Post office credit card... help please

AaronBed

hello im on the verge of getting the post office credit card classic... however theres a note in the T&C that im unsure about, im using the card for a balance transfer as i have already used most of the other better deals.

The Total Charge for Credit under “Other Financial Information” is based on the assumption
of a credit limit for purchases of £1,500, debited to the Account in full for a period of one year
at the standard rate of interest for Purchases, with the credit being repayable in 12 equal
monthly installments beginning one month after the date of this Agreement. The amount

shown is only illustrative.

the above is the statement which i am unsure about as i shall be moving 1850 onto the card, does they above mean they will expect 12 even repayments to cover the transfered amount or can i do as usual and just pay the min pluss any extra onto rather than the fixed fee i think it is?

also the card advertises a 3% fee for balance transfers and on 1850 there quoting £153.01?

any help would be great thanks

Typhoon2000

The statement is there to work out the APR, and is nohing to do with your actual credit limit or the amount of balance transfer. 3% of £1850 is £55.50.

AaronBed

so no idea why they have stated:
Total Charge for Credit - £153.01 (this amount is only illustrative) See Clause 7.3 of the General Terms and Conditions for further details.

7.3 is what i posted above the statement which i didnt understand?

thanks again

cifpower

As it says, it is illustrative. They give you an example credit limit and show you what interest would be charged for this under the APR. It is to show you how the card works.

AaronBed

so i would only actually pay the 50 odd pound 3% value... sorry i know im being thick here but is that saying that il be paying 153 per month min or after the 12 month 0%?

just want to make sure?

cifpower

You transfer £1000 and you are charged 3% so your balance is £1030. Minimum payment is 2.5% which is £25.75 for the first month and then 2.5% of the balance for subsequent months. If you do not want to incur any interest charges the whole balance must be cleared before the 0% period is up.

Moggles_2

AaronBed wrote: »

So i would only actually pay the 50 odd pound 3% value... sorry, i know i'm being thick here, but is that saying that i'll be paying £153 per month min or after the 12 month 0%? Just want to make sure?

These are hypothetical figures intended to illustrate the likely interest charges, if you were to borrow £1500 for a year at your standard rate. They bear no relation to your introductory 0% deal.

Remember, with this card you get 0% again on new BTs for 5 months in the months of your 1st and 2nd anniversary

Well done though for reading all the small print! It's surprising how many forum users don't!
:beer:

moneysavingmarrow

Moggles wrote: »

Remember, with this card you get 0% again on new BTs for 5 months in the months of your 1st and 2nd anniversary

:beer:

But be carefull, as they count the fee on aniversary offers as a purchase, and will charge you interest on that fee if you do not pay enough to cover that fee when it is shown on the first statement following acceptance and use of the aforementioned aniversary offer!!!!!

dtaylor84

AaronBed wrote: »

so no idea why they have stated:
Total Charge for Credit - £153.01 (this amount is only illustrative) See Clause 7.3 of the General Terms and Conditions for further details.

7.3 is what i posted above the statement which i didnt understand?

thanks again

Look at clause 7.3 again - it is giving you the total cost of credit (i.e. the interest charge) for a sum of £1500 at the standard rate of interest for purchases. Nothing to do with a balance transfer at all.