just done my first balance transfer......(help with 'handling charge')

james3333

hi guys,
i have just done my first balance transfer to my new barclay card (0% for 14 months) i moved £2,166
i understand there is a 2.5% charge to do this....

A. how much will this 2.5% charge cost me based on these figures?
B. does this charge just get 'added' to the £2,166 or will i be charged interest on the 2.5%?

also, the barclay card says i have £1500 'cash available' what does this mean?

cheers guys

sicker

Not having a Barclaycard I can't be sure but in my cases up to now I would have had 2.5% of £2166 (£54.25p) added to my first min. payment. If your card is charging you 3% as min. monthly repayment your first repayment would therefore = (3% of £2166 which is £64.98) + (b/t fee £54.25) £199.23. Your subsequent min. payments would be 3% of balance due.

james3333

brilliant, thanks for that info mate.:money::money:

YorkshireBoy

Like John, I've never had a Barclaycard. However, I think the arrangement is not as John has described.

james3333 wrote: »

A. how much will this 2.5% charge cost me based on these figures?

The BT fee is added to the card's balance, so the balance becomes...

£2166 + £54.15 = £2220.15

1st minimum payment would be 2.25% of £2220.15 = £49.95

...will i be charged interest on the 2.5%?

Not sure. I thought they were charging interest on fees but I seem to recall another poster saying they'd now discontinued this practice?

...the barclay card says i have £1500 'cash available' what does this mean?

Many lenders limit the amount of 'cash' you can withdraw on their cards. Maybe you should check with Barclaycard if this is, in fact, the case here?

james3333

YorkshireBoy wrote: »

Like John, I've never had a Barclaycard. However, I think the arrangement is not as John has described.The BT fee is added to the card's balance, so the balance becomes...

£2166 + £54.15 = £2220.15

1st minimum payment would be 2.25% of £2220.15 = £49.95

ooh, i see so you think that the £54.15 is added to the whole balance and not fully payable in the first min payment?

sicker

How friendly can this site be? Yb on first name terms with user names :j :j :j

james3333

So guys, whats the verdict?
is the 2.5% added and fully payable in the first installment?

sicker

You could try calling them at 0800 917 7277 and ask for confihmation from an adviser.

YorkshireBoy

sicker wrote: »

How friendly can this site be? Yb on first name terms with user names :j :j :j

You sometimes sign off as John, and I have a good memory!

james3333

yeh, will do, just thought someone might know.

cheers guys.:money::money:

King_Weasel

james3333 wrote: »

hi guys,
i have just done my first balance transfer to my new barclay card (0% for 14 months) i moved £2,166
i understand there is a 2.5% charge to do this....

A. how much will this 2.5% charge cost me based on these figures?
B. does this charge just get 'added' to the £2,166 or will i be charged interest on the 2.5%?

also, the barclay card says i have £1500 'cash available' what does this mean?

cheers guys

I've got a Barclaycard, and so has my wife, and as no-one else has stepped forward I'd better try and help.

If you transfer £2166 and the fee is 2.5% your initial debt is (£2166+£54.15=) £2220.15. If they treat you like they treat us you will be charged 2% of the outstanding debt, so the first (and highest) repayment will be (£2229.15 x 0.02=) £44.40 ie unlike some cards, the fee is not payable upfront. There is no interest on the charge - do some cards really do this?

If you are told you have £1500 available I can only conclude your credit limit is around (£2220+£1500=) £3700. You could spend the £1500, as Barclaycard no doubt hope you will, but as a member of this site you will have more sense. But you could presumably transfer most of this at 0% if you wanted, though there would be a further fee.

If Barclaycard treat you different, please complain to them, not me.

King Weasel