Barclaycard interest dilemma

neenyrules

Hi,

I got the Barclaycard Platinum back in late October (with the £50 voucher offer) to transfer my Egg card balance of £500.

In the process of getting the Barclaycard however, i hit a bit of difficulty with car etc and now have £600 on the Barclaycard and the £500 on the Egg card still. My understanding is that i only have 60 days from activating the Barclaycard to transfer a balance onto it at 0%, and as that has now passed, it will be charged at 14.9% if i transfer fron the Egg to Barclaycard. Correct?

This would mean i would have £1100 on my Barclaycard, with the full amount charged at 14.9%. Is that correct? As my Egg card was 16.9%, does that mean i am saving money each month by transferring?

I also read somewhere that Barclaycard are currently doing a 6.9% bt deal for existing customers - do i qualify and would that mean the £500 is charged at 6.9% and the £600 charged at 14.9%?

Thanks for any help or advice!

neenyrules

any ideas people? i really need to know asap as every day passes, im getting charged more!

YorkshireBoy

neenyrules wrote: »

...as that has now passed, it will be charged at 14.9% if i transfer fron the Egg to Barclaycard. Correct?

I would imagine so, yes.

This would mean i would have £1100 on my Barclaycard, with the full amount charged at 14.9%. Is that correct?

It's the same question as your first!...so yes.

As my Egg card was 16.9%, does that mean i am saving money each month by transferring?

Yes, providing Barclaycard don't charge a BT fee.

I also read somewhere that Barclaycard are currently doing a 6.9% bt deal for existing customers - do i qualify

Surely that's a question for Barclaycard?

and would that mean the £500 is charged at 6.9% and the £600 charged at 14.9%?

I would imagine so, and presumably all your payments would go towards the 6.9% balance, meaning the £600 sat there accruing 14.9%.


A question for you...

If you have room on Egg, and they won't charge you a fee, why not BT your Barclaycard debt to Egg and then bring it all back for the 6.9% rate (if your Barclaycard call is fruitful)?

Don't forget to keep an eye open for any BT fees applicable, as that will severely impact on your savings.

CannyJock

Apply for a Virgin Money card offering 0% on BT for 15 months for 2.98% fee. Transfer both balances onto it and keep up the repayments to clear it interest free would be my choice.

neenyrules

JohnDocherty - good idea, but due to a problem partly my fault, the direct debit was not set up correctly on the first months minimum payment back in November, and so i was charged a lat payment fee from Barclaycard - the very first time anything negative against my credit report - all other items paid on time every month, loans repaid etc - and although Barclaycard refunded my late payment fee and promotional rate, and i have paid back over £200 in 2 months, i imagine a late payment was still recorded on my credit record.

Will this be the case and will this small late payment (£10) affect my ability to gain the Virgin card? Is it worth phoning Virgin, applying over the phone and explaining what happened instead of an "anonymous" online application?


Thanks for everyones help, Barclaycard has a 2% or 2.5% fee, as does the Egg. The Egg has no more credit available

neenyrules

well i applied for the Virgin card - declined.

Where can i go from here? i imagine my credit record has now been furthur scarred by the decline. whoop.

neenyrules

sorry, double post