Borrowing 2

[malagabob]

Regarding my last question. I have received an offer from Barclays. " Transfer cash to your bank account". 0% interest for a set period. Fee applies. Transfer money directly from your Barclaycard into your UK currant account.
So this is a 0% loan is it not. Well not totally. Is this what I am looking for. Thanks again.

[Jackdaw33]

Don't touch it with a bargepole.

[bednobs]

how long is the period? what's the fee?

[murraymints]

fees !! NOPE DINNAE NAE GO THERE !

[goodgoalie]

"Directly into your UK currant account"? There's no good raisin why you should accept this offer

[Jackdaw33]

Never EVER borrow cash on a credit card. I learnt the hard way many years ago.

[malagabob]

0% for 12 months. 1.9% fee bednobs.

[ladybirder]

Wrong thread Mbob;-))

[fiction-factory]

Deal sounds okay to me (although i only consider these if there is a 0% fee), especially if you need some cash for an important purpose (like paying off a high% credit card /loan debt) or to solve a short term cash flow problem- provided:
- you can make at least the minimum payment each month
- you don't use the card for purchases
- you can definitely repay the whole amount within the interest free period

[fiction-factory]

(Looks like the right thread to me ladybirder)

[hc4361]

The fee makes it equivalent to 1.9% APR - not a bad rate for a loan. just make sure to pay it in full within the 12 months

[ladybirder]

Yes it is. Ignore me ff (most people do).

[Old_Geezer]

Not having checked the details myself, just going by your description, it's probably the nearest you'll get. But don't forget to pay it off in good time. These 'too good to be true' deals can go sour if you don't 'stay on the ball'.

[twix123]

If the 1.9% fee is charged to your borrowing account up-front, and you repay in 12 equal instalments, the equivalent to APR, being a fee and not interest, would be about 7.5%

http://money-saving-calculators.prudentminds.com/apr-calculator.html

I don't know how this would compare to the rate charged by your bank for a Personal Loan.