A small question?

margaretclare

Hi all, just a small question:

I applied for a Mint card and have been accepted. I don't yet know what my credit limit is, but I want to do a 'super balance transfer' into my current account and then into my savings account. However, in the T&Cs Mint say that: 'for "transfer and save", money transfer and cheque transactions, we will charge interest, from the date the transaction is charged to your account, on the amount of the transaction'.

So, doesn't this negate the whole idea of 0%?

Aunty Margaret

YorkshireBoy

Hello Margaret

The text you posted is from section 2(C)(c) of the T&C's/credit agreement. However, the preceding section 2(B) details the rates of interest for the various transaction types for both the introductory period and after it - where you will see that the rate for 'transfer and save' is 0% during your introductory period.

PS: Don't forget you will have a 2% (max £49) BT fee for using the cheque. Whether this charge is waived after Jan 31st or not will depend on whether you applied before or after they launched the new product around 10 days ago. Check your credit agreement closely when it arrives, as these offer 'crossover periods' can sometimes mean people don't get what they applied for!

margaretclare

Hi YorkshireBoy

Thanks very much for your help.

I've been given an 'introductory' credit limit of £1850.00 until November.

I have a fixed-rate loan running with Cahoot - balance is £3365.06 @ 6.9%. I also have £2308.55 in the new cahoot bonus savings account. I'd like to use my savings and a super balance transfer from the Mint card to pay off the fixed-rate loan. I'm going to be 71 this year and I think it's high time I was free of debt, for the first time possibly since the 1960s.

Even if I have a 2% BT fee, I can't see any drawbacks - can you?

Best wishes

Aunty Margaret

YorkshireBoy

margaretclare wrote:

I can't see any drawbacks - can you?

No, not at all. Apologies if the following is obvious, but I'll just add a few comments if I may...

Your BT fee for £1,850 will be £37. However, I never BT the whole limit on a card - just in case the first DD doesn't go through properly. If you lose the 0% and are 'fined' for the late payment, at least you won't go over your limit when they apply the late payment fine!

Minimum payments, if you go down this route, are 2.25% rounded down to the nearest pound I believe (I haven't had my Mint card long).

Mint have an excellent online interface, and you can view your statement online 2-3 days before you receive the paper copy.

There are better paying accounts than Cahoot for the level of balance you have/had with them.

If you decide to repay only the minimum payment each month (and put some extra into a savings account), then once your minimum payment has cleared, as shown on your online interface, you can make purchases to the same value - and put this amount into your savings account as well.

If you don't fully clear the card by the end of the introductory period, you can transfer the balance somewhere else for a couple of months and then bring it back to the Mint card for it's anniversary offer next January.

Good luck.

carebear_4

Hi, I am new to this site and have viewed the SBT info. I have Egg card (anniversary in May for SBT), Abbey card and Post Office at 0%. I am interested in appling for Mint card so can SBT, but a bit confused about how to avoid charge for SBT. Is this charge applicable if I apply online today?

Any help would be appreciated as do not want to apply if will be charged for SBT (even 2% fee!).

Thanks

YorkshireBoy

carebear wrote:

Is this charge applicable if I apply online today?

Any help would be appreciated

https://www.mint.co.uk

margaretclare

Hi YorkshireBoy

Mint card arrived. I tried to do a balance transfer of £1800, leaving £50 in there, but they would only allow me to do a BT for half the credit limit. So, OK, they've transferred £925.00 which will arrive in my current account in a few days' time, about Thursday. When it arrives I will transfer my savings over to my current a/c and pay off the fixed-rate loan - hurray! I will only owe £925.00, my total debt in the world, and at 0% until November it's no problem.

Best wishes

Aunty Margaret

YorkshireBoy

Oh dear Margaret, what have you gone and done????

I've just seen your post on the Fool, and after all we spoke about using the cheque, and having a look at 'Section 2B' to see what was 0% and what was not, you've now gone and done a 'Money Transfer'.

Glad to see they've agreed to reverse the transaction though, because otherwise you would have been paying 14.004% p.a. - probably a higher rate than your loan.

Be patient now, and wait for your cheques to arrive.

margaretclare

Hi YorkshireBoy

It's difficult, isn't it, to distinguish between a 'Money Transfer' which I didn't want, and a 'Balance Transfer' which I did want.

I decided I'd have a look at Egg too - I did have an Egg card a few years ago. Have re-applied and been accepted, with a £4,500.00 credit limit.

I could probably use Egg instead of Mint. I've printed out their Agreement....please tell me if there are any drawbacks in going down the Egg route instead of Mint? Purchases are at 0% until 1st July, transferred balances are at 0% until 1st October.

Comments welcome.

Aunty Margaret

margaretclare

Hi YorkshireBoy

OK, cheques have arrived now. I'd like to write a cheque for £1500 to pay into my savings a/c. Please tell me there are no drawbacks to doing that???

I've also been re-accepted for an Egg card with a credit limit of £4500 and 0% to October but haven't yet received the card.

Many thanks

Aunty Margaret

YorkshireBoy

margaretclare wrote:

OK, cheques have arrived now. I'd like to write a cheque for £1500 to pay into my savings a/c. Please tell me there are no drawbacks to doing that???

I didn't use my cheques Margaret, choosing instead to do a straight BT from another card. However, there are many on this board, and on other boards, who have successfully used Mint cheques to either pay themselves directly or pay a third party such as a loan company. My understanding, after reading the T&C's thoroughly for myself, is that they are 0% - the same as purchases and BT's (note though, that there will be the 2% [max £49] fee applied to the cheque).

margaretclare wrote:

I've also been re-accepted for an Egg card with a credit limit of £4500 and 0% to October but haven't yet received the card.

You might not have to dip into your savings yet then - but this card will also charge you a fee to SBT. Do your sums.

If you use the Egg's SBT facility, try not to make purchases on the Egg Card, because the 0% on purchases is only 6 months - meaning you'll pay interest on all your purchases placed on the card (from day 1) during months 7-9 of the introductory period unless you repay any BT before the end of month 6.

Good luck.