Barclaycard money transfer question 1 December 2022 at 4:03AM edited 1 December 2022 at 4:13AM in Credit cards 2 replies 103 views

tg99

NOTE- have now posted the below in the more appropriate stoozing sub board but can’t find way to delete this post 

Hi,

If I do a money transfer of say £10k from my Barclaycard to my bank account to take advantage of the 0% rate (albeit there is a 2.6% fee), what is the best way to arrange my direct debit each month to avoid paying off as much as the interest free debt (ie the £10k plus £260 fee) until the end of the promo period? I only spend a little on my card each month (a few £ or so as it’s not my main card) and currently have my monthly direct debit set to pay the monthly statement balance in full each month. However, if I leave it like that then am I correct that the direct debit for the first month after my money transfer would be for the full balance inc the money transfer balance so over £10k? And therefore should I set my direct debit to just pay off the min balance each month? I was wondering if there was a way of setting the direct debit to pay the full balance excluding the 0% money transfer balance each month but could not see an option to do this unless I start doing manual payments (but I need the DD for cashback purposes). Thanks.

pmartin86

Stop over complicating it. Set the DD to minimum payment, stop spending on the card. Your payment each month will only be the minimum of the BT you have to repay. Not sure if it still works to set up a standing order for £1 a month extra to avoid minimum payment markers on your file too.

grumbler

Change the DD to a fixed amount slightly bigger than the minimum payment.

In their DD settings it's called "This much".

Set a reminder in your calendar when your 0% period ends and then either change the DD to full balance (well in advance) or make a manual payment.