Help please. BT newbie.

fascinated

I'm considering transferring a balance from a Halifax card to a new NatWest card if I'm approved for it. It would be 0% for 13 months, although interest would be charged on the BTF. This would still be less than I am paying at the moment.

Just wondered whether anyone had any horror stories about the NatWest card, or any suggestions of a suitable alternative? I've had my Halifax card for something like ten years and I've never tried to open a new one. I think the time is now!

Also, could someone please clarify whether at the end of the 0% term if the balance has not been paid off in full the interest will be added for the entire 0% period at the standard rate on the card? I have not been able to answer this for myself from anything i've found on line and I'm worried that if I don't pay it all off within the 0% period then I won't have saved myself any money in the long run.

Sorry for waffling. Can anyone help me please?

Many thanks.

Fasci xx

NickX

fascinated wrote: »

Also, could someone please clarify whether at the end of the 0% term if the balance has not been paid off in full the interest will be added for the entire 0% period at the standard rate on the card?

At the end of the 0% term, you will start accruing interest on the remaining balance from the END DATE of the 0% promotional period, this is not backdated in anyway.

If you are left with a substantial balance, it may be an idea to apply for another card before the end of the promotion that you can then transfer the balance to.

fascinated

Thanks Nick. I just couldn't find anything in black and white that spelt this out for me.

I think I could quite easily halve the balance on the card in the 0% period and then maybe transfer elsewhere.

Thanks again for your help.

JimmyTheWig

I've done a balance transfer to a Nat West card (for Stoozing) and have found it the easiest banking experience I've had in a long time.

The minimum repayments are higher than others I've got on the go at the moment, but as you are wanting to pay the balance off then that's not a problem for you.

NickX is correct about the backdated interest (or rather the lack of it).

viv.brav

I am also planning to own a NatWest Card....What are the requirisities to apply for the same...can ayone of you help me out with it...

JimmyTheWig

viv.brav wrote: »

I am also planning to own a NatWest Card....What are the requirisities to apply for the same...can ayone of you help me out with it...

Don't know. Sorry.
Got mine before the credit crunch kicked in, so might not be as easy now.

fascinated

Thanks everyone.

Well viv.brav I don't really know. Have no idea whether i'll be approved for the NatWest card but thought I'd send off the application and see. Like I said earlier I only have one card and have tried to open another or transfer the balance. Basically i'm hoping that as I have a regular income, no defaults, no late payments and a good credit history that they might approve me. I only want to transfer £600.00 so I'm hoping it won't be a problem.

We shall see!

fascinated

Whoops, I meant I have NOT tried to open another card or transfer the balance.

It's getting late in the day....