Nationwide interest free balance transfers - purchases?

YorkshireBoy

bearcat16 wrote: »

...unless you can afford the minimum payment out of your surplus cash each month, the stoozed balance is is gradually eaten away by the minimum payments each month. Not that this is a huge problem of course.

You still need to factor in the minimum payments, as the "surplus cash" would have been saved anyway (possibly even at 6% in a regular saver?). That's why the 'stoozulator' on the stoozing website asks for the minimum payment and factors this in to your profit.

Think it would work?

No, because Nationwide are quite unique in what they've just announced. MBNA/Virgin may not follow, and certainly don't operate that way now.

pfpf

bearcat16 wrote: »

So say you transfer £4,000 at 0% and then next month make a purchase of £100.

As long as you pay that £100 off before the due date, you won't get charged interest and your 0% bal won't be affected.

I always thought that myself when applying the "most expensive debt cleared 1st" logic. so why do MSE articles on 0% CC's always have the "never spend on a 0% BT card" advice?

edit: or is it just NW who are unique/will become unique in applying this system?

Cycrow

pfpf wrote: »

I always thought that myself when applying the "most expensive debt cleared 1st" logic. so why do MSE articles on 0% CC's always have the "never spend on a 0% BT card" advice?

edit: or is it just NW who are unique/will become unique in applying this system?

Only NW do it that way, and its new from them.

With other CC, you will be paying interest on the purchase from the day it was put onto the account until the day it is paid off. you only get the interest free period on the purchase if you have previously cleared the balance, which you havn't when you have a BT on there.

you only pay interest on the purchase amount thou, not on the whole balance

itm2

YorkshireBoy wrote: »

It appears I wasted my time researching and compiling post #6 for you then. Never mind, hopefully others will benefit.

Apologies - I thought the info you were referring me to was specific to changes coming into effect in March, so presumed that it wasn’t relevant to my specific situation. Will take a closer look when I get back from hols...

YorkshireBoy

itm2 wrote: »

Apologies - I thought the info you were referring me to was specific to changes coming into effect in March, so presumed that it wasn’t relevant to my specific situation. Will take a closer look when I get back from hols...

Your 0% period ends in May. The changes happen 2 months prior in March. Therefore it's very relevant to your situation...isn't it?

itm2

YorkshireBoy wrote: »

Your 0% period ends in May. The changes happen 2 months prior in March. Therefore it's very relevant to your situation...isn't it?

Sort of... I originally posed the question because I wanted to take advantage of a specific Simply Rewards offer of 25% cashback on a £100 Amazon voucher purchase, but the offer expired last week. The info may well come in handy over the next couple of months though. Many thanks for the info - much appreciated