hi all,i have a barclaycard credit card and they seem 2 be offering a deal for exsisting customers where u can transfer a balance to ur barclaycard and keep it there till it is paid off in full-however it is 6.9% per annum but no handling fee!
my question is -would it be 6.9% of what u still owe each year or 6.9% of the original amount u transfered?
also is this a good deal?
Barclaycard 6.9% pa?postage rate
it would be 6.9% of the balance per year.
Why don%26#039;t you transfer it over to another card with 0% for 15months (virgin)
Barclaycard 6.9% pa?
loan
It%26#039;s 6.9% over a year on the full balance but all interest added becomes %26quot;new transactions%26quot; and would be charged at the purchase interest rate. So basically the longer you leave the balance on your card the more you will be paying as a % interest of %26quot;total balance%26quot;. Also you can only clear the oldest transactions first so any new transactions including the mounting interest cannot be cleared until the balance transfer is cleared first. Gets you into a vicious circle in all honesty...but if you are clever and only use it for balance transfers over a period of say no more than two years then they are a great way to get a low interest rate. Be prepared to never use that card until the balance transfer is paid off.
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