Question re 0% terms & conditions

*Vikki*

Hi all wondering if you guys know..

I took out a RBS credit card in March 2012.
Offer was 0% for 18 months or something like that.

I didnt use it, so cancelled it April time.

Checked my experian credit file and turns out I still have the card! Hence why I was being turned down from other companys for getting another.

So I have asked for a replacement. But the RBS lady has said because I havent used the card, my 0% offer is now cancelled. Why? I didnt realise I had to use the offer in a set time period. Is this right?

[Deleted User]

0% what? Purchases or BT? If BT, then it is normal (and in the t&cs) that you only have a limited window to use it. And if you cancelled/closed it, then you would lose the offer anyway.

Cash_Flow

*Vikki* wrote: »

Hi all wondering if you guys know..

I took out a RBS credit card in March 2012.
Offer was 0% for 18 months or something like that.

I didnt use it, so cancelled it April time.

Checked my experian credit file and turns out I still have the card! Hence why I was being turned down from other companys for getting another.

So I have asked for a replacement. But the RBS lady has said because I havent used the card, my 0% offer is now cancelled. Why? I didnt realise I had to use the offer in a set time period. Is this right?

Yes it is, when applying for credit you need to read the terms and conditions.

Most lenders who offer 0% balance transfer deals state that any balance transfer must be done within 90 days of account opening.

*Vikki*

Sorry totally forgot to put that! Doh! It was on purchases. I never had any statements or anything. Thought least they could do is email me or something to let me know they were ending the deal...

*Vikki*

Yes I asked them to cancel the card but as I found on Monday that never happened!(doesnt surprise me they are pretty shoddy on the phone) So they have just sent me a replacement. It was on purchases, so does the same 90 day rule apply? I didnt think they would put such resrictions on when I should start spending on it. Thought that would be my choice since I have a whole 18 months to spend. I could have been waiting for a holiday to use it. And its only 3 months ago!

thenudeone

A replacement card doesn't restart the 0% deal, which still be under the original terms and timescales.

Some cards' 0% offers are valid through out the offer period and don't need to be done within xx days - you need to see what the paperwork says.

You have kept the paperwork haven't you?

fozmcfc

Normally when it comes to purchases the 0% applies to all purchases during the 0% period, not just those made in the first xx amount of days. That's how my Tesco, Halifax, Virgin and M&S cards all worked when I have taken them out over the past 3 years or so.

It is normally balance transfer cards that the xx amount of days restriction applies.

So while it was strange you should cancel a non interest card for another 17 months after just a month, you should still have a year or so on purchases at 0% in my eyes.

chanz4

rbs is 6 months on purchases

*Vikki*

Hi I cancelled it as I had a moment when I didnt want the temptation any more. But now its still on there id like to use it for something important. So what you guys are saying is if its on purchases I should still have my 0% on there. As I took it out in Feb, its not 6 months up yet! Like I thought, so when they finally send me the card (taking ages) I will be phoning them up demanding my 0% back!

pqrdef

You can stop a card, but you can't cancel the credit agreement. After all, the provider has no way of knowing that you haven't given out the card number and committed to future payments, which it will honour.

So the card won't just disappear from your credit report. But after a period of disuse it'll appear as Settled.

If you use the card now, you'll only get 1 month of 0% interest, but you'll restart the clock and have to wait several months longer before the card shows up as Settled.

I'd stick to Plan A with this one and let it go.

exel1966

*Vikki* wrote: »

Hi all wondering if you guys know..

I took out a RBS credit card in March 2012.
Offer was 0% for 18 months or something like that.

I didnt use it, so cancelled it April time.

Checked my experian credit file and turns out I still have the card! Hence why I was being turned down from other companys for getting another.

So I have asked for a replacement. But the RBS lady has said because I havent used the card, my 0% offer is now cancelled. Why? I didnt realise I had to use the offer in a set time period. Is this right?

Absolutely pointless now deciding to use this card if the 0% offer is what you want. Much better to ditch the card entirely and find another elsewhere....(see below). There are plenty of good deals available at the moment.

Because you already have a card does not mean other companies will turn you down. Some people can sustain multiple cards and still get further cards with reasonable limits if their credit history is good. Your's may not be so good, your income to debt ratio may be poor? There are dozens of reasons. How many other companies have you applied for cards with and in what time frame?

PS. Demanding your 0% back will get you nowhere, ask politely and at least you'll have a very small chance of getting it back.