Nice try Creation!

simax

Just had a letter through the door offering me 0% on a money transfer on my cashback card. (I have several of their cards so had to dig around on the letter to see which card this offer applied to). Thought "Ahh a quick mini-stooze opportunity here"........

Now, reading the small print on the back, they will charge 3% fee for the cash transfer (meaning on a £600 transfer it'll cost £18, negating any interest I'd earn - in fact after 6 months I'll be approx £9 down)

Also, as I use this card as my main card for supermarket and fuel (earning 1.5% as I go) I'd start paying interest after 56 days due to me carrying the 0% cash offer, thus quickly eroding the £60-odd cashback I have earned in the last 7 months.

Sneaky beggars! Undoubtedly a ploy to stitch up folk who use the card and pay in full each month (like me) who just claim the cashback.

If you get the offer, be warned.

callum9999

simax wrote: »

Just had a letter through the door offering me 0% on a money transfer on my cashback card. (I have several of their cards so had to dig around on the letter to see which card this offer applied to). Thought "Ahh a quick mini-stooze opportunity here"........

Now, reading the small print on the back, they will charge 3% fee for the cash transfer (meaning on a £600 transfer it'll cost £18, negating any interest I'd earn - in fact after 6 months I'll be approx £9 down)

Also, as I use this card as my main card for supermarket and fuel (earning 1.5% as I go) I'd start paying interest after 56 days due to me carrying the 0% cash offer, thus quickly eroding the £60-odd cashback I have earned in the last 7 months.

Sneaky beggars! Undoubtedly a ploy to stitch up folk who use the card and pay in full each month (like me) who just claim the cashback.

If you get the offer, be warned.

Just like virtually every card on the market... Most of them offer 0% transfers with a 3%ish fee.

simax

The way the letter is advertised though may catch folk out, that's why I'm posting here.

I've never known a card company so obsessed with cash advances in all my life!

callum9999

simax wrote: »

The way the letter is advertised though may catch folk out, that's why I'm posting here.

I've never known a card company so obsessed with cash advances in all my life!

Sorry that reply was a bit blunt!

Definitely worth pointing out to people but as I said, all the major cards advertise 0% balance transfers with a small print fee of around 3%.

And they do seem pretty obsessed! Pretty much every bank holiday I got a leaflet advertising it (and fake Kate and Will wedding invitations etc.)! I think all the sub-prime lenders do it - Vanquis were constantly sending me credit card cheques.

Cash_Flow

I also got one of these offers through the post yesterday, but there was no mention of any interest free period on mine.

stephane_2

And from October...transfer fee from creation cards will be increased to 5% per transaction

simax

callum9999 wrote: »

I think all the sub-prime lenders do it - Vanquis were constantly sending me credit card cheques.

Sub Prime? My APR is 16.9%?

blisteringblue

simax wrote: »

Sub Prime? My APR is 16.9%?

So is mine with 17 months Interest Free.

They are classed as on the verge of sub prime, I'm fully expecting my 16.9% to shoot up quickly once the interest free is done, but hopefully I can move to another 0% or evan as a worst case reject the rise.

But you are right, every month the statement in big letters "£300 a day from any ATM" Hmm I think not.

callum9999

simax wrote: »

Sub Prime? My APR is 16.9%?

Creation are on the border of sub prime. They are a step up from Vanquis etc., but a step down from the banks - they lend to almost anyone!

BugsyBrowne

callum9999 wrote: »

Creation are on the border of sub prime. They are a step up from Vanquis etc., but a step down from the banks - they lend to almost anyone!

Creation lend to both poor credit histories and good credit histories this is why they have 3 or 4 different groups of APR's on their cards.

So I agree its not prime or sub-prime its just a really bad useless French outfit who gives credit to anyone who can fill in an application in.