Blance tranferes + minimum spend ?!

skiTTish

Am I right in thinking that is you transfer your balance to a credit card that has a minimum spend period (ie £100 a month for 3 months )
Then even if you pay off that £100 a month ,the payment will go towards the older balance (ie the transfer ) thus you end up paying interest on the £100 for the liftime of the balance?

Simon_Preston

Why on earth would you get a card that has those sort of conditions?

williham

For example.. barclays goldfish says if you spend £100 for 3 months then you get a £30 voucher. In this case you would not want to do a balance transfer aswell as the £300 spend would stay on until the entire balance transfer is paid off.

skiTTish

Simon_Preston wrote: »

Why on earth would you get a card that has those sort of conditions?

I havent ,But I have a balance to transfer and been offered a car with those conditions ,just wanted to know if I was right in thinking that the catch was -older balance paid for first ? or do they pay off the interest liable amount first ?

Moggles_2

Which credit card is involved?

CannyJock

skiTTish wrote: »

Am I right in thinking that is you transfer your balance to a credit card that has a minimum spend period (ie £100 a month for 3 months )
Then even if you pay off that £100 a month ,the payment will go towards the older balance (ie the transfer ) thus you end up paying interest on the £100 for the liftime of the balance?

Yes. If it's the Barclaycard Goldfish reward card you're talking about then you don't get a 0% period on the balance transfer.

Allocation of payment is in their summary box: http://www.barclaycard.co.uk/personal-home/cards/goldfish/index.html

Allocation of payments

Payments you make will reduce your balance in the following order:

1. Default Charges
2. Promotional balance transfers
3. Promotional purchases
4. Purchases, balance transfers and other charges
5. Cash withdrawals

Please see the Barclaycard conditions for further details.

Personally wouldn't touch it for balance transfers.

Any

skiTTish wrote: »

I havent ,But I have a balance to transfer and been offered a car with those conditions ,just wanted to know if I was right in thinking that the catch was -older balance paid for first ? or do they pay off the interest liable amount first ?

No, you found the catch.
They pay the cheapest debt off first. In this case it would be the 0% BT being paid off while you would be incurring interest on the purchase.

skiTTish

Thank you for confirming my suspicions....
I wont be bothering with that one then
Is there any still around suitable for balance transfer ?

CannyJock

skiTTish wrote: »

Is there any still around suitable for balance transfer ?

Loads of them. http://www.stoozing.com/0fees.php

skiTTish

Thank you
Can only find one 0% there tho ,and its virgin ,the balance has already been there once ,dont think they will want it back again:rotfl:

CannyJock

Not following you. All of the cards listed there have 0% offers for new applications.

There's no table of "repeat offers", you need to phone and try and blag it - though few people are having success with MBNA repeats at the moment.