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Barclay is Funny...And Predictable...And Insidious!

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Established Contributor

Barclay is Funny...And Predictable...And Insidious!

As I mentioned last month, I was finally in a position to BT my BarclayCard balance to my new NFCU card, and got to stop paying 24% interest.  I mused at the time that once I stop using it and it reports as zero, maybe they'll offer me a new 0% BT offer and I could transfer some of the balance on the NFCU that had a 6 month 0% offer back to Barclay for a longer 0% period.

 

Guess what I received in the mail today?  BT checks from Barclay!  0% (w/ a 1% fee) transfers good until March of 2018.  Or I could do 0%/3% until June of 2018.

 

So, the fun timeline of Barclay-ness:  Mid November, I BT $2500 AWAY from them.  Leaving just a few hundred dollars on the balance.  On 12/7 (due date), I pay the balance off to $0.  On 12/12, I get a ne 0% offer.  BT"s have to post by 2/17.

 

So do I risk tempting the Barclay Gods and BT a portion BACK to them and get an extra 10 months of 0%?

 

I DO have a wedding coming up (which we are paying cash for, yikes!), so honestly, I'm not going to have the NFCU balance paid off by 5/17, although it WILL be paid down significantly...

 

Thoughts?

 

Venture: $21K | Amex ED: $18K | Amex BCE: $15K | NFCU CR: $18K | IT #1: $15K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $8.7K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.8K | Cabela's: $1K


 


Current FICO 8 Scores: EQ: 735 | TU: 741 | EX: 733


Message 1 of 4
3 REPLIES 3
Super Contributor

Re: Barclay is Funny...And Predictable...And Insidious!


@Dalmus wrote:

As I mentioned last month, I was finally in a position to BT my BarclayCard balance to my new NFCU card, and got to stop paying 24% interest.  I mused at the time that once I stop using it and it reports as zero, maybe they'll offer me a new 0% BT offer and I could transfer some of the balance on the NFCU that had a 6 month 0% offer back to Barclay for a longer 0% period.

 

Guess what I received in the mail today?  BT checks from Barclay!  0% (w/ a 1% fee) transfers good until March of 2018.  Or I could do 0%/3% until June of 2018.

 

So, the fun timeline of Barclay-ness:  Mid November, I BT $2500 AWAY from them.  Leaving just a few hundred dollars on the balance.  On 12/7 (due date), I pay the balance off to $0.  On 12/12, I get a ne 0% offer.  BT"s have to post by 2/17.

 

So do I risk tempting the Barclay Gods and BT a portion BACK to them and get an extra 10 months of 0%?

 

I DO have a wedding coming up (which we are paying cash for, yikes!), so honestly, I'm not going to have the NFCU balance paid off by 5/17, although it WILL be paid down significantly...

 

Thoughts?

 


One never knows, but I've done plenty of balance transfers to them and away from them and they've never given me a problem.


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 2 of 4
Senior Contributor

Re: Barclay is Funny...And Predictable...And Insidious!

How much of the balance can you afford to pay off in 6 months? Leave that amount on your NFCU credit card. The remainder of the balance can be BT'd back to Barclay. 

 

I understand you're getting married soon and you need to have cash on hand, but BT'ing a balance between cards isn't helping either. It's really increasing your debt burden. If you decide to BT any or all of your balance back to Barclay, you need to set a firm date to have it PIF before the BT expires.

 

Best wishes to you and your spouse!

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
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Message 3 of 4
Established Contributor

Re: Barclay is Funny...And Predictable...And Insidious!


@beautifulblaquepearl wrote:

How much of the balance can you afford to pay off in 6 months? Leave that amount on your NFCU credit card. The remainder of the balance can be BT'd back to Barclay. 

 

I understand you're getting married soon and you need to have cash on hand, but BT'ing a balance between cards isn't helping either. It's really increasing your debt burden. If you decide to BT any or all of your balance back to Barclay, you need to set a firm date to have it PIF before the BT expires.

 

Best wishes to you and your spouse!


 That's actually the plan I was thinking of.  Smiley Happy 

 

 The reason I was hesitating is also because of  what you mentioned... Multiple payments due instead of one.  When you're up high enough on multiple cards, the 2% or 3% minimum payment doesn't translate to more monthly cost, but when you're below $3000, it does.

 

 Not that I've ever paid the minimum on a card in the past 5 years, I just like seeing the TOTAL monthly obligation across all my accounts on my spreadsheet go down.  Smiley Happy

 

 I just wish wedding-related vendors would be more willing to allow payment by credit card without a surcharge that negates any rewards I would get for paying with that method!

 

 Thanks for the well wishes.  Saving up to pay cash for the wedding (without touching our existing savings) makes everything else tight, but it will be SO worth it to NOT be like our friends who are paying off their weddings 2 years later!  If I would have had my way, we would have eloped, or gone Destination Wedding and we could have paid for immediate family to join us and STILL have less cost than a 250 person reception, but she wanted the Big Day, so we sacrifice to make sure she gets it!

Venture: $21K | Amex ED: $18K | Amex BCE: $15K | NFCU CR: $18K | IT #1: $15K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $8.7K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.8K | Cabela's: $1K


 


Current FICO 8 Scores: EQ: 735 | TU: 741 | EX: 733


Message 4 of 4
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