AdrianFRST

There was a few topics about this deal a while back and I wondered if anyone had transferred a balance and set up a direct donation as the article described?

The reason I ask is that it looks like that might not work:

(from http://www.timesonline.co.uk/newspap...762946,00.html

"BRITISH consumers borrowed a record £2.2 billion through credit cards and personal loans in June, as they took advantage of a market awash with 0 per cent credit card deals and cheap loans. But credit card practices that lure consumers into debt now face a government crackdown to be announced in the autumn.
Balance transfer deals that charge an enticing 0 per cent rate on the transferred balance while letting borrowers who carry on spending build up debts at a higher interest rate may be outlawed. New credit laws would force card companies to channel all repayments to clear more expensive debts first. The Department of Trade and Industry will, at the very least, make banks improve the transparency of balance transfer deals.

Barclaycard’s policy of using repayments to pay off the cheaper part of the balance first was attacked at a recent Commons Treasury Select Committee meeting. It offers 0 per cent for life on balance transfers, but to take advantage customers must spend at least £25 a month. All purchases attract the standard interest rate, typically 18 per cent. Payments are used to repay the transferred balance first, leaving new purchases to accrue interest at the higher rate. Customers who do not spend £25 a month are charged 6.9 per cent on their transferred balance.

Halifax has a nine-month 0 per cent deal with a £50 cashback on balance transfers through internet sites including Timesonline and Moneysupermarket. But the card must be used three times in the first month to qualify for the cash. After nine months, interest on the balance is charged at 12.9 per cent."

[Edited by AdrianFRST - 8/7/2003 9:49:19 PM]

Chip

Think youll find the minimuum spend is £1 a month to keep the 0% deal on the balance transfer.

Chip.

Rob Walker

Just been approved for one.. Going to transfer whatever I can to it and cut the card up and set up a direct debit for my broadband on it...

STi wanna Subaru

iTrader: (1)

Rob, keep the spend to the minimum of £1 a month. The £25 (or whatever you pay) will be charged at about 17%. This sits at the back of the queue of what is being payed off each month. To fully take abvantage the best thing to do is tranfer the credit limit to your current account, pay off all your high interest credit cards (and get rid of them), spend the £1 a month to keep the 0% rate.

I've just done it and that's what I'm doing.

Reffro

I read this barclaycard offer the other day, I was just about to apply when I did the sums. The Minimum spend is 50 quid a month, otherwise you pay 6.9%. For each month you spend 50 quid then the balance tranferred accrues no interest. But the catch is unless you at paying of 10% of the transferred balance each month your going to be stuffed as what you need to spend will just keep pilling up the interest. If you take 2 years to pay off the original balance you'll have spent a minimum of 1200 quid to keep the 0% interest, plus accrued interest on the 1200+ you've spent......

It almost got me but I was glad I hesitated to do the sums, just another case of you don't summat for nowt. Particularly off a credit card company.........

STi wanna Subaru

iTrader: (1)

Reffro.......different offer

read this

fuz

i spend £1 a month and give it 2 charity by birect debit

Peanuts

iTrader: (15)

I applied for the 0% for life on £1 minimum spend and am quite happy that I will pay 17% on that pa, ie 17p per each pound per year is cheaper than interest at a bank.

I like the idea of the charity donation direct debit thing, more details please because I thought you couldn`t spend less than a fiver without incurring a charge from the shop in question.

Peanuts......

STi wanna Subaru

iTrader: (1)

Peanuts... follow my link above. There is a paypal DD set-up for £1. Not all goes to charity as they need to keep the site running but the rest does.

ustolemyname??stevieturbo

iTrader: (1)

I just signed up to Barclaycard the other day. Walking through a shopping centre they nabbed me. Claimed 0% for balance transfers for the life of the card I think, with a purchase APR of 11.9%
They didnt mention any small print obviously, but I'll find out soon im sure when I get the card.
Also mentioned the insurance on purchases etc..
Even if I have to spend £1 p/m to get teh 0%, it will save me a lot of money on interest I have on other cards. I usually transfer balances back and forward to get reduced interest anyway.

Modifiying cars....it costs too much!!!!!!