Balance Transfer for about £2000

rus4u

Hi all,
I've got only 1 credit card with CapitalOne.co.uk with £2000 limit so I want to buy a car for about £1600-£2000 so I need to do Balance Transfer, planing to pay £100 a month so been looking at moneysavingexpert.com/cards/balance-transfer-credit-cards#barclaycard22 - Barclaycard Platinum - LONGEST 0% deal
so just trying to understand it all as this is my first time, it says:

Balance transfer length & fee: 22 mths 0%, 2.9% fee, £25 refund (on £2k+)
1. does it mean that for the first 22 month there is no charge? so if I pay back in 22 month they just take from me want I have borrowed?
2. 2.9% is the free they charge to do Balance Transfer to them?
3.so if after 22 month I still need to pay £500 for example that means that each month they will add extra £14.5 for me to pay pack?
4. what is Rep variable APR: 17.9% mean?
5. what is [FONT=&quot]Min income:[/FONT] £20,000 ? my salary must be 20k a year to get this card?

so yeah I am very confused please help and explain :cool:

Tixy

You want to buy a car for up to £2k?

Is this from a dealer? have you checked if they accept payment by credit card? and if they charge a surcharge for it? (quite a few will)

If you are buying privately then you will presumably need cash - how are you going to get the cash? are you planning on withdrawing the cash from your capital one card? if so have you checked what your cash withdrawal limit is (which is usually lower than your actual credit limit) - and have you factored in the charges for withdrawing cash from your card? These could be expensive.

1 - yes if you do a balance transfer and don't make any purchases on the card (or cash withdrawals), providing you pay the minimum payment on time each month you will pay no interest for the first 22 months.
2. Yes the balance transfer fee, which is added on to your balance as soon as you do the transfer (ie £2000 at 2.9% would be £58).
3 No. If after the 22 months you have a balance you will be charged interest calculcated daily on that balance at the APR for balance transfers - what that APR will be will you won't know until you've applied and been accepted (see 4 below).
4. representative - means this is the rate they have to offer to 51% of successful applicants, other could have a higher APR
variable - means they can change the interest rate and could put it up (although you always have the option to opt out of an interest rate rise)
APR - means the interest rate (annual percentage rate)
5 - Yes you need to earn £20k a year to be eligible for that card.

rus4u

I am planing to pay by CapitalOne then do Balance Transfer, paying by CreditCard from a dealer and yh there must be a charge, extra 20 pounds or something

rus4u

yh 20k a year is not even close to what I get, any other options out there?

Tixy

You earn less than £20k do you mean? How much you you earn?

There are other balance transfer credit cards around with varying lengths of 0% that don't need such a high salary as an automatic requirement (although of course all potential lenders will take into account how much you earn along with all your other financial information and your credit history when deciding whether or not to accept you for such a card and at what credit limit.)

Who do you bank with? some deals are only open to customers of a particular bank.
This list might be worth a look at - its not exhaustive and if might not mention all minimum income levels but it might give you a guide - http://www.stoozing.com/0fees.php

rus4u

I am on £14k
I am with Lloyds TSB

rus4u

this seems to be a good offer rbs.co.uk/personal/credit-cards/g1/platinum.ashx?DCMP=AFC-RBSCCRDAFCPLATUSW#tabs=section1 , can someone have a look please?
but I coudn't find where it says how much I can tranfer to them

Tixy

You won't know what limit they will offer you (or if they will accept you at all) until after you have applied.
Lenders make that decision once they've looked at your financial information on your credit file and on the information you enter on your credit application.

rus4u

right, ok so if I will ask them for £2000 Balance Transfer they can easily say to me we can give you only £1000?

ok....is there usually a limit in time when they want me to tranfer the money I own to them after opening my account for Balance Transfer?
or it's like if I need to pay back in 12 month and will do the balance transfer after 1 month from opening the account I just will have 11 month to pay back instead of 12?

Tixy

rus4u wrote: »

right, ok so if I will ask them for £2000 Balance Transfer they can easily say to me we can give you only £1000?

ok....is there usually a limit in time when they want me to tranfer the money I own to them after opening my account for Balance Transfer?
or it's like if I need to pay back in 12 month and will do the balance transfer after 1 month from opening the account I just will have 11 month to pay back instead of 12?

If accepted for a card you often (not always) won't be informed of your limit until you get the paperwork through in the post - which could be around a week or so.

With that particular RBS card you have 3months from opening the account to do any balance transfers at 0%. But you only get 12months interest free from the date the account is opened - so if you transfer a balance 2months after opening you'd only get 10months interest free.

Quite a lot of accounts only give you 2months to make any transfers so its always best to check the T&Cs once you've been accepted for a card.

rus4u

Tixy wrote: »

With that particular RBS card you have 3months from opening the account to do any balance transfers at 0%. But you only get 12months interest free from the date the account is opened - so if you transfer a balance 2months after opening you'd only get 10months interest free.

doesn't it say
"Enjoy 0% interest for 20 months on your balance transfers from account opening." there? or you just giving an example saying 12 month?