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Life of balance card.............?
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Rochdale_Guy
Posts: 1,710 Forumite
in Credit cards
Hi.
I have nearly £6,000 owing on an MBNA credit card. After they let me have a 0.9% APR "cash into bank account" offer for 9 months, the minimum monthly repayments have now gone up to £120 a month :mad:
I have seen the Citibank "Citi Platinum iTunes Rewards" MasterCard offering just 4.9% APR until repaid with a 3% handling charge.
http://www.moneysupermarket.com/cards/CardDetails.asp?CardId=1624&feature=lifeofbalance&CardType=credit%20card&AnnualFee=1&Adverse=0&CardAdvertId=&intChannelPlusId=1020260&issponlink=0&EnquiryId=21247417&AnnualFee=Any&Adverse=No&BalanceTransferFee=1&CardType=credit%20card&CardTypeCC=1&CardTypeGP=1&CardTypeOL=&CardTypeER
Do I apply and offload £5,000 from MBNA onto this at 4.9% APR until paid off with a £150 handling charge, then clear the £1000 left on MBNA as priority before digging into the new Citibank one?
If I was accepted and paid the £150 handling fee off my first statement, would I just be getting charged 4.9% APR on the £5,000 balance or is it not that simple?
And, what would the minimum montlhy repayments be on the new card please?
Thanks in advance,
Rochdale Guy.
Edit: I just noticed the below (in red), whats this risk figure?
Price For Risk = Yes
Minimum rate is 16.6%;
Maximum rate is 24.9%
I have nearly £6,000 owing on an MBNA credit card. After they let me have a 0.9% APR "cash into bank account" offer for 9 months, the minimum monthly repayments have now gone up to £120 a month :mad:
I have seen the Citibank "Citi Platinum iTunes Rewards" MasterCard offering just 4.9% APR until repaid with a 3% handling charge.
http://www.moneysupermarket.com/cards/CardDetails.asp?CardId=1624&feature=lifeofbalance&CardType=credit%20card&AnnualFee=1&Adverse=0&CardAdvertId=&intChannelPlusId=1020260&issponlink=0&EnquiryId=21247417&AnnualFee=Any&Adverse=No&BalanceTransferFee=1&CardType=credit%20card&CardTypeCC=1&CardTypeGP=1&CardTypeOL=&CardTypeER
Do I apply and offload £5,000 from MBNA onto this at 4.9% APR until paid off with a £150 handling charge, then clear the £1000 left on MBNA as priority before digging into the new Citibank one?
If I was accepted and paid the £150 handling fee off my first statement, would I just be getting charged 4.9% APR on the £5,000 balance or is it not that simple?
And, what would the minimum montlhy repayments be on the new card please?
Thanks in advance,
Rochdale Guy.
Edit: I just noticed the below (in red), whats this risk figure?
Price For Risk = Yes
Minimum rate is 16.6%;
Maximum rate is 24.9%
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the rate/price for risk means if you don't get the best rate they offer then you will get a higher rate,
it depends on how they see you as a customer. so at best you will get 16.9% then a rate higher and
at worst the top 24.9% rate.0 -
Rochdale_Guy wrote: »If I were accepted and paid the £150 handling fee off my first statement, would I just be getting charged 4.9% APR on the balance?
That's right.What would the minimum monthly repayments be on the new card please?
2.25% of the balance shifted.People who don't know their rights, don't actually have those rights.0 -
Rochdale_Guy wrote: »I just noticed the below (in red).What's this risk figure?
Price For Risk = Yes
Minimum rate is 16.6%;
Maximum rate is 24.9%
Citi operates a rate-for-risk policy. This means the bank reserves the right to issue the credit card it deems most suitable from its range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file. Judging from posts to this board, this happens frequently, so it's important to consider first whether you’ve a realistic chance of being accepted.People who don't know their rights, don't actually have those rights.0 -
That's right.
2.25% of the balance shifted.
Sorry, I meant how do I work out exactly what 2.25% of the balance is I would have to pay back each month!
Is it £112.50 pm?!?!
(2.25% / 100 * 5000/1 ) - plus whatever the interest is on that?
And even if I was offered a higher rate card, surely the 4.9% APR life of balance rate remains the same, as I would NEVER spend on it - I'd cut it in half as soon as it arrived.
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YES thast right the balance you shifted would be at that rate for as long as it takes to make it zero. as long as you did not spend on it then you are ok.0
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"the minimum monthly repayments have now gone up to £120 a month"
I meant to say the monthly interest is now £120 a month alone
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I,ve got a Citicard from last March which was 5.9% LOB deal 0% fees,as I,ve never spent on it,they have sent me almost every month another offer.It started off as 6 month deals but they are now offering 5.9% LOB with 3% fee for BT,s.I,m going to hold out for 0% fees but I,m thinking as credit card LOB deals go it has potential to be a good oneI have a deep burning indifference0
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Oh heck !
I just applied online as they tout it as an "instant decision"....
.... well I just got the following information screen and am panicking now...Thank you
Thank you for taking the time to submit an application for a Citi Card.
We will be in touch with you via email or letter with our decision on your application or to request further information within the next 7 working days.
If your application is approved, we will send you your card within 7-10 working days.
If you have any questions, please do not hesitate to contact Card Services on 0870 ... ....
We are here to assist you 24/7.
Thank you for your interest.
Paranoid me reckons thats a refusal then
:eek: :eek: :eek:
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Well, I was accepted - and was well chuffed when I saw the envelope and felt my new credit card inside, then was gutted that they only gave me a credit limit of just £1,750 - when I asked to transfer £5,000 of my MBNA card onto this new one, if accepted.
Still, 4.9% APR until paid off is better than nowt I guess.
If only I could do something with the remaining £4,250 on the ball busting MBNA card
That incidentally, has an £11,000 limit, so am confused as to why CitiBank only gave me £1,750..0 -
I have to phone them up to acknowledge receipt of my card and "answer a few security questions"?
I'm tempted to tell them to stick their insultingly low credit limit card....
.... OR beg for an increase but they won't
:mad:.0
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