Is this offer a con?

YorkshireBoy

mazdamansport wrote:

Is that about right or cant I see the wood for the trees here

Martin's article should answer your questions.

PS: If you sign up to Martin's weekly e-mail, you'll get deals like this delivered directly to your inbox.

vsumouse

i heard that if you transfer your credit card money to an account that this classes as a balance transfer, is this correct?

BestFootForward_2

YorkshireBoy wrote:

Your 4th 3% minimum payment will more than cover the 2% BT fee, and hence eliminate any interest on it (check the 'order of payments' in the T&C's).

I just got burnt by this with Egg.
I BT'd in March with 9mnths 0% BT and 6 month 0% purchases.

After six months, they've started charging interest on my xfer fee (luckily only £50). The order that payments are applied means that all payments are applied to the BT balance first.

Have other people experienced this, or has this been brought up in another thread?

Regards,
BFF

jojo1978_3

Asfar as i'm aware the balance transfer fees on capital one cards, fall into the same bucket as the actual balance transfer, so you don't get charged interest on the fee's until the 0% offer has expired-
hope that helps

YorkshireBoy

jojo1978 wrote:

Asfar as i'm aware the balance transfer fees on capital one cards, fall into the same bucket as the actual balance transfer, so you don't get charged interest on the fee's until the 0% offer has expired-

If you do not pay off your balance in full when you make a payment it will be used to pay off in the following order:

• any cash handling fees;
• any interest; ie the interest on your £100 purchase (up to the statement date). This figure will compound in subsequent months due to interest accrued between the statement dates and the payment due dates
• other fees; the 2% BT fee applied in month 4
• Payment Protection Insurance; irrelevant - shouldn't be taken!
• most balance transfers except those described next; your BT is repaid here
• then balance transfers made after any initial period, if at the time, your initial period was described as "for the life of balances transferred", and all purchases; then cash withdrawals.The £100 purchase amount sits here until you completely clear the debt on the card

Source: Capital One Summary Box

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