Am I doing the right thing?

Odie655

I've had a Barclaycard for a few months now and recently used it for the first time to purchase an engagement ring. I've just realised that it's a 0% balance transfer card and not a 0% purchses card as i thought. As I'm not going to be able to pay the full amount off straight away, I was thinking of applying for a Halifax 0% Balance transfer card, and switching the full amount.

As I haven't received my first Barclaycard invoice yet will this cause problems? Will i have to pay anything to Barclaycard?

I understand there will be a transfer fee, but It will be less than the interest I would accumilate on the Barclaycard.

Am I doing the right thing?

CannyJock

Odie655 wrote: »

I've had a Barclaycard for a few months now and recently used it for the first time to purchase an engagement ring. I've just realised that it's a 0% balance transfer card and not a 0% purchses card as i thought. As I'm not going to be able to pay the full amount off straight away, I was thinking of applying for a Halifax 0% Balance transfer card, and switching the full amount.

Oops. Normally they won't allow you to transfer a balance from one Halifax card to another. But there is a juggle you can do to work around this. Do you have any other credit cards, even ones that charge you interest?

Odie655 wrote: »

As I haven't received my first Barclaycard invoice yet will this cause problems? Will i have to pay anything to Barclaycard?

Doing a balance transfer before the first invoice in itself isn't a problem. If you pay "by transfer" the cost of the ring then it shouldn't be a problem.

Odie655 wrote: »

Am I doing the right thing?

Dunno about the getting married bit, opinions are divided on that one

What you could do if you have another card, or know someone who has a card like your fiance(e) is:
1. Do a balance transfer from the Barclaycard to another card (by calling the other card and requesting a balance transfer).
2. You'll get a statement from Barclaycard showing a "transfer" and a "charge".
3. If the balance on that statement is zero then ....
4. Phone Barclaycard and do a balance transfer of the amount (plus interest if there is any?) from the "other" card.

Using this trick you take advantage of the 0% BT by moving the debt off then back on again at 0% - but you must make sure that you have a nil balance statement first.

Odie655

Thanks for the tip.

I'll apply for the Halifax card right away.

I'll probablly just leave the balance on the Halifax card though, and get rid of the Barclaycard.