Natwest Platinum Card perk?

ps_live

I have just applied online, and been accepted for a Natwest Platinum card. I currently have £2200 of debt on a Capital One card, £1500 of which is my wifes. She is determined to pay it, so I thought I'd get another card, transfer the £700 I owe to the Natwest and leave her to it.

BUT ...

On applying for the Natwest Platinum card, the site page states "can make fee-free transfers by phone to any UK bank account (minimum £250)"

Is this not an SBT? If so, I can get shot of the overdraft too.

Opinions welcome.

regards, Pete.

YorkshireBoy

ps_live wrote:

Is this not an SBT?

Technically yes, but a very expensive one. They call it a 'money transfer', and it's charged at a higher rate (see the Summary Box).

It's also limited to your 'advance' limit, which is 50% of your credit limit.

ps_live

YorkshireBoy wrote:

Technically yes, but a very expensive one. They call it a 'money transfer', and it's charged at a higher rate (see the Summary Box).

It's also limited to your 'advance' limit, which is 50% of your credit limit.

Ahh, so if I transferred the overdraft, I'd pay the standard card rate for the life of the transferred debt?

Pete

YorkshireBoy

ps_live wrote:

Ahh, so if I transferred the overdraft, I'd pay the standard card rate for the life of the transferred debt?

No, you'd pay the 'money transfer' rate (typically 16.945% p.a. or 14.939% p.a. depending on the product) as shown in the summary box.

This is a variable rate and is subject to change at 30 days notice.

ps_live

Thanks for your help YorkshireBoy.

I !!!!!!ed myself up really. I cleared several cards within the last few months and only have the Cap One left, most of the debts being my wife's.

I made a big purchase a few weeks back, temporarily upping my overdraft to do so. My plan was to apply for a card that did SBT's and transfer the overdraft to that at 0% for nine months. To my dismay, SBT's practically don't exist anymore

I didn't get the card for the overdraft BUT saw I may be able to use it to my advantage.

Would it be cost effective (ie. I pay a small amount) to transfer the overdraft to the card, with another new 0% card set up to transfer again? Could I do that?

There is more than one way to skin a cat, its just not as easy as it used to be

many thanks

Pete

YorkshireBoy

ps_live wrote:

To my dismay, SBT's practically don't exist anymore

Virgin (either directly or via cheque), MBNA/A&L/Abbey/et al (with cheques), Mint (with cheque), Egg Money (with a feeder card and using Martin's 'middle route'), Egg Card (although expensive now).

Would it be cost effective (ie. I pay a small amount) to transfer the overdraft to the card, with another new 0% card set up to transfer again?

Possibly. You'd have to crunch the numbers to see if any BT fees were recoverable.

...its just not as easy as it used to be

...but it's not yet 'hard'!

ps_live

YorkshireBoy wrote:

Possibly. You'd have to crunch the numbers to see if any BT fees were recoverable....but it's not yet 'hard'!

Well anything is cheaper than the overdraft fee's

Food for thought, thanks again.

Pete