Capital One 0% for 15 months

MrsTinks

Hmmmmm right ok I have jus applied for this on the following grounds:
-I have a good credit rating so I don't think I should have a problem getting it
- 0% for 15 months instead of 7.7% apr on my loan... And I dont' have a fixed amount I have to pay off each month (please don't worry I will keep a direct debit for at LEAST the same amount as I currently do on my loan!)

Now feel free to slap me with anything I haven't thought off so far:
-I MUST remember to transfer it back at the end of 15 months - either to another 0% OR back to a loan like with Egg. I don't think either should be a problem as I have never defaulted on a loan payment although I have been late paying my old credit card twice due to a house move and Lloyds messing up (something I intend to address and try to get removed as I tried to pay them but that is another story let us for the sake of argument say it isn't removed and stays there). The Loan amount should also be considerably less than it is at present (£8000 so even if only paying my current loan rate it will be a loan for about £5300 although I am aiming for MUCH less )
- It's a credit card and as such after I have moved my loan on to it it MUST be cut up (don't worry I have no problems with this AT ALL )

IF I get accepted (they will write to me in the next 10-14 days... I suspect because I have moved house so much in the last 4 years they are a tad confused as to who the heck I am lol!!!! Anyway that is what usually happens, that'll teach me to move house so much I guess ) then is this a good plan... come on people tell me I missed something obvious here

moozie_2

Just one observation, how can you be sure the CC limit will be sufficient?

D&DD

Hi Tine just had a look at their deal are you aware you have to spend 100 pounds to get it?Also if I remember correctly the £100 you spend will be charged at the usual rate won't it as its not a balance transfer..

regularsaver1

yeah i saw that D&DD - you have to spend £100 which at typical new purchase rate of 15.9%
capital one work on the way that any repayments will repay the 0% balance first

there is also a 2% transfer fee

savedup

Just a friendly warning:

There are a couple of things to be aware of with this card - Please see thisismoney.com site for details.

D&DD

_pale_ Thanks for that link savedup! Its only down to this site I'm sooo suspicious now :rolleyes: 6 months ago I would have signed up too!!

Petal_3

I haven't had a chance to look at the thisismoney thing but if you have to spend £100 - you can spend it - pay it off immediately - and only do your BT when you have made sure that the balance is clear - that way they can't hit you for the interest on the £100.

~x~

MrsTinks

Yup I had spotted the £100 "must spend before it applies" hitch and was planning on spending £100, paying it off and then transfering the balance. The transfer fee would be £160 (thieving !!!!!!s) on say £8k but it's still better than Egg who have just upped theirs to 2.5% and uncapped theirs too. 2% should however still work out at less than 7.7% apr for the 15 (ok let's say 14 months to make sure i have moved it elsewhere in plenty of time ) I think it should work out at about £400-450 less... if I have got my calculations right

Moosie the limit if you don't do a transfer is listed as £10k, and if you do a balance transfer when you apply it goes up to £15k... I won't be applying for the £15k just the 10k (and using less that £8k of that)

Of course if the offer less than £10k the whole plan will be pointless But £10k is what they state on they web offer

MLbiggestfan

Shouldnt think you would struggle to get high credit limit as my husband got 8,000 credit limit on his card when he first applied for it. I think it was 3.9% for life of balance card but not sure.

MLbiggestfan

Is there any way you can throw about £540 a month at debt over 15 months? You could clear it wiv no interest!!!! Just a thought (wish i had £540 a month spare but some people have). The interest you save over the 15 months would be quite a bit i would have thought.

MrsTinks

Well not entirely £540 a month but I AM hoping t throw a fair whack at it now that my OH has finally gotten himself sorted making my cash injectionsless needed as he should be able to last the month without me funding him With luc my monthly out goings should be £250 towards the mortgage, £50 (that is the most I have ever paid so I use that figure and count anything less as a bonus) for my mobile bill, £50 for pet insurance, PPI replacement insurance, pension plan etc and about £100-£150 (it's usually less but I like to count the most negative then everythign is a pleasant surprise) on petrol etc. So about £500 before we start talking food shopping. After tax I take home £1400 pcm but there is things like car tax coming up, oil bill for heating (£300 WEEP!) and other un-expected things (isn't there always? *sigh*) So yes some months I'll be able to throw £500+ at it but other months it'll be £200-300 (ok ok so I know this is actualy quite a bit still ) Also there is a strong possibility that my grand parents will give all the grandchildren a £1000 present again this year (max they can under danish tax laws without it being hit with tax) which will obviousy help. I should have about £500 coming from an old uncashed cheque from jus under 6 years ago that I have sent back to the company to request they re-issue (keep your fingers crossed!!!) and I might earn a few bits from doing some web design work and other bits here and there. Plus of course selling stuff I no longer need on Ebay and Amazon

T