BARCLAYCARD MONEY TRANSFER OFFERS DRYING UP?

Annabee

Husband has had a Barclaycard for many years (with me as an additional cardholder) and we use it for most of our spending and normally pay it off IN FULL 😄every month. Whenever he logged in there were offers for 0% balance transfers and money transfers. Last year we were buying a house and he also needed some expensive dental treatment. So to preserve all our savings for the new house and related costs we decided to take out a 0% money transfer and used it for the dental treatment. We had until October to pay but we managed to pay it off early.

This is much better than a loan, imo, as payments are flexible and it is 0%! Although of course there is a fee when you take out the money, fair enough.

We now wanted to do something else in the house (carpets) and thought we'd do the same thing to preserve what's left of our savings. However I see that there is only one money transfer available at 0% and he has to apply by 31 August to get this. There is another money transfer offer available from September, but this is at an interest rate of (I think) 5.9%. Might as well take a loan out!

The same thing with balance transfers, although we don't use those.

Is Barclaycard removing 0% offers in general for all their customers, does anyone know? If so, it is going to make the card a lot less useful. Are other credit cards going the same way?

Martico

No, it depends on the individual. At the moment I've got a 12 month 0% balance transfer offer at 3% cost, and a 12 month money transfer offer at 4% cost. Slightly tighter conditions than a few months ago (both rate and length)

Annabee

Right, I guess if we might need the money then the best thing would be to apply before Monday if we want the 0%. Then store it in savings until we need it, won't be long anyway. Just frustrating as we haven't actually had quotes for the work yet so we'll have to take a guess on what we might need.

It is just a bit strange how they are still prepared to lend him loads of money up to Monday at 0%, but from 1 September only at 5.9%. So I thought something might be happening across the board from September.

Martico

They update the offers every month, you never know what next month's will be until then

teaselMay

There's usually a new offer each month on all of my cards including Barclaycard

born_again

https://forums.moneysavingexpert.com/discussion/6680941/barclaycard-money-transfer-offers-drying-up

You have since taken out a mortgage, thus your available income has taken a big hit. So lenders will view lending more a greater risk.

HillStreetBlues

My BC, MT 3.5% till 1/11/27 end of Aug, nothing showing for Sep
BT 3% till 1/11/27 end of Aug & 3% till 1/12/27 end of Sep

Annabee

https://forums.moneysavingexpert.com/discussion/comment/82114668#Comment_82114668

Well no actually, we were lucky enough to be able to be cash purchasers, so no mortgage. Probably a good thing as we are knocking on a bit now.

Hence the depletion of our savings.

teaselMay

Just looked and my barclaycard has a September money transfer offer, 0% until December 27 with 3.5%fee

Emmia

Why are you doing a money transfer, rather than using a fresh 0% on purchases card to pay for the dental treatment/carpets etc.? And spreading the cost that way (you'd also get the S.75 protection by paying with a credit card).

I realise this means having a separate card, but surely is an alternative option.

MyRealNameToo

Oddly I have two BT offers, no MT offer, same 3% fee but different expiry date, one for November 2027 expiring on Monday and another for December 2027 end at the end of September… dont know why the two are there rather than the second replacing the first but hey ho.

Offers change relatively regularly I must admit I dont check my barclays offers often as its used for collecting Avios where AmEx isnt accepted so not suitable for a standing balance. The pre-approved loans are much more visible in the app to me and its always binary, either I have an offer of £50,000 loan or I have no offers at all, never get an offer for something less