CreditCards Blog

Im looking to stooze a balance onto a Barclaycard Platinum CC, I've built up a balance of 1000 on my Tesco CC with regular spending and put the cash I would have used into savings... now, when I balance transfer to Barclaycard, where does the fee come from? Do they add it to the Barclaycard total as part of the BT, or reduce the amount they actually transfer to Tesco by the value of the fee?

Barclaycard will send 1,000 to Tesco, and add the BT fee on to your Barclaycard balance. So, if you've paid a 2.9% BT fee your Barclaycard will have a 1,029 balance. I can't remember if (purchase rate) interest is charged on the BT fee...do you know?

Will you be able to make >2.9% net of tax on your savings account over the coming year?

Take a stab at what you think average rates are likely to be and run your figures through this calculator so see if the return is worth the trouble...

www.stoozing.com/calc.htm (http://www.stoozing.com/calc.htm)

Barclaycard will send 1,000 to Tesco, and add the BT fee on to your Barclaycard balance. So, if you've paid a 2.9% BT fee your Barclaycard will have a 1,029 balance. I can't remember if (purchase rate) interest is charged on the BT fee...do you know?

Will you be able to make >2.9% net of tax on your savings account over the coming year?

Take a stab at what you think average rates are likely to be and run your figures through this calculator so see if the return is worth the trouble...

www.stoozing.com/calc.htm (http://www.stoozing.com/calc.htm)
Yep I've done the sums... the cash is in an ISA account which returns over 4%. It's certainly not going to make me rich, but if I needed cash in an emergency, I now have it readily available in a savings account, rather than having to draw cash on a CC. Basically it's a free emergency fund, with a small profit :)

The question on whether the fee attracts interest or not is really what I was asking, although I didnt make that too clear in my post.... sorry!