Barclaycard intersest rate. 50% month
28 September 2003, 10:20 AM
#1
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Took out one of those barclaycards that offers you 0% interest for the life of a balance transfer. To maintain this rate you need to spend £1 month.
When you make a payment the money comes off the transferred amount and they charge interest on the £1.
Amazed to see this month the interest was .50p on a balance of £1.
My previous bill said my next months interest would be approx 0.06p
Rung them up and they said 50p was the minimum you can pay in interest.
I know 50p is neither here nor there but still 50%/month, over a year works out at an amazing rate of interest.
chip.
[Edited by Chip - 9/28/2003 11:19:33 AM]
When you make a payment the money comes off the transferred amount and they charge interest on the £1.
Amazed to see this month the interest was .50p on a balance of £1.
My previous bill said my next months interest would be approx 0.06p
Rung them up and they said 50p was the minimum you can pay in interest.
I know 50p is neither here nor there but still 50%/month, over a year works out at an amazing rate of interest.
chip.
[Edited by Chip - 9/28/2003 11:19:33 AM]
28 September 2003, 12:14 PM
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Correct.I didnt.I should have. How many people do.
I'm not moaning the fact about the 50p.After all I transferred £3000 so all in all I still get a very ,very good rate. Suppose just wanted to point it out to others ,thats all.
They are still doing this 0% transfer deal but you now have to spend £50 month.
Chip.
I'm not moaning the fact about the 50p.After all I transferred £3000 so all in all I still get a very ,very good rate. Suppose just wanted to point it out to others ,thats all.
They are still doing this 0% transfer deal but you now have to spend £50 month.
Chip.
28 September 2003, 01:54 PM
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As far as I am aware, the condition has always been that you spend a minimum on £50 per month and you are charged interest on these purchases while your transferred balance enjoys 0%....
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