Barclaycard offer low APR credit cards, interest free credit cards, platinum credit
cards, balance transfers as well as business credit cards with balance
transfers as well as providing contactless technology. If you a Barclay Credit Card holder, you must know about the
cost of the credit card. To help you get the most out of your credit card,
here’s a brief explanation of some of the costs involved. If you’re interested
in a particular card, you’ll find more specific charges in its terms and conditions
or card summary.
How your interest is calculated
If you pay off your balance when it’s
due every month, you won’t have to pay any interest whatsoever. However if you
need more flexibility and don’t pay your balance in full, the minimum interest you
would pay is £1.
Interest we charge is based on the
Average Daily Balance of your account, which is the total of your outstanding
balances every day, divided by the number of days that month. So the sooner you
make a payment to your account, the less interest there is to pay.
Balance
transfers
If you’re currently paying interest
on credit card balances, you could save money by transferring them to one of
our interest-free balance transfer cards. Even with a transfer fee to pay, this
may work out cheaper in the long run.
Just be aware that you’re likely to
be charged interest at your standard APR if you make new purchases with a
balance transfer credit card.
Credit card cheque fees
Credit card cheques are convenient
for paying off other credit cards balances or loans, and can even be paid
straight into your current bank account.
We always send out credit card
cheques with a letter that tells you exactly what fees and charges are
involved. Before you use them, make sure you know how much you’ll be charged as
interest rates vary and there may be a handling fee to pay.
Cash advances
Barclaycards can be used to withdraw
cash from over 24 million cash machines around the world. A transaction fee is
applied to the amount you withdraw from a cash machine or bank. Please refer to
either your Terms and conditions or the reverse of your statement for further
details on the fees charged. You can also find these on mybarclaycard.co.uk
'ask us a question' section
Since interest rates tend to be
higher for cash withdrawals than regular purchases, it’s costly to use your
credit card for cash on a regular basis.
Using your card abroad
If you withdraw cash on your
Barclaycard while abroad you will only be charged a single transaction fee and
receive up to 56 days interest free, if you pay your balance in full and by the
due date shown on your statement each month.
Copies of statements or vouchers
We charge just £2 if you need a
duplicate of your statement and £5 for a copy of a sales voucher.
Late payments
If your payment’s late or you spend
more than your credit limit, there may be an extra charge applied.
One way to avoid late payments is
with Direct Debit when the minimum payment, or more of your balance, is paid
automatically every month.
Just bear in mind that it takes much
longer to clear your balance and costs more in interest charges if you make
minimum payments.
Courtesy: Credit Guidance of BarclayCard
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