Intelligent Finance - 4.95% LOB

YorkshireBoy

Intelligent Finance (IF) have launched a new credit card offering 4.95% APR LOB on balances transferred within the first 6 months - with no BT fee.

The card also offers 0% on purchases for the first 8 months.

Sounds good, but watch out for the catch!!

This card should be viewed as either a LOB card or a 0% on purchases card, and should not be used for both at the same time.

Due to the card's 'order of payments', any purchase balance remaining after the 8 month introductory period will attract 16.9% APR (typical) interest until the 4.95% LOB BT is repaid in full.

Details at http://www.if.com/info/rates_other_products.asp#LifeOfBalanceCC

GeordieLad_2

Thanks for this, YB.

Am I correct in thinking that this is the best currently available non-AMEX LOB card?

I ask as I know that in the past (along with others) I have been turned down for the AMEX cards Martin has listed in his article, despite not having had a problem with any other "brands" of card.

MSE_Martin

Yes its the best non-amex card - it'll be going in the BT article on monday

Milarky

YorkshireBoy wrote:

The card also offers 0% on purchases for the first 8 months.

Sounds good, but watch out for the catch!!

This card should be viewed as either a LOB card or a 0% on purchases card, and should not be used for both at the same time.

Yes, but if you hold fire on making any balance transfer for nearly 6 months you could use it for spending throughout that time. In priniciple you could then quickly clear the balance (to any other no fee credit card) just in time to 're-transfer' it back to take advantage of the LOB offer. But to make this work one would have to be more disciplined (etc) than the 'either-or' approach you suggest.

YorkshireBoy

Milarky wrote:

Yes, but if you hold fire on making any balance transfer for nearly 6 months you could use it for spending throughout that time. In priniciple you could then quickly clear the balance (to any other no fee credit card) just in time to 're-transfer' it back to take advantage of the LOB offer. But to make this work one would have to be more disciplined (etc) than the 'either-or' approach you suggest.

I agree Milarky, and I was going to mention this in my first post. I chose not to though, because...

1. I thought it might represent an irresponsible approach (ie to rack up debt, (perhaps) knowing you couldn't pay it off within the 0% period), and

2. I would have thought most people wanting a LOB card would want it now - not in 5/6 months time.

robin58

I just applied for this card. I have been declined! :eek: This IS shocking to me.

This is the first time I have been declined for a credit or loan I have applied for. I have a good credit score (usally - until now!). been with my bank for 18+ years, own (with banks help!) and lived in continuously the house I was born in- many, many, years ago ! Have good paying job!!

I don't owe that much on cards ( lower 4 figs) compared to some people on this site. But the only thing I that could have triggered the decline I think is that it's a sub-sidery of Halifax bank, which is one of the cc I have with some of the debt I owe. They don't allow "internal" transfers. Was going to bounce it out of the halifax account to another cc then back into this one.

I do have other cc but have never been declined before now.
I must admit that some have very high credit limits - the banks fault not mine. Never, never asked for a higher limit except once on a balance transfer many moons ago (3+ years).

They must have some very stringent credit scoring so be careful on application

AQUA-IAN

I think we will all see declines soon even with the best credit scores/history.

maforduk

I'm with Halifax, I need to get a LOB low rate card but most of them seem to be sub-sidery.
Anyone know of LOB Low rate that doesn't block transfers from Halifax?

blacksta

Bunch of Crooks. I need to make effort in reading the small prints