If you have Barclay 0% LOB

Galstonian

If you managed to get a Barclaycard 0% life of balance card and are still paying off the minimum payments you may have just received new cards, mine has just passed its second anniversary and I did (maybe they replace cards after two years?)

Part of the terms and conditions of the life of balance rate is to make a purchase of at least £1 per month, I do this using a paypal subscription. The new card number is the same as the old one but the expiry date and CVV are different. I have just edited the card details on paypal, I don't know if the payment would be rejected for having the wrong details but I don't want to take the chance that I lose the 0% rate, others in the same situation might want to do the same.

G.


(also posted on fool.co.uk)

Chris2000

My 0% LOB has 1p minimum monthly spend, not £1. Other people may have different T&C.

This could be important because Barclaycard have just notified me that they are increasing the minimum monthly interest payment from 50p to £1 and interest rate from 11.9% to 14.9%. These changes mean the interest bearing balance will increase faster than before, so it's more important to try to mitigate this by spending as little as possible each month.

Stonk

Hmm, but maybe not. If the minimum interest payment is £1, you'd be best off spending the maximum possible amount that would generate interest of less than £1 ! It would be mighty annoying to get charged £1 interest on a purchase of 1p.

Bennifred

We managed to get this deal, but haven't had any new cards as yet. Thanks for pointing out the potential problem. What is the CVV, please? (I may be being dense - it's been a tough day!)

Darryl

I just got a new T&C letter from Barclaycard saying that their min. interest per month is now £1 instead of 50p. So, for the £1 min. spend deal, they now take £1 interest each month! 100% interest per month - and I thought 50% was bad! Why can't they just take a hit from those of us that took up their 0% LOB deal, instead of changing their T&C's to these crazy numbers?! :mad:

Still, I've increased my min. payment now, so the balance will be paid off within 8-9 months anyway. And glad that I screwed them for over a year thanks to Martin and MSE! :money:

Darryl.

YorkshireBoy

Bennifred wrote:

What is the CVV, please?

It's the last 3 numbers on the back of the card.

When ordering by telephone, you're asked for this number to prove you have the card in your possession, and not simply "stumbled" across the 16 digit card number on a discarded receipt for example.

Bennifred

Thanks for that, YorkshireBoy! Should have known......