Asda Credit Card T&C Query RE: B-T

clio

IN the terms & conditions it says balance transfers are for 0% for 9 months if you do it in the 1st 6 weeks
from activating your card. That i understand but what i don't get is what would be the duration of a B/T after
the 6 weeks are up i know the 0% would be the rate but for how long??

Asda' Terms and Conditions state no clear information as to the duration of a BT after the initial 6 weeks of having
the credit card.

" Balance Transfers are subject to application by the primary cardholder and the available credit limit on their ASDA Credit Card. Rate of 0% p.a. for 9 months applies to balance transfer(s) that you transfer to your ASDA Credit Card within 6 weeks of activating your card. A handling fee of 2.5% will be charged for each balance transferred. This fee will be shown on your next monthly statement. At the end of the 9 months if you haven't paid off the balance transfer amount in full, interest will become payable on the remaining amount at your then current standard retail purchase rate. Only UK credit card balances may be transferred and are subject to approval
http://www.asdafinance.com/credit-card-terms.html

jonnyb

It seems obvious to me that the 0% applies IF you manage to do BT within the first 6 weeks. If you do it after 6 weeks, I guarantee their standard variable rip off rate will apply.

clio

We are allways told to refer to our T&C's so when reading them how does one work out the BT rate/duration [after the 6 weeks are up] if it,s not in the terms and conditions. are we mind readers?? are we psychic. If it is at their variable rate whatever that is isn't it supposed to be mentioned!!.

jonnyb

dude, I am not sticking up for the card companies, but it's clear to me.

The general card info states a typical apr of 17.8%. The 0% offer is a special offer, that deviates from their standard rates, as long as you meet their criteria. The special offer ends after 9 months.

You seem to be trying to create a problem that does not exist.

YorkshireBoy

I think clio's question is more "when does the 9 months start...from the date of account opening or from the date of activation or from the date the BT is made?"

The answer, if it's not given in the T&C's of course, is to ask the company...and then watch your statements closely for the message "your introductory rate expires on..."

jonnyb

I have the wrong end of the stick then.
I would assume it to be 9 months from the date of the BT, if the BT is done within the 6 week window - what's your view YB ?

YorkshireBoy

jonnyb wrote: »

I would assume it to be 9 months from the date of the BT, if the BT is done within the 6 week window

M&S and HSBC used to operate like that, but many more operate from the date the account is opened...and it's your fault if you delay the BT.

- what's your view YB ?

I haven't a clue, as I've never had a GE card and it's not clear from a cursory look at the link clio provided. As I said above, I'd be checking with CS...either before I applied or during the activation call.

There must be better cards than this one on the market though? For example, you can get 13 months for your 2.5% BT fee with HSBC.

jonnyb

I' ve just applied for the above. They give the 15 month on either BT's or purchases, so I'm going for purchases, with the money I would have spend being tucked away in a good savings account until the balance is due.

Only snag is that I may not get accepted, as I already have 2 medium limit cards at 0% til end of December that might make them think I am exposed too much already.

Obviousy there is a charge for the BT. around 3% I think.

YorkshireBoy

jonnyb wrote: »

...I'm going for purchases, with the money I would have spend being tucked away in a good savings account until the balance is due.

Assuming you have an Egg Money card, if you went for the BT option (and recycled your 3% minimum payments by slow-stoozing) you could make over 5% net of savings interest tax and the BT fee by using a Tesco savings account and the new Halifax 10% regular saver.

But I digress...sorry OP.

clio

I had allready spoke with Asda about this before i posted this query. they tell me this and it,s not right.

" after the 6 weeks are up any balance transfer made is at 0% but for 6 months", the reason i posted this is Asda's answer was different 3 times. how can they say 6 months and quote t&c's when it,s clear nothing is stated in them. where does it say B/T,s will be at 6 months after the 1st 6 weeks!!! ive spent 40 minutes on the phone and putting my query across is like pulling teeth.