0% on balance transfer until paid in full!!!

jonnyjackov

Something really strange has happened.

I applied for a capital one platinum card to transfer a couple of thousand from egg, as my 0% period ends this month.

I don't have the best credit record in the world, and get some cards and not others. So I was not really surprised to get a letter from capital one telling me they could not give me a platinum card, but could offer me a standard card at different promotional rates. I think it was 0% on purchases for 12 months, but no mention as far as I can remember on balance transfer offers.

I decided to get the care they offered, signed the form and returned it about 6 days ago. Yesterday my pin arrived, and today the card arrived. It only has a credit limit of £1000, but that is ok as I only intended to purchase a cheapish laptop and take advantage of the 0% for 12 months on purchases.

I have just looked at the back of the letter which my card is stuck to, and it states the following:

CREDIT CARD AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974.

Between us capital one bank plc, and you the customer on the terms and conditions set out below.

APR 24.9 %

For Balance Transfers : An effective rate of 0.00% p.a. until repayment

For cash Withdrawals : An effective rate of 0.00% p.a. from the date of withdrawal until repayment

For Purchases: An effective rate of 0.00% pa fixed until the day after your 000 statement, then 0% pa until repayment

I don't really know what this means, probably a c*ck up by Capital One, but where do you think I would stand if I just took it as it says and waited to see what happens, or should I phone them and ask for my rates. Where do I stand legally if I do a BT and then they charge me interest. What would all you helpful people do in this situation.

An interesting one I'm sure you will agree Thanks in advance for your advice.

John

jonnyjackov

Any thoughts...please:)

YorkshireBoy

jonnyjackov wrote: »

Any thoughts...please:)

Your questions are largely hypothetical.

What does it say on the T&C's/Credit Agreement you put your signature to?

What will you do when your penultimate statement arives next year and says "your introductory period ends on xx/xx/09"?

jonnyjackov

The form I put my signature to states purchases 0% for 12 months then 24%.
Balance Transfers 24% and cash withdrawals 36%

Underneath it states that these rates may change due to promotional offers, and I will receive written notification should these rates change.

The letter today states the rates in my opening post, so surley I have recieved written notification of my 'new' rates.

I suppose in a way it is hypothetical, but was wondering if I did a balance transfer, surely they should adhere to the interest new interest rates on the credit agreement.

Cheers, John

Bismarck

jonnyjackov wrote: »

The form I put my signature to states purchases 0% for 12 months then 24%.
Balance Transfers 24% and cash withdrawals 36%

Underneath it states that these rates may change due to promotional offers, and I will receive written notification should these rates change.

The letter today states the rates in my opening post, so surley I have recieved written notification of my 'new' rates.

I suppose in a way it is hypothetical, but was wondering if I did a balance transfer, surely they should adhere to the interest new interest rates on the credit agreement.

Cheers, John

if it looks too good to be true, it probably is....good luck trying to enforce it....