New CapitalOne card with c. 17 months 0% BTs

Clariman

kchok wrote:

ThanksYorkshireboy.Routing?I do have Egg card i don't owe them any thing and i have egg card since last 14 months.My point is if i do make capital one BT to my egg card,the egg card will be on Plus balance of £. Do egg then allow me to transfer to my current account ?Would they wanna know how?Will i be penalise? it just looks odd to me money sitting on credit card while i don't owe anything to egg

You should be OK doing that - lots of people do it. I have not done it personally, but many have.

One important point for everyone in case my title for this thread has misled anyone. I said it was a "c[irca]. 17 month deal" i.e. approx 17 months. It is actually a deal that has an end date some time in January 2007 - the precise date not being 100% clear, so tha maximum you would get out of it would be about 17 months. If you applied in January 2006 then it would only be a 12 month deal for you and the numbers may not stack up.

Marigold123

kchok wrote:

ThanksYorkshireboy.Routing?I do have Egg card i don't owe them any thing and i have egg card since last 14 months.My point is if i do make capital one BT to my egg card,the egg card will be on Plus balance of £. Do egg then allow me to transfer to my current account ?Would they wanna know how?Will i be penalise? it just looks odd to me money sitting on credit card while i don't owe anything to egg

I do most of my stoozing through Egg. They don't seem to mind.

If you have a positive balance on your account they usually offer to do a straight BACS transfer, which is quicker than a BT, so the money is in your account sooner.

YorkshireBoy

Marigold123 wrote:

An important factor to take into account when stoozing with this card is that though they seem to be very generous with their credit limits, (I got a good one, to my astonishment - won't say how high, in case it encourages anyone to put themselves at risk), the min monthly repayments are also very high. I started off paying £500 a month back. It's dropped a little now, but it does cut into your profits.

So you've around a £16K limit then?

It cuts into your profits in a similar way to what £32K over 9 months or £48K over 6 months would do - and we'd be laughing all the way to the bank (pardon the pun!) with these kind of offers wouldn't we?

It's the 3% minimum payments (one of the highest on the market) that does the 'damage' with the Cap One deals, but then again you can't have everything.

Marigold123 wrote:

Depending on how much you are able to make per month on this card, it may be worthwhile doing a second BT half way through the offer period to maximise your profit. Even taking the fee into account it could still be worth it.

In simplistic figures, you'd have paid back 9 x 3% = 27%, ie around £4.5K. To BT this would cost £90, and you'd make around £135 over 9 months. Might be worthwhile if the BT fee was added to the "debt".

YorkshireBoy

Marigold123 wrote:

I do most of my stoozing through Egg. They don't seem to mind.

If you have a positive balance on your account they usually offer to do a straight BACS transfer, which is quicker than a BT, so the money is in your account sooner.

I'm the opposite. I'd rather SBT the positive balance online and avoid "embarrassing" questions when 'muling'.

How fast is a BACS transfer, because my Egg SBT's normally only take 3 days?

Marigold123

YorkshireBoy wrote:

I'm the opposite. I'd rather SBT the positive balance online and avoid "embarrassing" questions when 'muling'.

How fast is a BACS transfer, because my Egg SBT's normally only take 3 days?

They told me 4 working days, but it's usually quicker. They always tell me 7-10 working days for a SBT. I admit I've not monitored the speed of their SBT's that closely, and I'll also confess that I'd become so used to doing these things over the phone over the years, that I'd not even considered the possibility of doing it online. Much better, thanks!

Perhaps a positive balance SBT done online automatically goes by the quicker route, ie. BACS?

I've also just spoken to Virgin CS about transfers to a current account when in credit, as they're now charging for BTs. They also don't charge for a transfer of funds when you're in credit. They said Customer Services can arrange a transfer of up to £500 and if you need to transfer a larger positive balance than that you just go through to their billing department.

They even helpfully supplied a reason why you might want to do this. "If you've made a payment (or transfered a balance!) to the wrong card, for example."

Might be useful if anyone does get any of those 'embarrassing questions'!

Must investigate whether you can request a refund on Virgin's website too - though theirs is a lot less whizzy and clever than Egg's.

Marigold123

YorkshireBoy wrote:

So you've around a £16K limit then?

It cuts into your profits in a similar way to what £32K over 9 months or £48K over 6 months would do - and we'd be laughing all the way to the bank (pardon the pun!) with these kind of offers wouldn't we?

It's the 3% minimum payments (one of the highest on the market) that does the 'damage' with the Cap One deals, but then again you can't have everything. In simplistic figures, you'd have paid back 9 x 3% = 27%, ie around £4.5K. To BT this would cost £90, and you'd make around £135 over 9 months. Might be worthwhile if the BT fee was added to the "debt".

When I took my card out there was a £50 cap to the transfer fee. I can't see from their site whether that's still the case, as they seem to have hidden their terms and conditions where no-one can find them!

YorkshireBoy

Marigold123 wrote:

When I took my card out there was a £50 cap to the transfer fee. I can't see from their site whether that's still the case, as they seem to have hidden their terms and conditions where no-one can find them!

Current offer BT fee is 2%, with no max. Link below is the main features page, and you can access the summary box from there (it won't link directly!)...

https://www.capitalone.co.uk/web/raid/templates/formdual_temp_10_001.jsp?page_id=10400&context_id=2&step=1&product_id=8678005

Marigold123 wrote:

I've also just spoken to Virgin CS about transfers to a current account when in credit, as they're now charging for BTs.

It remains to be seen if Virgin (or any of the other MBNA branded cards) charge existing customers for BT's. My T&C's from earlier this year state that they "may", and if they do they will (a) tell me about it beforehand and (b) cap the fee at £35.