Stung by credit cards again!

NWOIHTS

For years I got by with just a normal bank card and saved up and bought things if I needed them, or bank of mum and dad if emergency. 

I always promised I'd never get a credit card but me and the missus started a wee business thing a few years ago and I applied for a Sainsbury's card to pay for a few things, when I think on it, I didn't really even need the card but used it anyway and decided to pay it back. I didn't know the ins and outs of CC's that much until I wondered why I was getting charged for interest on my account. I had removed some money from the bank machine, but never knew that was charged at over 0%. something else these things, the small print and wording is so bamboozling, I think half the time you're just trusting that it'll be alright. That leads me on to my next card, to pay the remaining balance off from card 1. 

I got a santander CC and transferred the money over, thinking ok can pay that off for 18 months then move it when the 0% stops. I then decided to give myself a bit of an audit and discovered I've been paying interest at 29%  since Jan 2021, the balance transfer is 0% for 18 months, purchases are only 3 months at 0%,and cash transactions are 29.9% but I do not understand why I am paying this, as I am only paying the balance off, is that deemed a cash transaction then, I really don't understand these things, I thought I did but maybe someone can enlighten me, as I need to get this moved to a card I can pay this off without that whopping % fee.

Thanks ever so much

Andy

robber2

It unfortunately sounds like you have made a cash withdrawal from your Santander card and will therefore be hit immediately with a high interest rate. To take advantage of a Balance transfer offer you needed to have transferred the DEBT from your Sainsburys card to Santander not the CASH from Santander to Sainsburys.

Sorry to say there is nothing you can do to unravel this other than pay off the card (or open another card with a suitable BT offer available.

Neil

NWOIHTS

Hi Neil

I might not have explained that too good, I have never taken any cash out with the santander card (Card 2), I made that mistake on card 1, on the sainsbury's card, once the 0% time was up on that, it was transferred to the santander card. I set up a DD to pay the min amount off and the first 3 Months were 0% then reverted to their standard rate.

The balance transfer only has an 18 month 0% fee, not cash transactions or payment for goods, that is 3 months. Can I transfer the card to another one now or do I have to wait till the 18 months is up (Apr 22)?

Thanks again

Andrew

[Deleted User]

You can transfer the balance anytime you want, if you can get a suitable offer.

But you need to get on top of managing your cards. Once you've BT'd, don't spend on that card. Use a separate card for spending and clear in full each month. Aim to get all the debt cleared, rather than using 0% offers. 

0% deals can be profitable but only if you know what you're doing. So play it safe from now on and look to get everything cleared.

And check your statements every month, not just an annual audit.

SusieT

Have you ever used this card for purchases? It could be that they are now more than 3 months old and are now having interest added. Also worth looking at the actual terms that you were offered (do not assume that you got the full offer that was advertised) to see what is going on. Look at all the statements from when you got the card and make sure that there is only the balance transfer on there. I am assuming they did the transfer and it was not a case of you taking cash and paying off the other card which somebody I used to work with did. 
If there is nothing obvious it is worth calling and asking why there is interest added to the balance transfer since it was supposed to be interest free.

NWOIHTS

I did use it for one online purchase, which was a business course, I thought I could use it for that, and pay off my old balance and I know at the time I thought it was 0% on purchases, but I'd done it just outside the 3 month window, totally just haven't been clear on the terms, and no wonder, you think you understand it because I've obviously thought it was 0% on purchases for 18 Months. When I do transfer to a new card, I can use it for nothing else but paying off the outstanding. Thanks for all comments.

jimjames

If you've made a purchase on the card then that will attract interest. There should be a section that shows the breakdown of the balances, the rates and the interest paid. It sounds like the interest is for the course you paid, clear that amount off and the rest should revert back to no interest being charged.