18 Months Interest Free with Capital One

gobbyash

Hi guys

Forgot to remind my boss to bring his letter in. Events at work rather overtook me today.

Apologies.

gobbyash

gailwilson

Hi

New to this, but here goes . I received this in the post yesterday but it mentions on the small print that you need to spend £100 to receive the 0% extention to 18 months.

From what I understand is that you get 0% for 6 months, then as long as you have spent £100 you will be notified in January about the 0% for the next 12 months.

Does anyone know of a catch other that you will need to pay interest on the £100?

will read more of the terms tonight

:-/

Lewis_Gerolemou

Hello GailLouise,
I can't find anything about spending £100 to qualify for 18 months, what is the pargraph number in the terms & conditions? Maybe we have different offers.
Regards, Lewis Gerolemou

Sexy_Sarah

Hi all...Not been on here for a while...

I was a customer fo Capital One previously but have not had this letter.

I could really use an 18 month deal... I'm doing the research to open up another 0% card.

Is the idea that you just phone them up and quote the number and do the applciation over the phone?

Sarah x

MSE_Martin

Hi folks, Im including a note about this in the tip.

It is definitely NOT available to all. Capital One press office don't know much about it as it is a direct marketing only offer.

May i ask for either one of two things

i. Self-confessed credit card nerds: If you are one, and really know your stuff, please can you have a detailed read through
ii. Can someone scan in and fax me through (or email) a copy. If you PM me if you have one, i'll send you through details of how to get it to me so i can have a look.

lkalka

I just rang Capital One to ask about this offer. The guy I spoke to did know about the offer but said it was by invitation only.

I asked if I could be invited but he said it didn't work like that - I tried to talk him round but he wasn't having any of it.

He did say that I could have 0% for 6 months and would send me details.

Strangely after quite a long conversation he said that I may be invited in 2 or 3 months time - I suppose that may have just been to get me off the phone.

Anyway heres to hoping.

M.

gailwilson

Hi

I have the facility to scan these documents in but how do I send them to Martin.

gailwilson

I have now scanned these and sent them to Martin.

MSE_Martin

OK just got gails scans and am about to read. Thanks for all the other scan offers! Much appreciated. Will read then put notes on here

MSE_Martin

Capital One 18 month 0% card.

Right thanks to MoneySaver Gail who faxed me through the terms and conditions of the card.  I have now had a brief look.  Remember i have only seen one document, others may vary, that is always possible with these type of specific mailshot only offers.  However the general points to check for should be the same.  Read it in conjunction with the  best balance transfers article for background.

The key point of this offer is as follows

You will get the 0% for 18 months, provided you spend at least £100 on the card before 31 January 2005.

The reason for this comes down to that old chestnut 'repayment schedules':  See the following paras in my balance transfer article:-

"Balance Transfer Warning

There’s a big catch with balance transfers if the special offer interest rate doesn’t apply to purchases (normal spending) as well.  In these cases, when you make repayments, lenders bias them towards paying off the cheap debts first.  

This means (expensive) debts from spending sit on the card speedily accruing interest but you can’t start paying them off until the entire cheap balance transfer debt is repaid.  Therefore, as a strict rule, Never Ever Ever spend on these cards!  Just transfer your balance, put them in a drawer, and use a different card for spending (see best credit card for spending)."

In this case though, what i would suggest is two things

i. Spend ONLY £101 no more (ok £102 if its convenient, but not much more)
ii. Spend it as near to the end of January 2005 as you possibly can (though if you may forget, better just to spend it now)

This will reduce the interest that accrues.   The way i would think of it like this.  If you do the above then you will need to pay roughly £12 interest on the £100 (APR on the doc i read is 11.9%), there's no way round this, however if that's all it cost to get 18 months 0% on a decent balance it's a bargain.

One other thing to check though (its not on the ts&cs but just in case) is that there is no balance transfer fee, there shouldn't be, but do check.

It's important you go through your t&cs yourself.  And if anyone spots any specific issues, please report it back here so all can benefit.

Hope this helps

Martin



PS. If this does become available to all, i will include a note in my weekly Money Tips email. (If you don't already receive it, put your email in the box top left of the page (it's free of course)).