Opinon on using Money Transfer

th081

JoeCrystal said:

th081 said:

grumpy_codger said:

kimwp said:

th081 said:

Yes you need to adjust the direct debit to the minimum. The obvious risk is around the £543 per month, can you afford to pay this each month as anything left after the interest free period will incurr 20 plus rates.

I think if they paid the minimum, they'd be charged interest on their day to day spends?

I've avoided the issue by having separate cards for transfers and day to day spends which get paid in full.

I think Barclaycard if one of few cards where promotional balances can be safely combined with new purchases. No interest is charged on any balances if purchases are paid in full and in time.

https://www.barclays.co.uk/credit-cards/promotional-rates/

You can still benefit from up to 56 days interest-free.

To avoid standard interest, you’ll need to clear your balance each month – excluding any promotional balances. Otherwise, interest will be charged on anything new you buy, from the date the transaction appears on your account.

+ https://www.barclaycard.co.uk/personal/customer/interest-free-period

Not sure if they have a DD option for this, so manual monthly payments can be needed, possibly combined with a DD for a minimum payment.

I have a Barclaycard with a BT and occasional spend, I have a minimum payment debit set up but I always make the payment early which stops the direct debit.

@th081 Out of interest, so let say I get the statement on 9th June and the minimum payment is on 1st July, let's say I got £2400 in promotional balance and £500 in purchase or spending in that statement, so no interest payable (and assuming I paying down promotional balance £200 per month), I make the payment £700 early on 17th June and that would cover the purchase plus some on top. I won't pay any interest on it? Does that make sense? If so, then it certainly looks more appealing.

As for this: "Yes, you need to adjust the direct debit to the minimum. The obvious risk is around the £543 per month, can you afford to pay this each month, as anything left after the interest-free period will incur 20 plus rates."

I can cope with a £346.01 increase per month and keep throwing any leftover cash, I hope it can reduce it much quicker. I think I am getting my head around this, so I am slightly more hopeful now. Thank you, everyone, for your help

Yes that is correct. In fact on my Barclaycard for a couple of  months I has a BT on there of 9k, my insurance came out one month of £400 odd the minimum payment was 1% so I had to pay 140. I paid 400 to avoid the interest and brought the balance back to the BT value. That happened for a couple of months spend that I was effectively not paying anything on the BT and also not paying interest. 

JoeCrystal

Excellent, I can confirm that I got the money transfer. Phew. Thank you all for your helps. 👍