Different rates

Naf

chattychappy wrote: »

Perfectly reasonable and sensible thing to want to do! (You're my kinda babe..)

Frankly both rates are very low. I'd just pay the minimums (+£1) until the day after the 2.9% expires and then send the payment. 2.9% APR is 24p per £100 on the month's delay.

I wouldn't even bother phoning them. I'm cynical. Even if they tell you on the phone they could do it, there's a reasonable chance that they'll mess up and then you'll have hassle to fix the situation. I'd rather pay the extra 24p (per £100).

I believe the point is that she doesn't have the physical cash to clear it; she wants to use another 0% deal. Problem is the new 0% offer expires before the 2.9% increases to the higher balance.

Any chance of using an intermediate card?

zerog

hampshirebabe wrote: »

That's not too complicated even for a babe is it, why would anyone not want to?

Actually that is rather complicated, never come across something like this before. I'd say there is not much chance of successfully explaining it to some call centre workers...

Naf wrote: »

Any chance of using an intermediate card?

How does that work? Unless the 0% offer has a high enough credit limit to transfer the entirety of the 3.9% balance plus some of 2.9%, the only way would be to initiate a BT with a new card that you apply for shortly before the 2.9% rate expires.

If the 3.9% rate accepts new transfers, you could try transferring the (soon to be) 23.9% balance to the Tesco no fee BT card, then back to the 3.9% with whatever fee they charge. If the fee is 3%, this would make sense if you needed more than 2 years to pay it back.

Naf

zerog wrote: »

How does that work? Unless the 0% offer has a high enough credit limit to transfer the entirety of the 3.9% balance plus some of 2.9%, the only way would be to initiate a BT with a new card that you apply for shortly before the 2.9% rate expires.

I meant something like using another card (or the one with the 2.9 & 3.9 balances if it has enough available credit) to spend on (energy bills, mobile phones, internet, shopping - just stuff you'll be spending anyway); then transferring all of this onto the new 0% before it expires; and using the cash that would have been making all those payments otherwise to clear the 2.9% as soon as it increases. Done carefully, I don't think this would cost any additional interest - but it only works if the amount at 2.9% is about the same as your usual total monthly spend.

The_Boss

Naf wrote: »

Because the 2.9% expires soon, but the 3.9% doesn't.
It appears reading & courtesy aren't your strong points?

And a perfectly satisfactory solution was proposed earlier. It appears reading & understanding aren't your strong points?

chattychappy

The_Boss wrote: »

And a perfectly satisfactory solution was proposed earlier. It appears reading & understanding aren't your strong points?

Well, I'm struggling. Which perfectly satisfactory solution was that?

grumbler

Naf wrote: »

Because the 2.9% expires soon, but the 3.9% doesn't.
It appears reading & courtesy aren't your strong points?

This doesn't explain anything as you can pay after 2.9% expires.

The main reason here that wasn't mentioned in the OP was "an offer on another card for 0% for 18 months which ends in 2 weeks"

Naf

grumbler wrote: »

This doesn't explain anything as you can pay after 2.9% expires.

The main reason here that wasn't mention in the OP was "an offer on another card for 0% for 18 months which ends in 2 weeks"

A fair point; I apologise I didn't notice your posts came before the OP elaborated.

chattychappy

Yes, having the new BT card with a deal ending in 2 weeks bit was posted between when I started my first reply and hitting the send button.

OP: your new BT card isn't one that allows a transfer to a current account on the same deal is it?

hampshirebabe

chattychappy wrote: »

OP: your new BT card isn't one that allows a transfer to a current account on the same deal is it?

No, and if you do a balance transfer to a card with nothing on it, ie. so you can take cash out without the cash advance fee, it'll be returned.

zerog

Naf wrote: »

I meant something like using another card (or the one with the 2.9 & 3.9 balances if it has enough available credit) to spend on (energy bills, mobile phones, internet, shopping - just stuff you'll be spending anyway); then transferring all of this onto the new 0% before it expires; and using the cash that would have been making all those payments otherwise to clear the 2.9% as soon as it increases. Done carefully, I don't think this would cost any additional interest - but it only works if the amount at 2.9% is about the same as your usual total monthly spend.

OK, but I'd guess the balances are much higher than what one would spend in one month... if cash was available OP might as well just pay it off,

And if spending on the original card, won't that still be at 2.9%, thus not able to be BT'd to the existing offer anyway?




So for the OP, options would be -
1. Apply for new 0% BT card and do the transfer after 2.9% rate becomes 22.xx%.

2. Transfer the 3.9% balance to the current 0% offer. As offer is for 18m, will still save a bit assuming fee is less than 5%, which is likely - unless balance is so large with no hope of paying off in 18m or transferring to another new 0%.

2a. Depending on limits, may be able to transfer all of the 3.9% balance, plus some of the 2.9% balance. Soon, the rest of the 2.9% balance becomes 22.xx%; pay that off ASAP, perhaps using overdraft or loan (or another 0% card, which is option 1). Would require some calculation to see if this is worthwhile, however it probably is unless the 2.9% balance is small and the 3.9% balance is large.


Basically, the choice is between using the existing 0% offer, or using the 3.9% LOB (and attempting to get a new 0% offer).

If I'm right in saying the 3.9% is from an earlier BT and the 2.9% is from purchases, the lesson is not to spend on a BT card. A bit tricky. Related lesson - don't spend on a 0% purchases and 0% BT in the final month of the 0% purchases, which I almost did today. Need to unlink that card from paypal.