Abbey Zero - new T&C's from Oct 6

obsessed_saver

Hi everyone,
Jut received an updated T&C from Abbey Zero card effective Oct 6, 2008.

Just to let you guys know (who don't read T&C's), they've introduced a £10 dormant account fee. A dormant account is one where it has a balance of £0 for 6 months continuous.

So, remember to close down your Abbey Zero cards if you're not using it anymore after the intro period!


Cheers.

realaledrinker

Worse still, min payment will be 2.25% of the balance rather than a fiver!!!

:mad:

LongTermLurker

This topic's already live here http://forums.moneysavingexpert.com/showthread.html?t=1134707

Jackiebet

Beware of the Abbey Zero Card. We have discovered that 0% balance transfer DOES NOT mean 0% with the Abbey if you make additional purchases on your card. We transferred a balance of £5000 and used the card to make purchases for the 5% cashback, making minimum payments of £5 a month intending to pay off the purchases after the introductory period. What we didn't realise was that any payments made come off in the following order, interest due,any fees, balance transfer, and finally purchases. This makes it impossible to benefit from any interest free offer if you have made purchases on your card.ie £5000 balance transfer, £300 purchases. Make a payment of £300 which comes off the £5000, leaving you with £4700 balance transfer and £300 purchases for which you will be charged interest. This continues until you clear the full balance !!!!!!:mad:

YorkshireBoy

Jackiebet wrote: »

...<snip>...

You have the Abbey 'Organic' card. The Abbey 'Zero' card does not have the same problem because it has 0% on both purchases and BT's for the same 6 month duration.

YorkshireBoy

Jackiebet wrote: »

...we fell for it............

Look on the bright side...it won't happen again because you only fall for the 'negative payment hierarchy' policy once!

Jackiebet

True- (just deleted my second post before I read your reply)- won't get caught again

HamiltonL

I assume you have (or had) 3 months 0% on purchases, and 13 for the BT?

Jackiebet

HamiltonL wrote: »

I assume you have (or had) 3 months 0% on purchases, and 13 for the BT?

Yes got 3 months 0% Purchases, 13 months BT and 5% cashback on supermarket spend up to £1000 until 31st July- too busy thinking about the cashback to realise we shouldn't have made any purchases and what the consequence would be. We've BT'd in past and not made that mistake but there's a first time for everything !! Guess we're lucky that we can pay off the balance early, just feel sorry for others who might make same mistake and be paying for it for months to come. Hope they read Martin's advice about not spending on a BT card .......

Richard019

The dormancy fee is also going to apply to the organic card. With a 13 month BT offer I can see a few stoozers getting caught out by that 19 months after applying for the card.

shaf00uk

Richard019 wrote: »

The dormancy fee is also going to apply to the organic card. With a 13 month BT offer I can see a few stoozers getting caught out by that 19 months after applying for the card.

Or they can pay off the balance in full and use the card for other discount promotions the card is offering.

Most stoozers are savvy and cancel the card and move to another one straight after the 0% period. I read all the T&Cs to avoid getting caught out and the additional notes they send through when they make changes to their T&C.