What Credit Cards that charge crazy high apr after 0% offer ends??

Stubbsy055

Heard on the news that some customers with MBNA have come off their 0% Balance trasfer off to be faced with 34% on their oustanding balance!

My question is what other companies do this? I'm tarting at the mo and have a barclaycard BT that expires in Apr 09 and a Capitalone BT that expires in December.

Should the worst happen and I can't get another 0% BT card, I don't wann abe stuck on a high rate instead of the lower rate offered i.e. 18%

latecomer

then perhaps you should look for a life of balance transfer instead? Get a reasonable fixed rate until its paid off.

luv_my_brass

I decided to take advantage of Abbey's 0% interest for 6 months with no transfer fee, and they offered me a max of 3k, the actual amount I want to transfer is 31/2k but decided to accept the 3k. When I went to do the actual transfer, they told me that they automatically deduct 5% "incase I'm late with a payment". But as I always pay the monthly fee by DD, there would be no chance of this happening, anyway, they would probaby charge interest. So I am only going to be able to transfer £2,850. Which means I have to find approx. £750. Not a problem - I'm only 'card tarting' anway. but thought anyone else not aware of this 'Abbey habit' ought to know. :rolleyes:

My MBNA 0% ends this month, and after the conversation with Abbey, wondered about staying with MBNA as they are offering 12months, but with the 3% transfer fee. Am a bit concerned that these 0% offers may have ceased by the time the 6 months Abbey account is up. Whilst one is not supposed to be able to transfer within the same company, I was told by MBNA that the way around this was to request the new loan to be put into one's bank account, and then use it to pay off the old MBNA account. My last payment under the 0% is 27th December, and I was trying to get the outstanding amount transferred to another card before this date. I'm afraid it may not happen before then if I go with MBNA and I can't see the point in risking paying interest - especially at 34%! =:-0 So looks like I must go with Abbey........

Bismarck

plank reported

benf90

luv_my_brass wrote: »

I decided to take advantage of Abbey's 0% interest for 6 months with no transfer fee, and they offered me a max of 3k, the actual amount I want to transfer is 31/2k but decided to accept the 3k. When I went to do the actual transfer, they told me that they automatically deduct 5% "incase I'm late with a payment". But as I always pay the monthly fee by DD, there would be no chance of this happening, anyway, they would probaby charge interest. So I am only going to be able to transfer £2,850. Which means I have to find approx. £750. Not a problem - I'm only 'card tarting' anway. but thought anyone else not aware of this 'Abbey habit' ought to know. :rolleyes:

That's not just an Abbey thing though. Almost all credit cards will only allow you to transfer up to 95% of the available credit. I'm not aware of any card that isn't like this.

The remaining 5% is left so that there's enough available credit for the BT fee to be added to the balance without the credit limit being exceeded, plus a bit extra for something unexpected happening such as a payment arriving late, which could result in interest being applied.

luv_my_brass

benf90 wrote: »

That's not just an Abbey thing though. Almost all credit cards will only allow you to transfer up to 95% of the available credit. I'm not aware of any card that isn't like this.

The remaining 5% is left so that there's enough available credit for the BT fee to be added to the balance without the credit limit being exceeded, plus a bit extra for something unexpected happening such as a payment arriving late, which could result in interest being applied.

Over the last few years, I have 'card tarted' with Egg, Capital One, MBNA, The Cooperative Bank and another one, might have been the Halifax, and I have always transferred the full amount I have asked for, consequently, I was not aware of this 5% hold back. When the 3% transfer fee came in, it was listed separately on the first statement and deducted first.
So, one lives and learns! :cool: