Barclaycard £5,000 limit?

stinky_onions

What's going on with Barclaycard?
Are they only giving balances of £5,000 now, just read this on their site.....

1. We reserve the right to refuse a credit card balance transfer or to limit the amount you can transfer. If we do allow you to transfer an amount over £5,000, the excess will be debited to your account and charged at 6.9% interest per annum until paid in full. We will not charge a handling fee on the excess.

Does this mean I will be better off looking elsewhere to b/t £7,000, is this anything to do with the credit crunch?

Milarky

stinky_onions wrote: »

Are they only giving balances of £5,000 now,...is this anything to do with the credit crunch?

No, they've always* had that proviso about balance transfer amounts

*i.e. it was certainly in their standard terms in mid-2003 when I got my first Barclaycard

stinky_onions

So does that mean that if they gave me a limit of £7,000 I would be paying some interest each month too? Sorry for the questions I'm a bit confused.

Milarky

stinky_onions wrote: »

So does that mean that if they gave me a limit of £7,000 I would be paying some interest each month too? Sorry for the questions I'm a bit confused.

Yes, if you choose to borrow the 'excess' sum that is. You aren't 'penalised' as such during the 12 (or 14?) months promotional period but be aware that:

1) Your minimum payments will be 40% greater on £7K borrowed than £5K borrowed

2) The 6.9% balance is not reduced at all during this period either - so the interest from it stays constant

3) At the end of the promotion the residue of the 0% balance goes up to standard rates and THEN the order of payments gets reversed [i.e. against you again] so that the 6.9% now gets paid first

'3)' could be avoided if you were to pay off the remaining 0% balance in the last days of the promotion, and a small chunk of the 6.9%.

Bismarck

Hi, is that right?

"1) Your minimum payments will be 40% greater on £7K borrowed than £5K borrowed"

I thought the minimum payment was 2.25% of the balance as a whole - not related to the interest element..it was then the split of the payment that was made in order.

Point 3 is interesting as I've something similar until August....i.e. my payments are going against the lower rate balance but when that offer ends I'm planning to transfer the 4K or so elsewhere. then, if need be send the transfer back if there's a good offer on at the time. Just need to be careful to watch for the postman and not have a holiday!

stinky_onions

Hmmmmmmmmm
I was confused, now I'm very confused:eek:
Think I'll just apply for the 5k and go somewhere else for the rest,
Thanks folks