RBS Platinum Credit Card Help

azza2007

I have just been accepted for the RBS Platinum credit card as an existing RBS customer and I was just wondering about a few things regarding the 0% balance transfer fees and wondered if someone could help me.

If I balance transferred £1000 from another card to the RBS one would I be charged interest on the balance transfer fee, and if so is this at standard rate ?

also as it offers 3 months 0% on purchases is this ok to spend on as well as balance transfer too as long as I clear the purchases off within 3 months

Thanks for your help

Aaron

Moggles_2

If I balance transferred £1000 from another card to the RBS one, would I be charged interest on the balance transfer fee and, if so, is this at standard rate?

Yes. The Royal Bank of Scotland treats BT fees as purchase transactions, so you would incur some interest if the fees were not paid off before your 3 month period at 0% expires.

You would be charged at your standard rate for purchases.

Moggles_2

As it offers 3 months 0% on purchases, is this ok to spend on as well as balance transfer, as long as I clear the purchases off within 3 months?

I doubt that somehow. How do I know?

Unless stated otherwise, you can bet that repayments will be allocated to your outstanding balance in a way that benefits RBS, not you.

If you spend on the card, there's every prospect that your existing BT(s) costing nothing, will be paid off first, leaving the purchases attracting interest, so check your Ts & Cs.

Martin's golden rule: never, EVER spend on a credit card after balance transferring to it! Definitely not money saving

never-in-doubt

Moggles wrote: »

Martin's golden rule: never, EVER spend on a credit card after balance transferring to it! Definitely not money saving

But Martin isn't always right (as we always remind people - he is a reporter/journalist at the end of the day!) cos a couple now have 0% for BT's and 0% for purchases so therefore if both were at say 12mth then it really would't matter if you spent or not, would it?

NickX

never-in-doubt wrote: »

0% for BT's and 0% for purchases so therefore if both were at say 12mth then it really would't matter if you spent or not, would it?

Yep, every Golden Rule has an exception - and this is it, if the 2 promotions are for identical periods and identical rates, then yes you can mix Balance Transfer and Purchase deals without suffering an unexpected losses.

Moggles_2

NickX wrote: »

Yep, every Golden Rule has an exception - and this is it, if the 2 promotions are for identical periods and identical rates, then yes you can mix Balance Transfer and Purchase deals without suffering an unexpected losses.

That's right Nick, but the OP has an RBS deal, which offers two promotions over different periods, so Martin's rule applies.

azza2007, if you try to mix BTs and purchases, woe will definitely betide

NickX

Moggles wrote: »

That's right Nick, but the OP has an RBS deal, which offers two promotions over different periods, so Martin's rule applies.

azza2007, if you try to mix BTs and purchases, woe will definitely betide

Absolutely agree in this case.

I was just pointing out that the golden rule does have an exception.

There is also something of a move for a more favourable "allocation of payments". Nationwide operate this policy as do certain MBNA cards, and if this becomes widespread, then the golden rule may need revising.

But yes, in this case, definitely no purchases. If you need to purchase on a Credit Card, Tesco are offering a nice 12 month 0% deal which could be used in addition to a Balance Transfer deal on a separate card.