Credit Card 0% on Balance Transfers

[threaded]

Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

[OrangeHopper]

This was pointed out on the radio the other day as one of the ways the credit card companies are trying to recoup the lost income from reduced charges.

The balance transfer is 0% for the <large bold font>1 year</large bold font>. Purchases are 0% for <tiny plain font>3 months</tiny plain font>.

[Moose423956]

Hi Moose - my missus had this yesterday and thought the HSBC deal till April 2008 had ended after only 6 months - on reading the letter again it was advising that 0% on purchases had finished, not the balance transfers.

I misread it as that at first so could be the same in your case

Ooops. Apologies to HSBC and CapitalOne. It is indeed 0% on purchases that are ending. I must learn to read properly. Sorry.

[Moose423956]

Just watch out for the catch.

Nowadays they all charge a "transfer fee", usually about 3% of the amount transferrred, so you still end up paying interest, just in a different way.

I think it was 2% when I took them out, but it was still saving me a lot on what I would have paid in interest. If you keep on top of it, it's a good way of managing small debts. I'll keep moving them around until they're paid off. It's known as "credit card tarting".

[DaveB]

Just watch out for the catch.

Nowadays they all charge a "transfer fee", usually about 3% of the amount transferrred, so you still end up paying interest, just in a different way.

[Moose423956]

Hi Moose - my missus had this yesterday and thought the HSBC deal till April 2008 had ended after only 6 months - on reading the letter again it was advising that 0% on purchases had finished, not the balance transfers.

I misread it as that at first so could be the same in your case

I'll double check. Haven't got the letter with me.

[swissmike]

I have 2 credit cards where I have transferred debt to use the 0% rate. Both card companies have changed the date that the 0% rate expires.

This makes the adverts saying for example "0% on balance transfers until September 2008" misleading.

Has anyone else come across this?

Hi Moose - my missus had this yesterday and thought the HSBC deal till April 2008 had ended after only 6 months - on reading the letter again it was advising that 0% on purchases had finished, not the balance transfers.

I misread it as that at first so could be the same in your case

[Bluebird]

Capital One and HSBC.

You could try their "loyalty dept" - MBNA have this - as soon as the period is about to expire I used to phone them up and ask what they could do - usually it would be about 1.9% for a futher 6 months as opposed to the 14/15%.

From the CC co point of view it's better to make a little rather than lose it all to another co.

Phone them up with the attitude " I'm going to transfer to another card unless you can offer me a deal " - see what happens it's worth a try.

[Moose423956]

no - name & shame.

Capital One and HSBC.

[Bluebird]

I have 2 credit cards where I have transferred debt to use the 0% rate. Both card companies have changed the date that the 0% rate expires.

This makes the adverts saying for example "0% on balance transfers until September 2008" misleading.

Has anyone else come across this?

no - name & shame.

[Moose423956]

I have 2 credit cards where I have transferred debt to use the 0% rate. Both card companies have changed the date that the 0% rate expires.

This makes the adverts saying for example "0% on balance transfers until September 2008" misleading.

Has anyone else come across this?