First Direct - slow stooze, is this right?

splatt30

I bank with first direct. They are offering me a card with 12 months interest free on purchases and life balance transfer at 5.9%, with 2.5% BT fee. Both offer rates avaliable if you transfer a minimum of £100.

So thinking about a slow stooze.

If I transfer £100, pay the £2.50 for the priveledge. Then clear that balance in full before I start spending on the card do I then get my purchases interest free for the 12 months?

Is there going to be a catch remaining with interest built from the £100 transfer?

Any

splatt30 wrote: »

I bank with first direct. They are offering me a card with 12 months interest free on purchases and life balance transfer at 5.9%, with 2.5% BT fee. Both offer rates avaliable if you transfer a minimum of £100.

So thinking about a slow stooze.

If I transfer £100, pay the £2.50 for the priveledge. Then clear that balance in full before I start spending on the card do I then get my purchases interest free for the 12 months?

Is there going to be a catch remaining with interest built from the £100 transfer?

Does it says you HAVE TO do the BT in order to get the 0% purchases rate? Isn't it that you have to spend £100 in the first x months to get the 0% on purchases?

splatt30

No, it says in order to qualify for both introductory rates you must do a transfer of a minimum of £100. Otherwise there would be no question. I just don't want to find I fall into some hidden interest hole!!

Any

Hmm...
I would say that unless it says something about some hidden interest rate in your T&C you should be O.K.

Never actually got such a weird offer...

YorkshireBoy

It's been discussed several times on here, and also on the stoozing site.

I can't remember what the outcome was (ie whether repaying the £102.50 immediately and before commencing spending would negate the deal...although I wouldn't think so personally), but a searching this and the stoozing site will turn up the answer.