Help me re: Argos Card

HelenR_3

boofy wrote:

Unfortunately, I've tried to BT from Argos without success. Short of withdrawing the cash from another card and paying the balance, I don't think there is anything that can be done. I will NEVER touch Argos card again. Seemed like a good idea at the time and it's only now am realising the APR!!! Scandalous.

tell me about it , i thought it seems almost illegal that theyve got you cornered in this way , i hate them for it



a lot :mad:

newfoundglory

You could of course try them at their own game too. Tell them something like you have the opportunity to borrow at 9.9pc say to pay off the card, and that you are first giving them the opportunity to better whatever rate you say, in order to retain you as a customer. Tell them that unless they do better it and provide a better deal that you will be paying it off and closing the account down.

Remember that even overdraft rates are often negotiable. If you think the rate is too high, or you see a better deal elsewhere, point this out to your bank and tell them you are unhappy and that you expect them to do something about it.

xela_17

HelenR wrote:

alsu FAO XELA sorry to be dim but could you or someone tell me in laymans terms what a SBT is using maybe my partners now empty egg card ??

An SBT is when you just balance transfer from the credit card (egg) to your bank account, thus giving you money to do what you want with. There is an option on the egg website to choose "overdraft" when you're doing a BT. If you are not in your first 0% period or not in the first month of your anniversary period you will get charged interest though. Also, if you are a post 1 May customer you will get charged a fee. Even if this is so, it will still be less than the argos card interest.
(If I am wrong about any of the above, someone please correct me )

HelenR_3

xela_17 wrote:

An SBT is when you just balance transfer from the credit card (egg) to your bank account, thus giving you money to do what you want with. There is an option on the egg website to choose "overdraft" when you're doing a BT. If you are not in your first 0% period or not in the first month of your anniversary period you will get charged interest though. Also, if you are a post 1 May customer you will get charged a fee. Even if this is so, it will still be less than the argos card interest.
(If I am wrong about any of the above, someone please correct me )

hello


this is a form of cash advance then by the sounds of it ? my partner has had the egg card for well over 4 years so if we transfer the balance of the argos to my current account , then pay argos off and then BT his egg card again

does that sound about right !

thankyou

YorkshireBoy

HelenR wrote:

this is a form of cash advance then by the sounds of it ? my partner has had the egg card for well over 4 years so if we transfer the balance of the argos to my current account , then pay argos off and then BT his egg card again

does that sound about right !

The way to do it is...

1. Apply for a 0% BT card, and request BT (to the value of your Argos balance) from your Egg card.
2. Transfer current account "overdraft" to Egg (starts to attract 14.9%APR)
3. Pay the Argos card off with current account funds.
4. BT Egg balance to new 0% card (clears Egg and stops the 14.9%)
5. Make payments to new 0% card
6. Destroy Argos card and never apply for a store card again!!

If you want to gamble with positive balances on your Egg card, BT from Egg to new 0% card, and then BT from current account to Egg without incurring the 14.9%. This way, assuming your Egg starts at £0 balance, your Egg balance will go from £0 to +£1,000 (example) to £0 again. You never have a (negative) balance so don't pay any interest.

HTH
YB