Best Balance Transfers Discussion Area

NickX

molley wrote: »

Is there not a saying on this site that you should get a BT card ONLY to clear the BT and not to use it for purchases .

Correct, this is generally the safest approach, however IF the length of the purchase promotion is identical to the length of the Balance Transfer promotion then you can do it, because there is no "mismatch" period where the balance with the higher rate gets trapped accruing interest.

NickX

geet wrote: »

Goodness! Offer is only for BT max 5000. So, I should just not touch the 2100 if i am to avoid interest. So any cash back they offer too is of no use to me! Just take the stooze amount 5000 to egg money and close the account in 9 months!? is that it!

The £5000 limit is just on Balance Transfers though.

What have they offered you with regard to Purchases - any 0% period ?

geet

I really can't make out. Looks like none, Nick.

My promotional annual rate is 0% for 9 months with 1.5% fee within 60 days and max of 5000. Any amount in excess of 5000 will be charged at 6.9% with no fee. They will transfer promotional balance to standard balance at end of promotional period.

In charging interest it says: We will not charge interest on purchases added to your standard balance since your last statement if you pay your current statement balance in full by your payment due date. If you do not do so, we will charge interest on the amount of each purchase from the date of the purchase until the balance is repaid in full.

Molley, that is what i intended but i got a 7110 card with max 5000 BT so the doubts. looks like i have to take 5000 and forget the 2100.

NickX

Right, I don't think you have any 0% period on Purchases, therefore any purchases that you make will incurr interest.

Therefore, do the £5000 Balance Transfer, then DO NOT make any further transactions on the card, just make the minimum payments on time for 9 months.

Then have a plan to either repay the balance at the end of the 9 months, or get a new Balance Transfer card to move it to.

Sorry, but I think this is a no go for purchases.

geet

Thanks for the warning Nick. Will do the BT for 5000 leave the 2110 alone.

saffouri

Moggles wrote: »

Online applicants have reported the sort of delays we've come to expect from Santander/Abbey (see #589 above, for instance).

If you want your application processed within weeks, rather than months, I would apply in-branch

Further update to my posts 589 and 594 above - when I returned from my US trip on Saturday, the new Abbey Zero cards had arrived (sod's law, right? :rolleyes:), and the BTs already arranged. So in the short term we've sorted our BTs and at least not paying for the debt - in the longer term we have a card that's worth using when abroad.

saf

jaberwocky_2

I just did the most stupid thing of my life. After speaking to Tesco credit card about an item on my statement, I was offered 0% on a balance transfer. I took them up on it only to realise later that any money I pay on existing balances will only come off the transferred amount so I will get charged interest if I don't clear the full amount. I had transferred 5.000 pounds from a 0% card that runs out next month. I am so frustrated to be told that "it is in your terms and conditions". How stupid am I?

vix2000

how hard is it to get the mbna platinum card, please?

cook2489

This is first post not sure if i am in the right place i want to transfer a balance having being doing this for a while running out of credit card companies i havent already used can i appl to a credit card company that i had a card with before or should i close the accounts with them and then reapply i was told by someone not to cancel credit cards when i had cleared them as this could damage my credit rating could anyone help thanks
:money:

JimmyTheWig

jaberwocky wrote: »

I just did the most stupid thing of my life. After speaking to Tesco credit card about an item on my statement, I was offered 0% on a balance transfer. I took them up on it only to realise later that any money I pay on existing balances will only come off the transferred amount so I will get charged interest if I don't clear the full amount. I had transferred 5.000 pounds from a 0% card that runs out next month. I am so frustrated to be told that "it is in your terms and conditions". How stupid am I?

Yes, how frustrating.
As they say it is in the t&cs, and covered by this article, but that doesn't help you now, does it!

But lets work out how bad it is for you, and what you should do.

Firstly, if you haven't already, stop further spending on this card immediately.

Now, some questions...
1. Did they charge you a balance transfer fee? If so, how much?
2. The balance on the 0% card that was running out next month, was that a real credit card balance that you owed, or were you using that card for stoozing?
3. If you didn't do the Tesco balance transfer, how were you planning on clearing the £5k balance on the other card?
4. What was the balance on your Tescos card before you did the balance transfer? Was it all from purchases?
5. If it wasn't for the balance transfer, would you have cleared the Tesco balance this month and so not paid any interest on it?
6. What interest rate are you charged on your Tesco card for purchases?


I think that with those answers we can find you the right path forward.