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Help with a credit card
zipman23
Posts: 291 Forumite
in Credit cards
I have a credit card with about £1000 on it to pay off. I'd like to apply for a new card to balance transfer but haven't been able to get one for some reason or another. My bank (lloyds) sent me a letter the other day offering me a gauranteed card as I was a "loyal" customer.
The catch is this:-
4.9% p.a for b/transfers you make in the first 6 weeks after we open the account. if you make at least £100 of purchases in the first 3 month after account is opened this rate is fixed for 12 months from date balance transferred is put into account. Otherwise, this rate is fixed for 3 months.
Now, I'm not really that good at understanding these sort of things but to get the 4.9% rate for 12 months on a card that has been gauranteed, can I not just balance transfer say £100, spend £100 and then pay it all off and then transfer the remainding balance over so I get it for 12 months? Or does it not work like that?
Cheers for the help!
The catch is this:-
4.9% p.a for b/transfers you make in the first 6 weeks after we open the account. if you make at least £100 of purchases in the first 3 month after account is opened this rate is fixed for 12 months from date balance transferred is put into account. Otherwise, this rate is fixed for 3 months.
Now, I'm not really that good at understanding these sort of things but to get the 4.9% rate for 12 months on a card that has been gauranteed, can I not just balance transfer say £100, spend £100 and then pay it all off and then transfer the remainding balance over so I get it for 12 months? Or does it not work like that?
Cheers for the help!
English by birth. GEORDIE by the grace of God.
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Comments
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Yes you could, if they are saying you must spend on the card in the first 6 weeks to qualify for the 12 months low APR then you could spend a £100 then pay it back then transfer the balance that way, double check with LTSB first though.Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0
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Originally Posted by zipman23
... can I not just balance transfer say £100, spend £100 and then pay it all off and then transfer the remainding balance over so I get it for 12 months? Or does it not work like that?
Why complicate matters by transferring a balance of £100?
To qualify for your 4.9% BT for 12 months, all you need do is spend £100 as soon as you get your new LloydsTSB card, pay if off, then request the £1000 balance transfer from your old credit card
People who don't know their rights, don't actually have those rights.0 -
Why complicate matters by transferring a balance of £100?
To qualify for your 4.9% BT for 12 months, all you need do is spend £100 as soon as you get your new LloydsTSB card, pay if off, then request the £1000 balance transfer from your old credit card
Told you I didn't know what I was doing!
I'll ask them next time I'm in the bank if thats ok as offer is available until 2nd July. Cheers English by birth. GEORDIE by the grace of God.0
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