CapitalOne 15 month offer query

HGLTsuperstar

OK so just got a very nice CL on Cap One, 0% BT for 15 months as long as spend £100 in purchases on card by July this year.
Plan of course was BT from Egg Money, move that to Nationwide Flex and then off we go to A&L online saver.
BUT... if the BT goes ahead now, as stated on my application, and then next month make the £100 required spend, how does that work with repayments? Ideally would pay off the £100 purchase in full straightaway, but will they allow this or put that payment towards the BT, so I end up paying interest on the purchase.
Feeling a bit silly, as this may not be as wise as I thought, obviously still awaiting CC agreement to sign but if I dont go ahead its a wasted credit check.
Anyone with Cap One experience please!

Bokken_2

No don't do it !
Keep the two transactions separate otherwise the allocation of interest is allocated to the purchase and not the BT thus causing interest to accumulate on the account and incurring more interest.
Have a look at Martins credit card articles and understand the allocation of payments before you attempt to do both transactions at the same time.
If you keep them separate there is no problem.
Spend the £100 and immediately pay it off,check it has been paid off completely either online or via the customer services.
Now there will be no interest charged because you have settled the account.
Now you are clear to do a BT at your introdutory rate of 0%.
Once you have done the BT you MUST NOT use the card for PURCHASES again as the interest problem and allocation of payments will again be applied to the account.
Best just get another card for purchases.
Hope that's not to difficult to follow.

Watch out for the UNCAPPED BT fee. Check what it will be before you move any BT as this could be seriously prohibitive and you may not actually make any money on the stooze.

HGLTsuperstar

Thanks, understand about the BT fee and not using card etc, but my worry being that I listed the BT on the application.
Can I therefore get them to cancel this request, spend and pay the £100 purchase, then request the BT?
P.S. I will still make plenty on this stooze!!!

YorkshireBoy

Option 1 - Cancel BT request, spend £100, wait for statement, pay bill, request BT.

Pro's
* Everything neat & tidy

Con's
* Might have to wait 7-8 weeks for a statemented zero balance = lost stooz time.
* Credit limit not as good as you first thought.


Option 2 - Leave the BT as it is.

Pro's
*7-8 week longer stooz = more profit

Con's
* A little more messy
* Approx £15-18 interest on your £100 purchase over the (effective) introductory period


Option 3 - Read the T&C's and make your plans before you make the application.

HGLTsuperstar

Option 1 probably best bet, are they therefore likely to reduce CL? Will wait until got agreement to sign, and ring first to confirm.
Now thinking re: BT fee, is this classed as "purchase" so same prob as before, or is this included in the BT offer
Am assuming BT as requested wouldn't go ahead until signed and returned credit agreement? Right?

Bokken_2

HGLTsuperstar wrote:

Option 1 probably best bet, are they therefore likely to reduce CL? Will wait until got agreement to sign, and ring first to confirm.
Now thinking re: BT fee, is this classed as "purchase" so same prob as before, or is this included in the BT offer
Am assuming BT as requested wouldn't go ahead until signed and returned credit agreement? Right?

The BT fee is classed as a fee as it is on your normal bank account if say you had a loan with a fee.
You can pay the fee leaving the BT on your card.The fee doesn't attract any further interest.
BT can be completed via the telephone once the account is already set up.

HGLTsuperstar

OK problem solven then, just waiting for the paperwork!!!