MSE News: 0% credit card deals could change forever, for the worse 29 November 2011 at 6:28PM edited 30 November 2011 at 11:41AM in Credit cards 17 replies 2.7K views

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"Halifax has launched a top credit card, but the offer isn't open to all successful applicants. A sign of things to come? ..."

Read the full story:

0% credit card deals could change forever, for the worse

Anon

A bigger scam is that credit card companies can advertise 0% yet charge a fee of around 3% :mad:. This approach and low interest rates have now made it very difficult to profit from stoozing ...

Anon

[Deleted User]

the sooner they get rid of 0% deals the better,then the rest of us might end up paying a lower apr instead of subsidising the rate tarts

poppy10_2

0% credit card deals could change forever, for the worst

for the worse

corbyboy

But doesn't this mean that people who might previously have been rejected for the card will now be accepted, just with a shorter 0% period?

A_Flock_Of_Sheep

They should dump all 0% deals period.

In fact ALL credit cards should be abolished and outlawed full stop. This would enable the pupulus to get back to basics; saving up for what people need and also making people distinguish between what they "want" and what they "need". Also changing legislation so that the protection on credit cards is transferred to debit cards so credit card protection need not be a reason to banish them to room 101.

chattychappy

woodbine wrote: »

the sooner they get rid of 0% deals the better,then the rest of us might end up paying a lower apr instead of subsidising the rate tarts

Bizarre analysis.

pqrdef

"Cast-iron certainty"? A poster said on another thread only this week that Barclaycard had accepted his application for a 0% BT card, but taken off the 0% BT offer.

pqrdef

woodbine wrote: »

the sooner they get rid of 0% deals the better,then the rest of us might end up paying a lower apr instead of subsidising the rate tarts

The banks make a lot of profit out of 0% deals. Why else do you think they do them? They don't cross-subsidise them, so without 0% deals the rest of us might end up paying more, not less.

A_Flock_Of_Sheep

It's a load of baloney the 0% "deals".

Yes it is 0% but you pay a "handling fee" to transfer a balance. What a fraud!!!

Since when did it cost £30 to transfer £1,000 from one place to another? Even by cheque it does not cost that much.

And why does it cost more to transfer £1,000 than £100? Do the extra electronic figures weigh more or something?

The only time these are not stupid is when it is 0% on purchases.

noh

A_Flock_Of_Sheep wrote: »

...................

The only time these are not stupid is when it is 0% on purchases.

No.
They make sense when there is no cheaper source of funds.
For example 20 months at 0% with a 3% handling fee is cheaper than using money currently saved at 3.25% AER for a basic rate taxpayer.