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Valued Contributor
Posts: 1,768
Registered: ‎10-24-2013
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my take on barclay bt checks

Barclay has mailed me a total of 4 balance transger checks in 2 months time, with the newest batch offering a cli equal to the sum of the check. Setting aside the fact that i have a 0% promo for 6 months with them i have thought of a plan so to speak after the promo expires. The checks i recieve always offer 0% interest for one year with a 3% fee and state i can write it to myself, with this being said my line of thinking suggest i should write the check to myself deposit it, and use my debit card to process the transaction as it would essectially make the transaction interest free for 1 year. curious on anyone elses thoughts on this....keep in mind i plan on buying a 57 inch television that cost $799 in around three months.

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Valued Contributor
Posts: 7,035
Registered: ‎10-21-2012
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Re: my take on barclay bt checks


juggalo9er wrote:

Barclay has mailed me a total of 4 balance transger checks in 2 months time, with the newest batch offering a cli equal to the sum of the check. Setting aside the fact that i have a 0% promo for 6 months with them i have thought of a plan so to speak after the promo expires. The checks i recieve always offer 0% interest for one year with a 3% fee and state i can write it to myself, with this being said my line of thinking suggest i should write the check to myself deposit it, and use my debit card to process the transaction as it would essectially make the transaction interest free for 1 year. curious on anyone elses thoughts on this....keep in mind i plan on buying a 57 inch television that cost $799 in around three months.


Well for one, they're practically giving your a CLI without an HP (you've already been SP'd - hence the promo).  It does come with the 3% cost but would be a good way to CLI to the maximum amount offered.  Of course, depending on which Barclays product you have the only thing you may miss out on is the rewards/points (if any).  So, rewards/points or CLI?  Hmmm...

 

I've heard of folks who write themselves the BT check (incur the BT fee), deposit into checking/savings and turn around withing a few weeks and PIF, then make the intended purchase on the next statement cycle with the higher CL to take advantage of rewards/points then PIF.  While others have done what you've suggested to take advantage of the 0% APR for a short duration of the promotion.  Matter of preference I suppose depending on what you value most. 

Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
0

Re: my take on barclay bt checks


FinStar wrote:

juggalo9er wrote:

Barclay has mailed me a total of 4 balance transger checks in 2 months time, with the newest batch offering a cli equal to the sum of the check. Setting aside the fact that i have a 0% promo for 6 months with them i have thought of a plan so to speak after the promo expires. The checks i recieve always offer 0% interest for one year with a 3% fee and state i can write it to myself, with this being said my line of thinking suggest i should write the check to myself deposit it, and use my debit card to process the transaction as it would essectially make the transaction interest free for 1 year. curious on anyone elses thoughts on this....keep in mind i plan on buying a 57 inch television that cost $799 in around three months.


Well for one, they're practically giving your a CLI without an HP (you've already been SP'd - hence the promo).  It does come with the 3% cost but would be a good way to CLI to the maximum amount offered.  Of course, depending on which Barclays product you have the only thing you may miss out on is the rewards/points (if any).  So, rewards/points or CLI?  Hmmm...

 

I've heard of folks who write themselves the BT check (incur the BT fee), deposit into checking/savings and turn around withing a few weeks and PIF, then make the intended purchase on the next statement cycle with the higher CL to take advantage of rewards/points then PIF.  While others have done what you've suggested to take advantage of the 0% APR for a short duration of the promotion.  Matter of preference I suppose depending on what you value most. 


+1



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