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18 months 0% balance transfer rate
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markmc999
Posts: 145 Forumite
in Credit cards
Capital one have a new credit card out offering 18 months interest free balance transfers.
You only qualify for this however if you use the card for 3 months first and spend a minimum of £100 per month in this time. As long as you clear this off at the end of every month I'd say you should have no problems.
There is a 2% balance transfer fee which is added on to your transfer when you do them.
Info can be found on the capital one website - https://www.capitalone.co.uk
Please note though, they only seem to be cherry picking the best credit ratings for the account so if you dont think you have the best credit report you may as well save yourself the time in applying.
Hope this helps!
You only qualify for this however if you use the card for 3 months first and spend a minimum of £100 per month in this time. As long as you clear this off at the end of every month I'd say you should have no problems.
There is a 2% balance transfer fee which is added on to your transfer when you do them.
Info can be found on the capital one website - https://www.capitalone.co.uk
Please note though, they only seem to be cherry picking the best credit ratings for the account so if you dont think you have the best credit report you may as well save yourself the time in applying.
Hope this helps!
Save a life. Learn emergency first aid.
Who knows what might happen tomorrow or who may need help.
Contact your local college or first aid provider to enquire about free courses in your area.
Already a first aider? Have you updated your first aid to the new 2005 guidelines? Most providers should now be training the new (and more effective) CPR protocols, see if they are offering refresher courses near you.
Who knows what might happen tomorrow or who may need help.
Contact your local college or first aid provider to enquire about free courses in your area.
Already a first aider? Have you updated your first aid to the new 2005 guidelines? Most providers should now be training the new (and more effective) CPR protocols, see if they are offering refresher courses near you.
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Comments
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markmc999 wrote:Capital one have a new credit card out offering 18 months interest free balance transfers.
You only qualify for this however if you use the card for 3 months first and spend a minimum of £100 per month in this time. As long as you clear this off at the end of every month I'd say you should have no problems.
Hmmm, apart from the 15.9% interest racking up on your purchases of course. Capital one won't apply any payments you make to your purchases balance until your balance transfer has been cleared.
You'd need to make a big balance transfer to make this worthwhile.Midas.0 -
Midas wrote:Hmmm, apart from the 15.9% interest racking up on your purchases of course. Capital one won't apply any payments you make to your purchases balance until your balance transfer has been cleared.
You'd need to make a big balance transfer to make this worthwhile.
Yes I am aware of that, hence saying in my first post, make your £100 spend on the card each month and "as long as you clear this off at the end of every month I'd say you should have no problems."Save a life. Learn emergency first aid.
Who knows what might happen tomorrow or who may need help.
Contact your local college or first aid provider to enquire about free courses in your area.
Already a first aider? Have you updated your first aid to the new 2005 guidelines? Most providers should now be training the new (and more effective) CPR protocols, see if they are offering refresher courses near you.0 -
And as I say in my first post Capital One won't apply any payments you make to your purchases balance until your balance transfer has been cleared.markmc999 wrote:Yes I am aware of that, hence saying in my first post, make your £100 spend on the card each month and "as long as you clear this off at the end of every month I'd say you should have no problems."
Therefore you can't 'clear' this part of you balance until you have cleared the BT.Midas.0 -
markmc999 wrote:Yes I am aware of that, hence saying in my first post, make your £100 spend on the card each month and "as long as you clear this off at the end of every month I'd say you should have no problems."
Except that in general credit card companies take any money paid off the cheapest debt first, so the £100 spend will stay there at a higher rate, and the £100 paid will come off the amount owed at the lower rate.
Or have I misunderstood the way money grabbing credit card companies work
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If you had read the T&Cs before recommending this card you would have noted the following:
Allocation of your payments:
Unless you pay the outstanding balance in full, we will allocate your payments under this agreement in the following order: (a) any cash withdrawal handling fees (b) any interest (c) any other fees, charges and expenses (d) any Payment Protection Insurance (e) transferred balances (with the exception of those stated at (f) and (g) below) (f) any transactions described in your statement as 'special balance transfers', 'special purchases' or 'special cash withdrawals' (g) any other balances that are transferred after the end of the initial period (if any) referred to above under 'Interest Rate' if, at the time of the balance transfer, your agreement has a separate interest rate for the life of balances transferred within an initial period, and all purchases (h) cash withdrawals.Midas.0 -
Hi guys,
This card has been mentioned in the tips, and is a good deal, provided you play the game. To quote martin:
"Luckily there is a way around this. Make £100 worth of purchases in the first month of the account, then pay it off in full when you get your statement, meaning you pay no interest. Only once that has cleared (call and check) do the balance transfer, and you’ll get 17 months of 0% for just the cost of the 2% fee."
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,#feefree
Olly## No signature by order of the management ##0 -
Thanks Olly (and somebody local!), thats what I meant you just managed to explain it better.
It is a really good deal, if you play the game properly.Save a life. Learn emergency first aid.
Who knows what might happen tomorrow or who may need help.
Contact your local college or first aid provider to enquire about free courses in your area.
Already a first aider? Have you updated your first aid to the new 2005 guidelines? Most providers should now be training the new (and more effective) CPR protocols, see if they are offering refresher courses near you.0 -
ollyshaw wrote:
"Luckily there is a way around this. Make £100 worth of purchases in the first month of the account, then pay it off in full when you get your statement, meaning you pay no interest. Only once that has cleared (call and check) do the balance transfer, and you’ll get 17 months of 0% for just the cost of the 2% fee."
Ah! Now I understand! :T0
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