Barclaycard BT offer, any good?

spinningsheep

I was lucky enough that my parents helped me out by transferring my debt of about £4000 onto a 0% virgin mastercard so I could avoid paying interest on my debts. This deal is due to end in Aug of this year. My dad has a premiership Barclaycard that he has £0 on, with a limit of £8000, and they have just sent him an offer that he can do a BT with no fee and 6% APR for the life of the balance. Now even though the Virgin deal isn't up for another 6 months, would you say that this is a good offer? He always pays off the rest of his CC on time in full each month, so he never earns the CC companies any interest, so my concern is, with the current financial market, would he have difficulty in getting such a good deal in 6 months if the card companies can see that he is unlikely to make them much money. Any advice appreciated.

Squirrel29

It is becoming increasingly difficult to get a 0% BT rate, I have just gone for the Barclaycard offer and got a LOB rate of 6.3% with no fee which I am delighted with. Good credit limit too.

Bismarck

Hi,

sorry to nitpick but did you get 6.3% or 6.9% - so I know for next time I do it, whether to haggle....I'm seeing conservative LOB transfers as the way to go at the moment...the rest is too messy

Squirrel29

It was supposed to be 6.9% but when I actualled called to do the BT tonight they said they could either offer me 6.9% with no fee or 6.3% with no fee! I actually asked them to repeat themselves as find it bit hard to believe they would offer me the choice as it bit of a no brainer :rotfl:

Not unsurprisingly I opted for 6.3%!!

King_Weasel

Nothing to stop you (or your dad) going for 0% deals as well, so long as you remember the amount borrowed is the card issuer's money, not yours.

CannyJock

I've been recommending the Virgin 0% for 15 month card to friends and family since getting my own on January. Nobody has been refused, and that's taking in high-paid company directors, low-income in council rented housing, semi-retired parent to self-employed tradesman with large unsecured loans.

If you add all our credit limits together you're talking probably £35 - 40K.

So I'm going to stick my neck out and rubbish the idea that 0% deals are getting harder to obtain. I'd say stick it out for another 4 months and then apply for the best balance transfer deal at the time to minimise the interest you pay.

spinningsheep

Well I applied for Virgin and was declined, when I called to enquire why, they told me I was a borderline case, but it was some old defaults, now paid in full, that were pushing me back towards a decline. At least they were honest!