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What did yall put as income on application who are sending 4.5k in/out? TIA
The required monthly sum is £3,330 or it can be £40k paid in over the previous 12 months. In terms of what you state on the application, it needs to be £75k + and it obviously needs to be truthful, a) because you will need to warrant that whatever you declare is truthful with potential legal implications for any false declaration, b) Barclays will check and may seek proof that the income disclosed is accurate and c) whatever you state will be compared by Barclays and disclosed to other providers who can cross reference the data for fraud prevention purposes.
My own situation – I did meet the income requirement when I opened the account, but I’m taking a sabbatical, so right now I don’t. Ever since I opened it I’ve used it as my only current account, so I’m replacing the salary by moving in money from my savings each month.
Either Barclays will notice that I’m funding the account from my own savings, or they won’t. I’m hoping they won’t, but I’m not doing anything with the intent of misleading them – I’m just doing what I’d be doing anyway. Obviously, if at any point they ask me any questions, I’ll answer them honestly. And if they do notice and downgrade my account, then I know I’ll have nothing to complain about (though in that case, without the incentive of Avios to keep me with Barclays, I’ll most likely switch back to Nationwide).
Does anyone here think I’m doing anything wrong? 100% genuine question – I don’t want to mess with my hard-earned good standing for the sake of an upgrade voucher.
My own situation – I did meet the income requirement when I opened the account, but I’m taking a sabbatical, so right now I don’t. Ever since I opened it I’ve used it as my only current account, so I’m replacing the salary by moving in money from my savings each month.
Either Barclays will notice that I’m funding the account from my own savings, or they won’t. I’m hoping they won’t, but I’m not doing anything with the intent of misleading them – I’m just doing what I’d be doing anyway. Obviously, if at any point they ask me any questions, I’ll answer them honestly. And if they do notice and downgrade my account, then I know I’ll have nothing to complain about (though in that case, without the incentive of Avios to keep me with Barclays, I’ll most likely switch back to Nationwide).
Does anyone here think I’m doing anything wrong? 100% genuine question – I don’t want to mess with my hard-earned good standing for the sake of an upgrade voucher.
I transfer £4,000-£5,000 every month into the Barclays Premier account. Then, a few days later that goes out to pay the mortgage, savings, etc.
Unlike you the money is coming from my salary. But Barclays just asks an “income” of £75,000, they don’t say it has to be from employment.
I wonder what would happen if every month I transferred £5,000 and then moved them out a few days later only to transfer them back the next month. This is exactly the same as what I am doing now in theory.
what is the real advantage of Premier? A little bit Avios rewards, for which I wouldn’t worry if they kick me out.
what is the real advantage of Premier? A little bit Avios rewards, for which I wouldn’t worry if they kick me out.
Supposedly, you’re meant to receive a black debit card with a £1k daily withdrawal allowance, but I never got it, and never bothered to chase because I have no need to withdraw that much cash.
But, I find avios rewards pretty useful, you get 18k avios for £144, plus an upgrade voucher at the end.
what is the real advantage of Premier? A little bit Avios rewards, for which I wouldn’t worry if they kick me out.
It combines well with the Avios Plus credit card. You get £5 rebate on the monthly fees if you have both – and since I value the Avios I get just for having the Premier account at around the fee for that account, that’s essentially £60/yr off the credit card. You also get some free lounge visits if you have both.
The combo makes sense to me, when either of the products on their own wouldn’t. Obviously someone else might feel differently depending on their circumstances.
But as far as non-Avios benefits of the Premier account go, I agree, there aren’t any. I never bothered to get the “exclusive” debit card because I think it looks horrible, and the £2K daily cash withdrawal limit is of no interest to me – in fact actively puts me off, because in the world I personally move in, paying thousands in cash looks a little bit dodgy. Supposedly you get access to “financial planners”, but of course they only advise on Barclays products which are generally very pedestrian. The Avios is the only interesting feature for me.
Unlike you the money is coming from my salary. But Barclays just asks an “income” of £75,000, they don’t say it has to be from employment.
True, but drawing down savings isn’t “income” by any reasonable definition.
I wonder what would happen if every month I transferred £5,000 and then moved them out a few days later only to transfer them back the next month. This is exactly the same as what I am doing now in theory.
I’ve always assumed the reason for the minimum-income requirement is to establish that you are a “qualified lead” for other products they might want to sell you. If I’m right about that, then having your salary paid in and then immediately moving it out would be fine (it still shows you have the income!), whereas moving money from an account in your own name wouldn’t be, precisely because you could just be moving it back and forth.
In my case, they might think that after they spent God knows how much to acquire me through their 100K Avios offer, and since I’m clearly still spending at the level they are thinking of, it would be pretty foolish to kick me out now. But, that’s their commercial decision. I’m clear that I don’t qualify for the account any more (or at least that I wouldn’t qualify to _open_ the account any more), and the question is whether I have any responsibility to tell them.
I was able to upgrade to Premier without meeting the income requirements and being honest about my salary. Now I cycle a small amount of money out of the account each month to meet the £3330 requirement. So far nothing bad has happened.
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