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0% balance transfer for the life of the balance

Discussion in 'Shopping, Deals, Discounts & Bargains' started by graham.myers, May 21, 2003.

  1. graham.myers

    graham.myers
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    Treat yourself to a new plasma with the help of Barclaycard

    This is a branch only offer not available online depiste the web page saying it is (you get different T&Cs thru)

    take out at Premiership BC Visa and get 0% balance transfer for the life of that balance. However the sting in the tail os you have to use the card at least once a month for purchases. These will accrue interest until you've paid off the balance.

    However if you setup a direct debit for a £1 to your fave charity then this counts as your purchase. so say over 36 months you'd only pay £20.05 interest on a £5000 transfer - as well as the £36 to the charity.

    nice and cheap

    has to be on a special form available only from the branches

    says on the front

    No %apr
    no interest. no time limit
     
  2. dfield2000

    dfield2000
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    I took out this deal a couple of months ago. Excellent deal as I've now effectively got an interest free loan on my original £3,800 debt.

    I just buy 3 bars of chocolate from whsmith once a month which just comes to a quid, and I pay about 2p interest a month.

    like Graham said, be careful though because any other purchases you put on it get a massive rate of about 18%apr and you can't pay it off until you have paid off the complete balance transfer.
     
  3. Philip Newton

    Philip Newton
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    Also check that you are credit worthy or eligible for the barclaycard before you spend £5000 on your current card, nasty surprise if you find out you don't qualify!!!
     
  4. Rindless

    Rindless
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    How long did you guys have to wait for a reply after posting the application ?
     
  5. -Spike-

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    Just applied.
    Thanks for the heads up on this one Graham :)
     
  6. dfield2000

    dfield2000
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    After I sent off the details I got a statement from my old credit card showing a big payment had been made which was Barclaycard doing the transfer, but it took a while after that before I started getting statements from Barclaycard themselves. You can access you account online to make payments. Just make sure you find out what the cut-off date is each month so you can make your £1 transaction in time. Even if you don't use your card for a month, you just get charged 6.9% for that month, which is a pretty low rate for a card anyway.
     
  7. mps

    mps
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    I got one of these offer application form through the monthly sky magazine. Is this the same offer as the bank one.

    Cheers,
     
  8. kevenh

    kevenh
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    From what you've written, I'm not sure.

    Barclaycard have launched some similar offers recently.

    Some have a 2% one off charge for the balance transfer but are 0% interest.

    You need to read the T&C's carefully.

    The best offer is 0% for life if you make a purchase once a month (£1 min spend) 6.9% for life if you don't. No annual fee, and no transaction charge for a balance transfer.

    Even the 'best' offer has a catch. You pay interest on the purchases, but pay off the transferred balance BEFORE paying off the purchase.
     
  9. KWB

    KWB
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    I have just applied for a barclaycard using a form from the branch. I noticed the small print indicated that there was a charge of 2% for balance transfers and as it had not been mentioned in the posts so far i contacted barclaycard.

    I was informed that the 2% charge did not apply to the initial balance tranfer nominated on the application form. I must admit it does indicate that 2% will be charged for balance transfers so i am not sure if the charge will apply.

    Has anybody been charged for transfering the balance?

    My application form was blue in colour and had NO% written on the front.
     
  10. Rindless

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    Damn, it feels like I'm waiting forever for a reply from Barclaycard.

    I hope that thin, cheap looking form I filled in doesn't end up in the wrong hand because it's got quite a lot of personal information on it :(
     
  11. charlaph

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    Where are you picking these up from? I've tried my building society and my bank, neither have application forms for Barclaycards, just their own brand visas. Any advice would be greatly appreciated as it sounds like a great offer.
     
  12. wilber

    wilber
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    barclays bank
     
  13. charlaph

    charlaph
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    D'oh! Pretty obvious if I'd engaged my brain.

    However, there are no Barclays in Dundee. I'll have to keep my eyes peeled. Maybe go to WH Smiths and shake out some free leaflets from magazines - see if there's one in there.
     
  14. Matt Horne

    Matt Horne
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    Stupid question I'm sure .. how do you set up a DD against a credit card ?

    Matt
     
  15. Stevo99

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    Do you have to bank with them?
     
  16. graham.myers

    graham.myers
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    no but if you haven't applied yet you may have fun both in obtaining the application for m for the offer and getting a decent credit limit out of the, it seems some of us (including me :( ) are getting credit limits that deter using the balance transfer option.

    they gave a limit of just £480, I told told them to stuff it where the sun don't shine.

    I think they've wised up and are being coy with the limits
     
  17. dfield2000

    dfield2000
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    No, you not have to bank with them
     
  18. uczmeg

    uczmeg
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    Well I just got mine and they gave me an £8000 limit.

    Which I promptly put £7000 on.

    So what is the best way to send a pound a month on line so that I don't have to keep thinking about it and carrying even more plastic in my wallet....

    Cheers
    Marc
     
  19. kevenh

    kevenh
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  20. dfield2000

    dfield2000
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    Or you could pay a pound into my account once a month, and I could do the same back !!!
     
  21. graham.myers

    graham.myers
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    but how would you accept a visa payment?
     
  22. KWB

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    Just had my Barclaycard through and only had a credit limit of £680. I have phoned Barclaycard to try and have it increased however Barclaycard will not increase it until i have used the card for a few months and therefore out of the time limit for interest free balance transactions. I have had several cards before and always had a high credit limit so i presume Barclaycard do not want to give away too much with this offer!!
     
  23. uczmeg

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    Can further balance transfers be made after application? Or do only the ones you put on your application form count for 0%.

    If you can do more then I can already feel my old card heating up....

    Cheers
    Marc
     
  24. Rindless

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    How the hell did you manage to get an £8000 limit ?

    I also thought the intrest free balance transfers had no time limit ?
     
  25. uczmeg

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    Got an £8k limit by putting I had £7K to transfer on the form.

    The way it looked to me is that only your initial transfers are at 0%. Can anyone confirm this?

    Cheers
    Marc
     
  26. dfield2000

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    KWB -> the offer should say that the interest free rate is for the life of the balance. There should be no time limit. They have got a few offers around at the moment, so make sure you have the right one.

    uczmeg -> I think you can do multiple balance transfers, even once the you have started the account. They sent me a cheque book and said I could use to transfer more balances by paying off existing cards with a cheque.
     
  27. uczmeg

    uczmeg
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    That doesn't neccessarily mean they will be at 0%. Every credit card allows you to transfer balances at any time.

    If that were the case you'd keep spending on your other cars and keep transfering to your BC and never pay them anything!

    Cheers
    Marc
     
  28. dfield2000

    dfield2000
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    I'm pretty sure they said that the other balances transfers would also be 0% and not just the initial one.

    I think they are hoping to make their money by people using their card more and more and charging the 17% interest ( or there abouts) on their additional purchases. The more balances you transfer then the longer it takes to pay them off, which means that the interest on your other tansactions build up in the background.

    Remeber that any payment you make goes towards your 0% balance which has to be totally paid off before you can pay off the 17% stuff.

    Sensible people (like you and me) will only be spending a pound a month, but I bet there are plenty of idiots who will be using their card much more.
     
  29. CrackDown

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    So, can someone explain 'balance transfers' to me please. I have one of these cards with a £3500 limit. Does this mean I can buy something on it for say £1000 and not pay interest paying it back over time? Or does it mean I can transfer £1000 to another bank account and not pay interest on it when paying it back? Or do I not know what I'm talking about?

    Thanks
     
  30. uczmeg

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    Balance transfer means if you have another credit card or store card with a balance on it you can transfer it (up to your credit limit) to your Barclaycard.

    Thus moving your debt.

    If you have the 0% deal then you will pay no interest on the money transfered from your other cards. However anything you put on the card, or anything already on the card will have interest charged against it, as anything you pay off monthly will reduce the interest free amount first.

    So, clear your card balance before doing a transfer. Once you've done a large transfer, try and spend only £1 per month on that credit card to keep the 0% interest deal going, this way you'll pay next to no interest on a significant loan/purchase.

    Does that help?

    Cheers
    Marc
     

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