£11k @ 0% APR until August 2008, but....

Rochdale_Guy

Hi, I just got offered 95% of my £11,700 MBNA card limit (which is £11,120) at 0% APR to pay cash into my current account until August 2008 statement, but there was a £330 (I think) transfer fee.

Did I do right here ?

Too late now I know but what the heck !

CLAPTON

if you save the money for 9 months at 6% gross then after tax you would gain about 400 in interest.
if you can get a higher rate then you will get more and if you dont achieve the full 9 months you will get a little less.
if of couse you are using the money to reduce debt elsewhere then it depends on the interest you are being charged.

why did you do the BT?

YorkshireBoy

Rochdale_Guy wrote: »

Did I do right here ?

If you're stoozing, this calculator says you'll make just less than £80 over the period*.

Personally, and for purely stoozing purposes, I wouldn't have taken it (with your limit) without them waiving/capping the BT fee (especially since MBNA have had 2 fee-free days recently).

* Basic rate tax, Sainsburys Internet Saver, full 9 months.

caveman38

Yorkshireboy
How do you get to hear of these fee free days. Is it just a case of going on their sites every day or are they advertised? Is there a regularity for them and do any other CC co's do them as well?

Tr@cker

They do a lot of individual customer offers nowadays, Egg are offering me a BT fee free deal at the mo BUT at the standard variable rate of interest (which i dont want) And virgin rang me personally last month and offered a fee free 0% deal for 9 months.
I wouldn't have bothered complicating things for a measly 80 quid personally.