Capital One Warning

gonk

Take care, I applied for the new Captial one card for a balance transfer.
0% card, deeply hidden in the small print once the paperwork had arrived was the tiny statement that the 2% charge was not capped and that (as usual) the capital would be paid off first not the charge accruing interest at £2% till 2007.
Now if i have this worked out correctly on my £6000 balance I get stung for over £600 squids, am I right?
Well no matter I just returned the paperwork unsigned and said not on your nelly.

Don't get caught read the SMALL PRINT!

Smudge32

Yikes!

I nearly applied for this one.

Smitty

2% on £6000 is only £120.

(Although this is still not pleasant)

Smudge32

But if they charge you interest on that £120, then that's a lot more.

Curlyz

Is that what they do - I didn't realise that bit. Ive just successfully secured a Cap 1 card and transferred £2360 to it - am i going to pay interest on the £47 fee from now until Jan 2007 (or when I make the final payment) ??

Must read T&C more closely

I can't remember this happening on other cards that i have used with fee paying bts

YorkshireBoy

gonk wrote:

Take care, I applied for the new Captial one card for a balance transfer.
0% card, deeply hidden in the small print once the paperwork had arrived was the tiny statement that the 2% charge was not capped and that (as usual) the capital would be paid off first not the charge accruing interest at £2% till 2007.
Now if i have this worked out correctly on my £6000 balance I get stung for over £600 squids, am I right?
Well no matter I just returned the paperwork unsigned and said not on your nelly.

Don't get caught read the SMALL PRINT!

These are the product features as displayed when you click the link from the main Cap One site...

* 0% for any balances transferred
until 1st January 2007
*0% for 3 months on purchases
* Easy balance transfers - 2% handling fee on the amount transferred

It doesn't mention a cap for the BT fee, so one could reasonably assume that there isn't one. This can be confirmed by checking either the summary box or the full T&C's, where neither mention a cap, before making the application.

The BT fee on your £6,000 would have been £120. If you're stoozing in a 4.75% savings account, you'd have made around £232 net of basic tax. This would have generated a profit of around £112 with no extra work or other deals to source for the next 15 months. If you're a higher rate tax payer stoozing against an offset mortgage, your profit would have been considerably more.

Either way, and even if they charged interest on the BT fee, you'd still have made money on this deal.

If you're a serious stoozer, this application and resultant credit search could have impacted on other applications you make in the near future.

Clariman

YB wrote

It doesn't mention a cap for the BT fee, so one could reasonably assume that there isn't one. This can be confirmed by checking either the summary box or the full T&C's, where neither mention a cap, before making the application.

Hear, hear ! Well said YB. No offence to the posters on the thread, but unless you are prepared to read and understand all the card's Ts & Cs, then you should not be stoozing. Stoozing is easy money only if you have sufficient attention to detail.

You may want to have a read of http://www.stoozing.com/risks.htm

Clariman