Bait and switch promotional BT rate

seatbeltnoob

jamie_02 wrote: »

You're a sucker if you consider lying on financial services applications. That's called fraud.

that's not lying you iddiot. you can genuinely change your mind about things. Like you can get a card just to get their cashback but then you overspend and have a big balance on it and end up making the bank lots of interest. In which case you have an interest laden balance transfer,. :rotfl:

jamie_02

seatbeltnoob wrote: »

Hi I use MSE balance transfer page to get the best deal. Went for barclaycard which was state <1% BT fee on balance.

Well after going through the forms it sprung up 3.5% as the fee. I should have declined and applied for another card (since the BT fee was provided BEFORE any credit checks).

It did ask what was the purpose of getting this card, I should have lied and said for purchases and not BT - they might have given me a better BT rate.

They probably recognise that you're a stoozer if you choose for BT and hit you with a big rate.

Anyway, I worked out my BT fee is going to be £100 apporximately, not bad for over 2 years interest free debt management.

What do you think? Am I being a sucker or being smart?

I dont want too many credit applications as I want to get a 0% purchases card soon so I can put my car insurance onto it and use it as a 0% finance over 6 months.

Just answering your question, based on what you wrote, no need to get offended.

redux

seatbeltnoob wrote: »

Oh yeah, I heard that. On a radio talk show after the tescobank hack someone was saying they work at an unnamed bank as an IT expert and the security systems there are atrocious and their systems routinely crash and have to be rebooted.

I wonder if that person would dare put that on their CV, as an advert for the quailty of their work.

seatbeltnoob

Ok a quick update I got the refund for the balance transfer and they were actually very good. I transfered £4800 in total. Got the initial slap on fee of £168 and then a few days later got about £135(ish) in refund.

Making the entire balance transfer cost me a around 30 quid.

I remmeber a few years ago I got a santander card wirth a ba;lance transfer the fee was quite hefty at 1.5% and there was a £30p.a. car fee.

There was a big fee at the start. because of this. But barclacard just takes the cake with this. Very good deal couldn't be happier. I have 32 months to pay this £4800 balance off. I have decided to pay £200 a month off and should be clear in 2 years.

YorkshireBoy

seatbeltnoob wrote: »

Making the entire balance transfer cost me a around 30 quid.

I have decided to pay £200 a month off and should be clear in 2 years.

If 2 years is the timescale why didn't you go for a 24/25 month fee-free card instead. They were shown in the same "MSE balance transfer page" you researched.

Had you gone this way, and if you had a tight month, then your min payments (at 1% with Halifax, for example) would have been a lot less than Barclaycard's 2.25% minimum payment.

So to answer the question in your OP, I don't think you were "smart".

seatbeltnoob

YorkshireBoy wrote: »

If 2 years is the timescale why didn't you go for a 24/25 month fee-free card instead. They were shown in the same "MSE balance transfer page" you researched.

Had you gone this way, and if you had a tight month, then your min payments (at 1% with Halifax, for example) would have been a lot less than Barclaycard's 2.25% minimum payment.

So to answer the question in your OP, I don't think you were "smart".

I dont mind the 2.25% minimum. I have plenty in my savings to cover a "bad month".

I did not plan a £200 a month repayment before I got the BT. So I went for the longest & cheapest BT rate I could get.

I may not be very smart, but you are definitely a smart alec.

Your suppositions are also contradictory. You're suggesting I may not have funds in some months so Halifax is better as their minimums are more forgiving so I can pay less. In which case I would need more than 24 months to pay it off due to "bad months".