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New CapitalOne card with c. 17 months 0% BTs

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A fellow stoozer spotted this offer and posted on the stoozing website. I have done an initial analysis and, at first glance, looks worth considering for a stoozing card but the charges are uncapped. It could still make money though

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1125580124
Author of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk
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Comments

  • This will make money but uncapping the balance transfer fee is a worrying precedent. I can see this taking off in the industry allowing the card companies to cover any losses made on the initial balance transfer.
    Val :)
  • It certainly reduces the profit for those stoozing to savings accounts, but for those stoozing to an offset mortgage, it's still a worthwhile deal.

    For me, the long term nature of the deal, whereby I'd need one credit search against two for shorter deals, is an important factor.

    However, I'm keeping my powder dry until I know what Egg are up to.
  • thaylock
    thaylock Posts: 234 Forumite
    Just applied & been accepted for another credit card (5th so far). I will apply for this one in a months time because if I can get £10,000 for £200 I still stand to make a profit of £614 over 17 months, sounds like a good deal to me.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    thaylock wrote:
    ...if I can get £10,000 for £200 I still stand to make a profit of £614 over 17 months...
    Where are you putting it?

    Allowing for a 14 month deal in your case...

    If a basic rate tax payer deposits £10K with ING on 1st November 2005 (realistic if you apply on 1st October), it will only generate £443 in compounded interest by the 31st December 2006 (Cap One balance has to be repaid by 1st January 2007).

    And this is before the £200 BT fee (granted, it could be added to the starting balance at 0%) and doesn't allow for the reducing balance due to the 3% minimum payments each month (if made from the stooze pot).

    If I'm wrong, I apologise - but I simply can't make your numbers add up.
  • thaylock
    thaylock Posts: 234 Forumite
    Offset Mortgage @ 5.75%
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    thaylock wrote:
    Offset Mortgage @ 5.75%
    Of course. I'd assumed it was being stoozed in a standard savings account. Never having had an offset mortgage I'd forgot about that option!

    Good luck with the application, and I hope it's still around in a months time for you (as I recall, the 18 month deal earlier this year wasn't around for long!).
  • thaylock
    thaylock Posts: 234 Forumite
    YorkshireBoy, I know it's not quite £614 but it was only a rough calculation - thanks for adding more detail.
  • kchok
    kchok Posts: 33 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thanks guys.Any body knows wheather capital one 17 months 0% BT can be done to your current account?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    kchok wrote:
    Thanks guys.Any body knows wheather capital one 17 months 0% BT can be done to your current account?
    No, it needs routing through Egg, MBNA subsiduary cards*, or Mint (via their transfer & save cheques).

    * Virgin, Abbey, A&L, although not MBNA's own card as the latest news is that they've stopped that BT route now.

    The above is my 'understanding' of current T&C's - do your own research before committing to anything.
  • kchok
    kchok Posts: 33 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    ThanksYorkshireboy.Routing?I do have Egg card i don't owe them any thing and i have egg card since last 14 months.My point is if i do make capital one BT to my egg card,the egg card will be on Plus balance of £. Do egg then allow me to transfer to my current account ?Would they wanna know how?Will i be penalise? it just looks odd to me money sitting on credit card while i don't owe anything to egg
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