GE Money

OllieLong

Hi, I have just recieved my first statement from the GE Money credit card and noticed that it included an interest charge. I got scared thinking that that I had made a big mistake and not getting the 12 months interest free on purchases but to my relief I turned the statement over and noticed that the interest was for a one cash transaction and not the whole lot which included retail purchases. I did not notice this in the terms and conditions when I first signed up for the card but it is only a miniscule amount so I can afford it.

My question is do I have to pay that full amount off or just that cash transaction amount plus the interest charge to pay no interest in the future? If I had to pay the full amount it would mean losing a month's worth of stoozing but this is not the end of the world.

I will be more careful next time in what i use the credit card for. Thanks in advance for your help.

Sand_Man_2

I currently have the GE Money 3% cashback card which i think you are refering to.

You have to pay off the balance in full each month to avoid interest charges. if you don't pay it off in full, it defiets the purpose of the cashback card rewards. Interest is charged on cash withdrawrals from day one as this is not retail spend

if you don't want to pay the card off in full each month, the GE 3% Cashback card may not be the best card for you. You could read Martins Blog on credit cards

hope this helps

OllieLong

No sorry I do not have the cashback card but the GE Money Transformation Card which is different to the cashback card and has a 12 month interest free period.

Clariman

Hi Ollie

Check the card's Ts & Cs. You need to look for a section called something like "order of payments". It tells you what your monthly payments gets allocated towards and in what sequence. It is normally the case that any monthly payment you make gets allocated to the lowest cost debt first. So this means that any payment you make will pay off some of the 0% stuff - i.e. not your cash withdrawal.

So in order to pay no interest whatsoever, you would need to pay off the full amount on the card. However, first of all check your Ts & Cs ... they might be different. If it is as I have stated, then do the sums. How much stoozing interest will you lose by paying off the full balance now versus how much will the interest add up to over 12 months.

Clairman

New_to_Budgeting

I've heard a bit about the GE Card - Can you tell me a bit about it?

OllieLong

Clariman wrote:

Hi Ollie

Check the card's Ts & Cs. You need to look for a section called something like "order of payments". It tells you what your monthly payments gets allocated towards and in what sequence. It is normally the case that any monthly payment you make gets allocated to the lowest cost debt first. So this means that any payment you make will pay off some of the 0% stuff - i.e. not your cash withdrawal.

So in order to pay no interest whatsoever, you would need to pay off the full amount on the card. However, first of all check your Ts & Cs ... they might be different. If it is as I have stated, then do the sums. How much stoozing interest will you lose by paying off the full balance now versus how much will the interest add up to over 12 months.

Clairman

Thanks for that.

I have just checked the Ts & Cs and it does indeed state that the cash transactions (note not withdrawal) are paid off after retail purchases.

So would this mean that if I paid off the full statement amount this month it would start from scratch again and I would not pay any more interest if I just used the card as normal (by just doing retail purchases and no cash transactions)? The figure in question is only £10 with 9p interest charged this month and it says that I will be charged 12p interest next month.

New_to_Budgeting wrote:

I've heard a bit about the GE Card - Can you tell me a bit about it?

The GE card at the moment gives 12 months 0% on (retail) purchases and 12 months 0% on balance transfers but with a 2.5%/£5 minimum fee. Check out there website http://www.gemoney.co.uk/html/creditcard/creditcardsectionpage.shtml

OllieLong

Can anyone help please?

filo_2

OllieLong wrote:

The GE card at the moment gives 12 months 0% on (retail) purchases and 12 months 0% on balance transfers but with a 2.5%/£5 minimum fee. Check out there website

Hi there, I have just applied for a GE Transformation card (for purposes of slow stoozing). Could you just tell me what exactly is meant by 'retail' purchases. i was hoping to use it for all the following:

utility bills
car insurance monthly payments
home insurance monthly payments
grocery shopping
other shopping
petrol purchases
health insurance monthly payments
council tax monthly payments

will i be able to get 0% on spending for all these?

OllieLong

I am pretty sure the 0% includes all of those. My cash transaction was uploading funds to a gaming site.

stonestreaker

hi, this is my first post ever on here, but i've been lurking for months and steadily making (thin) wads out of morgan stanley 2% cashback and now GE 0% on puchases- they're having probs sending new cards out at the moment if anyone's waiting- just to let folks know i've used mine on
petrol
supermarkets
dental bill(s!)- subsequent full cash refund from healthcare scheme FABBO-in my5.15% icicicici hisave
internet shops
aol monthly payments
car repair bill
ebay paypal stuff
online car tax renewal( cc's not allowed at PO's) £2-50 charge -about 1.5%

i did have jitters about the car tax payment for the same reason as filo- it feels like a cash transfer to gordy B, but sailed through.

the thing i've always wondered, probably the holy grail of stoozers, is what can you buy retail that has exactly the same value if you sell it on....something like stamps maybe, gold? ha ha

ian



he's the dude

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:money:

filo_2

what's an 'icicicici hisave'?