Barclaycard 0% Interest Credit Card
Barclaycard will no longer charge interest on new purchases with 0% transfer deals.
Barclaycard have announced that they will no longer its customers interest if they are on their 0% balance transfer deal.
Generally, if you go shopping you will pay around 20% interest on your new purchases (unless you clear the entire balance), however in a bid to make its fees more transparent for customers, Barclaycard have announced with their balance transfer deal they will waive these costs as long as the customer clears their purchase balance.
What Does This Mean?
If, for example, you transfer £1,000 onto a balance transfer card with 0% interest for 18 months. If you were to use that card to pay £500 towards a purchase, then (usually) you would lose your 0% interest offer and be asked to pay interest on all of the £1,500! Barclaycard’s new deal says that if you pay off the £500 by the end of the month, you’d keep the 0% interest deal.
However, if you only manage to repay £499 of the new payment, you will be asked to pay interest on the whole £1,500 – so it’s only a good idea if you know you will be able to fully repay the extra card purchases within a month.
If you are struggling to meet repayments on your Barclaycard, talk to one of our trained advisers now and discuss with them the options you might in order to help you repay your debts (or even write off a percentage of them).
Some error has occured.