abbey credit card

nichere

hi all
i have just applied for an abbey credit card with 0% balance transfer for 12 months and a 2% fee for doing this.
this sounds good to me or am i missing something?
as i am new to money saving still getting to grips with it all really,
it is just that i have looked through the posts on here and have not seen anyone mention it?
any advice will be welcome
cheers

Phoenix79_2

Its a decent offer. Standard for all MBNA run cards (which Abbey is one of).

Best of luck with saving money

YorkshireBoy

If you've applied for the card to carry out a balance transfer, DO NOT make any purchases on the card.

This is because you only get 3 months 0% on purchases and they don't get paid off until you completely clear the BT balance, meaning they could be locked in for a long time at 15.9% APR (typical).

Also, your minimum payments can be only £5 during the introductory period. If you are repaying real debt (as opposed to stoozing), you should ensure you either increase the monthly payment or save it somewhere out of temptations way.

Set up a minimum payment direct debit, and make your monthly payment by other means until you see the message "your minimum payment will be collected from your nominated current account on xx/xx/xx" on your statement.

Finally, MBNA (who run the Abbey card) WILL withdraw the 0% rate if you are late with a payment.

nichere

thanks for the advice but got a letter today saying i have been refused oh well try someone else i guess?

sicker

nichere, you could try for Halifax Smart Card (0800 389 6677). As it's a free phone ask them about a card with no transfer fee (they MAY still do this).

John

nichere

cheers sicker have applied for a post office card already im afraid thanks for the advice anyway.
a question i have though is, if i get refused again what then? does it affect me if i keep applying for cards? the reason i am doing this is because my 0% is coming to an end soon so i want to get it sorted before this happens.

sicker

I would imagine it would eventually affect your credit ref. but I think 2 or even 3 may be o.k. (just my opinion). I have applied for 3 at once a year or two ago, got 2 and was refused the third.

John

nichere

cheers john
i am looking around at the moment just in case i do get refused any advice anyone who to try next if i do get refused?
cheers everyone