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BMI amex cc. Cash offer?
novaupabove
Posts: 2 Newbie
in Credit cards
Hello, I'm very new to all this 'being financially savy' stuff, I wondered if there was anyone who could offer info regarding my BMI amex card. As I understand it they will transfer an agreed amount of cash into my savings account at 0%interest for 12 months from the time the card was approved. Does anyone know of any traps around this? It sounds too good to be true.
0
Comments
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There is a 3% handling fee so for every £1000 you transfer you are charges £30.0
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Miss a payment and you get put on 15.9% APR and you don't find out for 5 weeks.
Spend on the card and your purchases balance is locked in at 15.9% APR until you clear the entire balance.
'Spend' the cash, rather than saving it, and you'll find you're in (real) debt after 12 months.
etc, etc,
If you are keen though, there are better MBNA run cards. For example, 14 and 15 months is available on the Platinum Plus and Virgin Money cards respectively.0
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