright to save myself the headache but I then thought it would be good to spread the cost if I could. However, I really don't like paying interest, AT ALL PERIOD.
So, ideally, if I can, I'd like a creditor to buy it for me, then I could pay them back in small installments every month. That's what crossed my mind.
Then I heard of Barclays Credit Card. They're offering 0% interest for 22 or something months.
Now, the last time I used credit to buy something was 3+ years ago, for something of a similar amount, but it was PayPal credit then, and I simply paid a fixed amount each month and by the end of 12 months, I had paid off the actual price of the thing I bought, and not a penny more.
Sadly, PayPal only offers interest free purchases for 4 months now so I don't want to use them, if I can help it.
If I use the Barclays credit card to pay for this, will it work just like when I bought the previous Item with Paypal?
They will buy it for me, then I pay them back the price of the item divided by the amount of time the 0% interest goes on for (which in this case would be 22 months or so), each month?
So if I buy something for £700, and pay £32 every month, for 21 months, I will have paid £672, and so the final month, I will pay £28 and this will clear my debt.
Is this correct?
Or is the interest added on some other way?
P.S. I have never used an actual credit card for anything before, but I have used Credit through PayPal, and that was my first time with that and I kind of liked the idea of spreading the cost, without interest of course.
Many Thanks
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So if I buy something for £700, and pay £32 every month, for 21 months, I will have paid £672, and so the final month, I will pay £28 and this will clear my debt.
Is this correct?
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
https://www.moneysavingexpert.com/eligibility/credit-cards/search/?goal=CC_PURCHASE
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
I personally would try an eligibility checker for Halifax/Lloyds first, since they also show you what your estimated credit limit will be before you proceed to full application.
The place I wanted to get the item from isn't accepting PayPal Credit OR Barclays credit as apparently my purchase for the item isn't "eligible" even though it's like £700
I'm thinking to apply for capital one credit card as they give 0% interest for 6 months -
Questions:
Q1) Is this still the same as if I had used PayPal Credit?
Q2-A) Also, can someone clarify what the following lines mean on the terms and conditions for capital one:
It says:
"With your credit card, you'll get up to 56 days interest free on purchases, providing you pay off your balance in full each month"
So I THINK this means 1 of 2 things:
One:
They will give me a set amount I will have to pay back i.e. the minimum amount each month, and so long as I pay that in full, it will be 0% interest for 6 months? So if the minimum is £30, I have to pay them £30 minimum back every month IN FULL.
But since I want to pay £700 in 6 months, I'll be paying them 116.60 every month for 6 months and then I'm done, as after this they will charge interest for any balance that remains for me to pay off.
OR
Two:
They expect me to pay them the £700 in one go by the end of the month - In which case it's pointless to even apply here
Which is it?
Q2-B) Also, can someone clarify what the next sentence means?
"However, we'll always charge interest on balance / money transfers and cash withdrawal transactions from the date you make the transaction, unless you have a 0% introductory/promotional rate."
I THINK this means that unless you're a new customer (which I am), they will charge interest on any balance you may transfer onto the new credit card or any cash you may withdraw (which I won't be) - Right?
Many Thanks
so for example, if your statement date was 1st of September and you bought something for £10 on the 2nd September, when your next statement comes through on the 31st September (there or thereabouts) you will then potentially have until say 25th October to pay that £10 back in full before interest is charged. If you decide to only pay back £5 then on your next statement you will see some interest.
This isn’t an exact example so please don’t take it for gospel as there are many factors involved with dates and timelines etc but AIUI this is how it works.
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
If you don't pay the full amount, you'll be charged interest on the full amount - however your interest rate is 0%, so they do charge you interest, on the full amount, it's just that the interest is 0%.
You need to make the minimum payment (and whatever other conditions are in the T&Cs) to maintain the 0% interest rate. As soon as the rate is ended, if you do not pay off the full balance, you will be charged interest on the full balance at whatever the standard interest rate is.