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  • FIRST POST
    • Pablo2010
    • By Pablo2010 13th Jun 19, 4:15 PM
    • 31Posts
    • 12Thanks
    Pablo2010
    Barclaycard money transfer offer
    • #1
    • 13th Jun 19, 4:15 PM
    Barclaycard money transfer offer 13th Jun 19 at 4:15 PM
    One of the June offers on my Barclaycard is money transfer for 18 months with 1.9% fee. I can transfer max 8k.
    What is the best I can do with it ? Would be possible to make some money by transferring to savings account?

    Any advice much appreciated.
    Last edited by Pablo2010; 13-06-2019 at 4:34 PM.
Page 1
    • Willing2Learn
    • By Willing2Learn 13th Jun 19, 4:21 PM
    • 4,380 Posts
    • 3,918 Thanks
    Willing2Learn
    • #2
    • 13th Jun 19, 4:21 PM
    • #2
    • 13th Jun 19, 4:21 PM
    I'm not sure what you are asking...

    You could transfer the money in to your current account and then use it for whatever. Either to pay off an overdraft, pay off a credit card balance, or pay off another line of credit.

    Edit: Well now you have returned to edit your post, there is clarity to your question.

    You are talking about stoozing. Interest rates for savers are so low at the moment, it is hardly worth the effort.
    Last edited by Willing2Learn; 13-06-2019 at 4:39 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Ben8282
    • By Ben8282 13th Jun 19, 6:44 PM
    • 3,489 Posts
    • 1,937 Thanks
    Ben8282
    • #3
    • 13th Jun 19, 6:44 PM
    • #3
    • 13th Jun 19, 6:44 PM
    Before you pay the 1.9% fee, have a look at the various options and interest rates being paid on savings accounts then decide (a) if you can actually make a profit and, if yes, (b) is the profit sufficiently large for you to bother, bearing in mind that you will have an 8k balance on your credit card for the next 18 months which could adversely affect your ability to obtain further credit should you need it.
    Assuming you can actually keep the money in the savings account for the full 18 months, which for practical reasons you won't be able to, you will need an account paying in excess of 1.3% APR just to break even.
    Last edited by Ben8282; 13-06-2019 at 7:34 PM.
    • SnowTiger
    • By SnowTiger 13th Jun 19, 7:45 PM
    • 3,872 Posts
    • 2,857 Thanks
    SnowTiger
    • #4
    • 13th Jun 19, 7:45 PM
    • #4
    • 13th Jun 19, 7:45 PM
    One of the June offers on my Barclaycard is money transfer for 18 months with 1.9% fee. I can transfer max 8k.
    What is the best I can do with it ? Would be possible to make some money by transferring to savings account?

    Any advice much appreciated.
    Originally posted by Pablo2010
    You'd pay a 152 fee.

    Stick the 8,000 in a BLME account for eighteen months and earn a profit of 2.3% per year?

    You should earn ~276 over the eighteen month period.

    A potential profit of 124 after Barclaycard's fee.

    Well, maybe not. You will still have to make minimum payments towards your Barclaycard balance. At 2.25% a month that's 180 after the first month; 176 after the second month; 172 after the third month...

    In other words, probably not worth doing unless you find somewhere paying a stonking rate on short-term savings.

    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
    Last edited by SnowTiger; 13-06-2019 at 7:48 PM.
    • Terry Towelling
    • By Terry Towelling 13th Jun 19, 8:05 PM
    • 1,953 Posts
    • 1,643 Thanks
    Terry Towelling
    • #5
    • 13th Jun 19, 8:05 PM
    • #5
    • 13th Jun 19, 8:05 PM
    Assuming that you'd save the 8K and be able to compound the interest and gradually deplete the saved sum to repay the card balance and that you'd repay the ever-decreasing minimum payment for 17 months and then clear the whole remaining balance in month 18, you'd need an interest rate of 1.65% for the full 18 months to break even.

    This means you probably could make some money but you'd need to work hard with high-interest current accounts, easy-access regular savers, notice accounts and other easy-access savers. There would be much to manage (I won't go into that here) and you'd probably make anywhere from 30 to 130 over the 18 months (depending how you saved/managed it).

    If you post this on the Stoozing board you might get some clearer ideas of a strategy to make the best of it.
    • MABLE
    • By MABLE 14th Jun 19, 9:50 AM
    • 3,902 Posts
    • 2,051 Thanks
    MABLE
    • #6
    • 14th Jun 19, 9:50 AM
    • #6
    • 14th Jun 19, 9:50 AM
    One of the June offers on my Barclaycard is money transfer for 18 months with 1.9% fee. I can transfer max 8k.
    What is the best I can do with it ? Would be possible to make some money by transferring to savings account?

    Any advice much appreciated.
    Originally posted by Pablo2010
    Hopefully not Bitcoins.
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