0% but only a fiver a month

micsey

my a+l card is comming to an end the limit was £5000,i done a bt to my bank account.great 9 months with £4700 to use on my business great it helped me out because the monthly payment was only a fiver,paying the lot back friday no probs cheaper than a loan,what i need now is another card that i can do a bt to my bank account? but only charges a fiver a month for the 0% period i no mbna and virgin do this anyone no anymore, help!!!

Phoenix79_2

As far as i know only MBNA backed cards do this (MBNA, Virgin, A&L, Abbey etc). Most require 2% or 3% of the balance.

Your best bet in the first instance is to clear your A&L card and then ring up the retentions/loyalty department and haggle for another deal/offer.

Bokken_2

As Phoenix79 said go through to the retention department and request another 0% period say 12mths or 9mths and they may offer the longest they can.
This has worked for me I have had 30mths at 0% with A&L so far.
give it a go
Good luck.

carl310166

Bokken wrote:

As Phoenix79 said go through to the retention department and request another 0% period say 12mths or 9mths and they may offer the longest they can.
This has worked for me I have had 30mths at 0% with A&L so far.
give it a go
Good luck.

Have you any tips on how to do this and get a result?

When i have tried this with other lenders in the past, they just say no !

I guess you have to word it in the certain way, but i am not sure how to this ?

My 0% deal with A&L is coming to an end in Jan, i have my EGG ani on Jan 1st, but obviously i would rather not pay the 2.5% fees they are now charging.

Phoenix79_2

With my MBNA card, i simply rang up CS and said "right....i've got a £7k limit on this card and i owe nothing on it (was actually in credit by £2.96). What can you offer me to stop me closing my account?" They transferred me to customer loyalty and thats where you haggle. I was offered 1.9% for 6 months but declined. The card is still open. I'll try again in the new year.

carl310166

Thanks, so you have to clear the debt first, then ask for an extension? or will they do it if you are still oweing them?

Bokken_2

carl310166 wrote:

Thanks, so you have to clear the debt first, then ask for an extension? or will they do it if you are still oweing them?

if you show you have cleared or removed a debt and only have say <£100 to clear I would request a extention or a new offer at 0% for 12mth,9mth when
they offer below what you have requested be cheeky and ask for the 12mths and explain that it would be really useful to you in sorting out the coming years finances.Don't explain any more than that.
They will probably let you down so accept the 9mths at 0% or a low rate if that is offered.I haggled on the BT fee and got that removed so I didn't pay that either.
Don't forget A&L is a mule card that allows you to do SBT into your account so try not to close it and keep using it for this purpose.
It helps if you have the equivilant funds in another account that you can transfer over to pay off the A&L debt,thereby clearing the debt before the 0% period ends and then puts you in a position to request another 0% period.
Even if you pay a BT fee this will still be less than the likely interest charges you would be paying elsewhere.Buy try and avoid them if you can as it reduces your stooz.
Good luck,

carl310166

I have just rang A&L, i will have to speak to the loyalty team on Weds morning.

It's worth a try!

Bokken_2

carl310166 wrote:

I have just rang A&L, i will have to speak to the loyalty team on Weds morning.

It's worth a try!

Yes it looks like the holiday seadon has got in the way .
Just a quick note for next year,always move you balances or other transaction well before any bank Holiday to avoid any late fees or charges.

carl310166

Just one more question !

Do you always get an extended offer in writing, or will a note of the time/date/person be enough evidence if the comany start charging you interest?

YorkshireBoy

carl310166 wrote:

Do you always get an extended offer in writing, or will a note of the time/date/person be enough evidence if the comany start charging you interest?

In my experience with the Virgin card (also run by MBNA), you won't get an offer in writing.

If you have online access, you can view the offer in your secure area the day after your phone call. It'll say, for example, "transfer balances at 0% until xx/xx/xx".

Additionally, your first statement (since the BT) will tell you that your monthly rate is 0.000% - just as it did when you first took out the card.

As a general point, when you negotiate a rate, duration, and BT fee with the CSA, you should always take a name & ext number, and record the date and time of the call.

Good luck.