have i been had?

kimgary_2

have had capital one card for 9 years and was offered 0% till april 2009 with transfer fee of 1.7%.
Transferred balance from another card of £3000.
When statement came through i deducted my transferred amount from total spend amount say total £3900
this i though left me purchase balance of £900.
paid £950 thinking i was paying £50.00 off transferred amount also but have been hit with interest of £27.00.
Phoned capital one they cant explain apparently a manager is going to call me.
Have I made a terrible niave mistake or are they miss selling 0% ?.
Any help welcome.

CLAPTON

Can you clarify:

did the cap 1 card have 0% on BTs and purchases or only on BTs?

did you do a BT and also made purchases on the card?

If the 0% is on BTs only and you made a purchase them any repayment you make is deducted from the lowest APR total (i.e. the BT part) and so you pay full interest on the purchases.

kimgary_2

Hi Clapton,
i have had the card years and always pay it off every month.
I phoned them about a query and they said they had a special deal for existing customers 0% on bts till april 2009, hence i transferred amount but carried on using card as always.
Whats my best way out of this with minimum damage as surely my balance on purchaes is now going to build until i have paid off my whole amount?
In effect they are now getting me more into debt as the balance i trans was already 0% but was due to expire, however i never used that card for purchases at all.
Thanks for your help in this matter it is probably common knowledge on here but I was unable to find any reference to it.
Regards Gazza

YorkshireBoy

The purchases balance on your card will continue to attract interest until you completely clear the card's balance to zero.

I'm only aware of one provider who allocates your payments to the highest interest rate balance first, and that's Nationwide.

With hindsight (wonderful isn't it?), you should have cleared the purchase balance, then BT'd to the card, and then put it away out of sight so you weren't tempted to use it again.

You'll now have to work out whether the interest charged will be more than the cost of transferring the entire balance elsewhere (over the same duration), once you've factored in any BT fees applicable.