Best Balance Transfers Discussion Area

rover999

I transfered 3000k to sainsbury's credit card last year for an interest rate of 5.4% for the life of the balace and have just received a statement showing the rate increased to 10% are they allowed to do this?

Moggles_2

rover999 wrote: »

I transferred 3000k to Sainsbury's credit card last year for an interest rate of 5.4% for the life of the balance and have just received a statement showing the rate increased to 10%. Are they allowed to do this?

Standard rates are not fixed, they're variable.
Provided that you have used the card solely for a LOB transfer, you are not affected.

rover999

Moggles wrote: »

Standard rates are not fixed, they're variable.
Provided that you have used the card solely for a LOB transfer, you are not affected.

I have used the card for nothing else but they have still increased the rate to 10%?

Moggles_2

rover999 wrote: »

I have used the card for nothing else, but they have still increased the rate to 10%.

Sorry if I'm stating the obvious, but have you actually been charged more interest this month?

rover999

Moggles wrote: »

Sorry if I'm stating the obvious, but have you actually been charged more interest this month?

yes i have

Moggles_2

rover999 wrote: »

Yes, I have

I'm not familiar with Sainsbury's cc, but if you were offered 5.4% APR for the life-of-the-balance, the rate you would pay on the amount transferred is fixed until the transaction is paid off.

Regardless of what anyone tells you here though, it's the Ts & Cs you signed (plus any subsequent variations) that count.

If I were you, I'd phone customer services, during business hours if possible, with your paperwork to hand.

Let us know how you get on.

Very best
M

CannyJock

Definitely what Moggles said. Some of the current LOB cards aren't for the life of the balance ....

Current list at http://www.stoozing.com/lob.php, but Sainsbury's isn't on it and nothing on the Sainsburys website so you'll need to check your own T&C's.

Moniker

CannyJock wrote: »

The Virgin offer has been 15 or 16 months over the past 2 years. Not impossible it'll be withdrawn, but pretty unlikely.

8 weeks before you need it is the time to apply, that gives you a safety margin incase you're turned down and need to find a plan B, so no need to panic just now.

Once accepted for a card, the BT can take up to 2 weeks in theory. I'd double check with Cap One the exact date that your 0% promotion ends and aim to clear it at least a week before this, i.e. initiate the BT 3 weeks before the promotion ends.

EDIT: wouldn't apply any earlier than this for the Virgin card because as it says in their summary box

Thanks, that's really helpful

Moniker

Moggles_2

CannyJock wrote: »

Some of the current LOB cards aren't for the life of the balance ...

That's true. Some promotions, which are loosely referred to as LOB deals, are in fact offered for a fixed period only, commonly 36 months or so. I can't recall any one-year fixes, but you never know.

boyo2

Hi guys,

I've had an egg loan at 7.66% for the past 4 years and it is down to £2900. I was just thinking would I save money by transfering the money to an interest free credit card and stooz?

Any advice welcome