is this offer any good?

goodbuyer1

http://www.hsbc.co.uk/1/2/credit-cards/credit-card?WT.ac=HBEU_Creditcardr&coid=HP3_120312_Credit%20cards_a_len_cre_SE_398_R

I have been with HSBC for years, never had major problems with my account, I have another credit card with them, always made my repayments on time. However I am on a very low income ( less than £ 10000 per year).

I have £ 1400 credit card debt (maxed out) because I have been buying stock for my business (I am self employed). I figured that I could use the new balance transfer card to buy time and repay the debt.

I have also applied for another credit card in the last 6 months ( a Tesco balance transfer credit card. I have £ 380 debit for that one too, but it's a 12 months 0% thing so I still have a few months left before I start paying interests).

Do you reckon the HSBC card is a good one? Thanks

YorkshireBoy

Your question is very much irrelevant (to you), being as you already hold a HSBC card.

Suggest you click the 'check full eligibility details' link.

goodbuyer1

Thanks. The one I already have is not a 0% interest free for 23 months....it's a standard one

YorkshireBoy

goodbuyer1 wrote: »

The one I already have is not a 0% interest free for 23 months....it's a standard one

Answering yes or no, do you meet this criterion?...

These introductory rates only apply if you haven’t held an HSBC credit card within the last six months.

If yes, go for it!

If no, see post #2.

goodbuyer1

yes I meet the criterion.

Will apply for this card affect my credit rating considering that I have applied for other cards in the last 6 months? One of the applications was refused (don't remember with which card) but one of them with a different card was accepted (Tesco)

goodbuyer1

These introductory rates only apply if you haven’t held an HSBC credit card within the last six months

that one completely escaped my attention, I have noticed it only now

can I cancel my current crap card and apply for the new one?

TadleyBaggie

You'd have to wait 6 months before applying for new card...

Dabooka

I'll clarify.

It is ONLY available to cusotmers who have not held a card with HSBC for 6 months.

You could cancel, and wait six months, but then you'd have to have the funds to clear the card or you, err, can't cancel. And I assume if you had the funds this question wouldn't have been posted.

HTH

nomoneytoday

Why do you want to use a personal card to cover business costs?

If you fail to pay back the card, it may be down to you, not the business (assuming limited liability etc)

goodbuyer1

Dabooka wrote: »

I'll clarify.

It is ONLY available to cusotmers who have not held a card with HSBC for 6 months.

You could cancel, and wait six months, but then you'd have to have the funds to clear the card or you, err, can't cancel. And I assume if you had the funds this question wouldn't have been posted.

HTH

ok, so it makes no difference that I have a card where I only have max 56 days to pay off the debt without incurring interest charges. I simply thought that one card had nothing to do with the other, since their benefits are completely different.

In that case I'll pay off the debt anyways and then throw my current card in the bin (in shredded form, of course:))

BTW i didn't know I had to wait 6 months anyways, in fact I have just applied and was refused.

goodbuyer1

nomoneytoday wrote: »

Why do you want to use a personal card to cover business costs?

because my business card is absolute rubbish, I only have 3 weeks of time to pay back whatever I spend without incurring interest charges, so I am using my personal card where I have at least a few more weeks....

I absolutely hated my business card. It also worked in a different way than my personal one, for example if I had bought any stock and then bought some more 2 weeks later, by the end of the 3rd week I had to pay back everything, even the purchases I had made 1 week before the end of the 3rd week.

I was forced to stop the direct debit, make manual payments, and forget that the card even exists, because the direct debit would send my account into overdraft and I didn't have an overdraft agreement with the bank, so I ended up paying fines.

Which means that the stupid card caused a real mess, I simply wasn't used to pay back the whole lot every 3 weeks. I thought that I had at least 3 weeks of time starting from the date of every -single- purchase.

Because of this I have lost good money on fees, and as I am on a very low income already, I just threw the business card into the fireplace.