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Amex PlatinumLifeofbalance4.9%
pandapone
Posts: 44 Forumite
in Credit cards
I had a close look at this- if you read their terms and conditions this is not a life of balance offer - They charge 4.9 on any transfer made in the first 6 months during the first six months and 9.9 after - transfers after the first 6 months are 9.9.
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Comments
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Yes... But it is a life of balance offer because whichever rate it is applies for the, er, life of the balance i.e. until you pay it all off, it is at 4.9% if you BT straight away.DFW stats:
Currently under review
Proud to be dealing with my debts0 -
2. Balance Transfers conducted within the initial 6-month period from the date we open your account will be charged at a Balance Transfer rate of 4.9% p.a. (monthly rate 0.40%) fixed for a period of 6 months from the date we open your account and thereafter at the standard rate of 9.9% p.a. (monthly rate 0.79%), fixed until you've paid off that balance in full. This low Balance Transfer rate of 4.9% p.a. will not apply if you do not pay the minimum amount each month. Balance Transfers conducted after the initial 6-month period from the date we open your account will be charged at the standard rate of 9.9% p.a. (monthly rate 0.79%), fixed until you've paid off that balance in full.
This is what is says - the 4.9 is only fixed for a period of six months from the opening of the account on the transfers conducted in the first 6 months.
And what is worse - the low rate only applies if you make the minimum payment!!0 -
Ah, I see what you mean!DFW stats:
Currently under review
Proud to be dealing with my debts0 -
Yes, something wrong is with this card. BTW it is not listed as low LOB rate card on http://www.stoozing.com/0fees.htm site ...0
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You are having a laugh aren't you? I've just been accepted for this, on the understanding it was LOB? Better check the acceptence letter I received yesterday.0
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This is confusing. The site: http://www.americanexpress.com/pes/uk/benefits/platinum_credit.cgi
states
4.9 % p.a. permanently low balance Transfer rate, for balances transferred in the first 6 months.1
Then in the terms and conditions you are right it says 'fixed for a period of 6 months from the date we open your account and thereafter at the standard rate of 9.9% p.a.'
Martin Lewis, have you got your credit card information wrong?0 -
Not quite sure where you got that paragraph from. The terms I looked at stated the following
Link to T & C5.4 We will charge interest on all balances that result from Balance Transfer(s) conducted within the first 6 months of the date we open your Account at the Balance Transfer rate of 0.40% per month, 4.9% per annum, on a daily basis, on the amount that you owe in respect of the Balance Transfer from the date that we pay the lender until the amount is fully repaid to us. Balance Transfer(s) conducted after the initial 6 month period from the date we open your Account will be charged at the standard rate of 0.79% per month, 9.9 % per annum
Link to online application (can then follow link to T & C)
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Check out the link I posted. Point 1.0
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Hi folks,
We've been aware of this wording in the terms and conditions, and have contacted Amex to double check the situation.
Although expressed poorly, the upshot of this small print is that any balances transferred during the first 6 months of having the card are charged at 4.9% for the Life of Balance, and any balances transferred more than 6 months after opening the card will be charged at 9.9% Life of Balance. So they good news is that all is as we originally thought.And what is worse - the low rate only applies if you make the minimum payment!!
You should always make at least the minimum payment on any card out there(higher if possible, unless stoozing), otherwise you can incur charges from the card company.Former MSE team member0 -
Phew! BA's Amex card conditions are much clearer though.0
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