Capone card

moneysavingmarrow

Any views/comments on the capital one card with fee free balance transfers at 6.9% fixed p.a. untill jan 2012?
Although a long term thing, I thought perhaps it might be cheaper than paying, say, three plus b/t fees over the next 30 months?

Of course, never ever ever spend on it!

td_007

It depends on the balance you are transferring. On £1000 you would pay £40 (@4% rate) as balance transfer fees to put it on a 0% BT card.

£1000 on the 6.9% card will cost you approx £125 over the term if you continue making the min payment @3% plus outstanding interest.

If it is £5000 then the it will be £200 (bt fees) vs. ~£620 (6.9% card)

YorkshireBoy

Do you meet their definition of an "excellent credit rating"?...

A guide to an Excellent credit rating

• I have a credit card with a credit limit of at least £5000
• I have never missed more than 2 payments on a credit card or loan
• I have credit card balances of less than £10,000
• I don't have any previous credit defaults (CCJs, current arrears)
• I am a homeowner
• I have an income of over £20,000

They do say it's "a guide", but fail on a couple and your chances of acceptance may be slim.