Balance Transfers Dishonest?

thewinelake

Wow, you guys are pretty hardened!

Personally, I still think that it is a con even if it's in the T&C.

A con is a confidence trick. I thought that I could have confidence in Nationwide as an honest organisation - it's supposed to be a mutual society after all - and so I was tricked into falling for it.

I suppose they have to compete with the other commercial banks out there and get grubby.

I think I'll have to content myself with just being a PITA to them at the highest level I can.

CLAPTON

thewinelake wrote: »

Wow, you guys are pretty hardened!

Personally, I still think that it is a con even if it's in the T&C.

A con is a confidence trick. I thought that I could have confidence in Nationwide as an honest organisation - it's supposed to be a mutual society after all - and so I was tricked into falling for it.

I suppose they have to compete with the other commercial banks out there and get grubby.

I think I'll have to content myself with just being a PITA to them at the highest level I can.

you're not reading what I am saying here.

sarahs999

All companies have ways of making money - things that draw you in and get you to spend more, from Bogofs to interest-free time periods. They're not there to make life better for you, whatever the advertising says!

sarahs999

And by the way, it's nothing new. It's been there ever since BTs were invented, and are part of the reason BTs exist - to catch you out and make money.

[Deleted User]

CLAPTON wrote: »

Basically if something seems too good to be true then it is.... free money for 6 months ..obviously rediculous.QUOTE]

I totally understand what you're saying Clapton. However, I do not agree that it is free money as you put it !! Most of the time it costs round 3% to do a bt - hardly free money!! And as for greedy people - far from it. I do not see what's greedy about a business transaction if you consider it to your advantage. I also see what Winelake is saying - it doesn't make much business sense for banks to charge interest on purchases during the life of 0% BT. The banks are losing out on potential income because people would then use other cards. But banks have always and will continue to do so, prey on gullible and naive people.

Moggles_2

thewinelake wrote: »

I thought that I could have confidence in Nationwide as an honest organisation - it's supposed to be a mutual society after all - and so I was tricked into falling for it.

Without wishing to defend Nationwide especially, it seems only fair to point out that the society offers credit cards with a positive payment hierarchy (i.e. debts accruing the highest rate of interest are paid off first).

In this respect, Nationwide is almost unique.

thewinelake

I don't see 3% (which is what I paid) as free or "too good to be true". 0%, yes - like the Santander Zero card, but 3% seems like a fair rate to me.

Sure they've got the positive payment hierarchy, so that's one other potential sin that they're not guilty of! Also, I understand they don't kill your first born if you go over your credit limit...

Any

You now sound like you are here to moan just for the sake of it..

thewinelake

Sorry about that. Perhaps I'm just culturally mismatched...

Moggles_2

Clearly the answer is to only use a card for balance transfer OR purchasing.

Absolutely.

Apart from anything else, everyone should have at least one back-up card, IMO, particularly if your work takes you away from home frequently.

No credit card is 100% reliable and sadly there's the ever-present possibility of fraud, which means your card could be blocked temporarily through no fault of your own or the provider.

What's more, if your lender varies the Ts & Cs or cuts your limit without warning, you have an alternative card to hand. From a credit rating point of view, it makes sense too