Barclaycard Balance Transfer

Benuk73

Received my new Barclaycard this morning as my old one is shortly due to expir.

I had to call to activate my card. The operator advised me , that i was entitled to a special rate of 6.9% for the life of any new Balance Transfers. I thought, "oh good", so I told him that i didnt have any details to hand at this present time, he said, that was ok and would note on my account the offere agreed.

When he asked, "is there anything else i can help you with?", I said, "Yes, what happens with my existing Balance transfer i have with you at 2.9% for life?", Oh, that's ok, they will run "side by side" or similar words, until I probed into the rates, he advised me, "any repayments you make will go to the smaller amount owing ie 2.9% & the 6.9% will sit there acuring interest"

I saw Red and declined their offer :T

daveboy

You'd have known this without asking, as it is common practice with all credit cards.

It's nothing new.

Benuk73

daveboy wrote:

You'd have known this without asking, as it is common practice with all credit cards.

It's nothing new.

But not everyone may have known and would have got sucked in hence my thread

mountainofdebt

In fairness to Barclaycard they do state, quite clearly, the order in which payments are allocated.

Hands up though I never quite appreciated this which probably explains alot!

Milarky

What about getting a second Barclaycard, instead? They allow you to apply for one, and this comes with a 6.9 life of balance offer. That way, you could have balance transfers on both but skew your payments towards the highest rate one.

Fedz

I can understand where your coming from but with all due respect credit card companies (and Barclaycard are no different) are going to want the higher rate the latter. They are not a charity

2.9 and 6.9 is still a whole lot better than alot of the others exspecially if your paying upwards of 29.9 on say a store card ...

Best Balance Transfers (cut the cost of existing credit card debts) is an interesting read

daveboy

It is common with all cards that payments go to the lower rate first - I haven't seen Ts & Cs of any card that says otherwise yet.

If someone is sucked it by it then it serves themselves right as you get a copy of the Ts & Cs before you sign the agreement.

Chadsman

daveboy wrote:

It is common with all cards that payments go to the lower rate first - I haven't seen Ts & Cs of any card that says otherwise yet.

HSBC have recently launched a card that applies repayments to the most expensive debt first.