Hey guys, there’s a great new credit card deal from Sainsbury’s Bank.
It’s basically a three-in-one credit card: 0% on both balance transfers and purchases, plus rewards.
• Called the 29 month “Matched” offer purchase credit card, it offers 29 months at 0% on balance transfers and 29 months at 0% on purchases.
• Customers get 2 Nectar points per £1 spent on Sainsbury's shopping and 1 Nectar point for every £5 spent elsewhere.
Bonus points
If you apply by 21 May and use your Sainsbury’s credit card to pay for your Sainsbury's shopping or fuel four or more times in your first month, you’ll get 5,000 bonus Nectar points.
Watch to watch out for
You need to be a new Sainsbury’s Bank credit card customer.
There’s a 3% balance transfer fee (minimum £3).
After the 0% periods end the card has an APR of 18.9% – but, obviously, there’s no reason to ever pay it if you switch cards in 29 months’ time.
Make sure you pay at least the minimum payment each month – otherwise you risk the 0% deals and bonus Nectar points being cancelled.
And my own personal word of warning: If your current debt situation means you need a long 0% balance transfer deal, question whether you should continue spending on a credit card at all. Used sensibly, 0% cards can be a good way to spread costs but you should be aiming to pay off your debts, not add to them.
Why I like it
Although the card isn’t quite the best on offer for a dual 0% card (Santander offers 30 months on both with a lower BT fee of 2.75%), the Nectar points make it a hot deal.
Most cards offer either 0% deals or rewards, not many offer both.
Top comments
brown_ambassador
5 May 1719#5
If you're transferring in a reasonable sized balance, a quick Google search shows for example the TSB Platinum 28 month 0% and ZERO fee (e.g. £5k transferring, that's £150 fee vs £0 fee). Far better in this scenario to get a low or no fee Bal Trx card, then have a great cashback card for spending (e.g. Amex). You usually get a window of up to 3 months to do your BT's, so can always transfer over your monthly spending for those months to the BT card if you have spare limit.
morpheus
5 May 177#11
How does the OP's deal differ from this deal which seems to have 0 balance transfer fee:
Just notice that my link goes to a 28 month 0% balance transfer, so one month less than the OP. Personally i'd definitely give up the extra month to save the fee.
bonzobanana
5 May 174#19
Christ one nectar point for every £5 spent. £2500 of purchases nets you £2.50 in points. Effectively 0.1% back in points value :laughing:
Marekj
5 May 173#45
They have a profile of the type of customer they want to lend to at any given point. The arbitrary Experian/Equifax/Call Credit ratings really are meaningless. They will look at what is on your file, certainly, but they may not be in the market for a customer with an 'excellent' rating, who pays off their balance in full every month, and thus, will generate very little money for them in the long run.
This is why an applicant with an 800 score may be accepted over an applicant with a perfect 999. Take your rating as an indication of the general health of your credit profile, but don't be fooled into thinking lenders utilise these scores - they have their own profiling and scoring system that they use to make a decision.
All comments (91)
novak100
5 May 171#1
what are the 5000 nectar points worth of? can I spend them in their online shop for example, to buy a game?
Mogolent to novak100
5 May 17#2
£25 heh
writergirl74 to novak100
5 May 17#7
5000 points are worth £25 and can be spent in more than 100 retailers including Sainsbury (obviously ), Virgin Trains and Eurostar.
qalih
5 May 173#3
With an "excellent" credit rating, I've never been accepted by sainsburys, tried twice in 2 years.
RetiredGuy to qalih
5 May 171#16
My Experian score is just 9 points from the maximum and I too was declined just this week
Nick2013 to qalih
5 May 17#34
Same
user777 to qalih
5 May 17#35
what do you mean by "excellent"?
there is no such thing as credit rating (don't fall for this crap) but if you mean the meaningless credit score attached to your credit file by CCA then my noddle score is 613 and I have been accepted by Sainsbury
Gavin01
5 May 172#4
ive got excellent credit rating as well and just got turned down!
gunner90 to Gavin01
5 May 17#13
Likewise 2 months ago. God knows how one qualifies for it.
From_the_Midlands to Gavin01
5 May 17#27
Complain to them. Ask them to check your application manually. If you have managed credit well in the past, they'll turn their decline decision over.
brown_ambassador
5 May 1719#5
If you're transferring in a reasonable sized balance, a quick Google search shows for example the TSB Platinum 28 month 0% and ZERO fee (e.g. £5k transferring, that's £150 fee vs £0 fee). Far better in this scenario to get a low or no fee Bal Trx card, then have a great cashback card for spending (e.g. Amex). You usually get a window of up to 3 months to do your BT's, so can always transfer over your monthly spending for those months to the BT card if you have spare limit.
morpheus to brown_ambassador
5 May 172#9
Cheers for that heads-up mate. I've got £8k on an Amex 0% that ends in September. I have the cash to pay it off (have done since the start, i've just been using it for my regular monthly purchases and leaving the cash in the bank to earn a bit of interest) but if I can balance transfer without a fee like on the card you suggest, I can keep the £8k in my account to earn a bit more interest for an extra 2 years.
muffboy to brown_ambassador
5 May 171#40
Well said, I have NEVER EVER paid a balance transfer fee, 3%! forget it!
smellyonion
5 May 17#6
looks abit poor, unless you want a spending card. The transfer fee kills it for any other use.
coldjim
5 May 171#8
takes a while for the card to actually get to you. i applied last week and have signed the form they send out. still waiting on the card though... taking forever! :/
daveo78 to coldjim
5 May 17#23
Mine took about 3 weeks.
It said 7-10 days but took longer. I had arranged to take delivery of a car and put a large portion of it on this (zero-cost loan) and kept having to put it off. Managed to get the card days before VED bands were updated - just in time.
saykred to coldjim
5 May 17#29
I second this. I would not recommend applying for this if you are in a rush.
They messed me around a lot after accepting my application and were taking too long so I had to cancel.
luvsadealdealdeal
5 May 171#10
not having done one, how do you actually do a balance transfer?
let's say you have this card with a £5000 limit, and £4500 owing on another credit card
do you contact Sainsburys credit card people or your first credit card's people?
how does the money owed move from one a/c to another?
does the fee get added onto your owed balance @ Sainsbury's?
writergirl74 to luvsadealdealdeal
5 May 171#17
akajay07 to luvsadealdealdeal
5 May 17#21
Either by phone or online, you let the new credit card provider know that you want to want to transfer a balance, give details of the old card and they do all the leg-work. Yes, the fee gets added on. There are plenty without a fee though.
Personally, for balance transfers, I prefer the look of the Tesco 0% Balance Transfer Fee Credit Card. Up to 24 months 0% interest, no fee and £29 Quidco cashback potentially available. From past experience, Tesco appear to be pretty generous with credit limits too.
morpheus
5 May 177#11
How does the OP's deal differ from this deal which seems to have 0 balance transfer fee:
Just notice that my link goes to a 28 month 0% balance transfer, so one month less than the OP. Personally i'd definitely give up the extra month to save the fee.
pcs7038
5 May 17#12
[quote=luvsadealdealdeal]not having done one, how do you actually do a balance transfer?
quote]
Most cards promoting balance transfers invite you to request a transfer as part of the application process, although you can usually do it later by contacting the card issuer. You don't need to contact the company with the old balance, but you do need to continue to make payments until the transfer is confirmed.
Fees are usually added to your balance with the new issuer.
tanacious21
5 May 171#14
morpheus with 8k why don't you invest? with minimal risk you can earn more then the interest rate at the moment, you must be only getting like 200 a year on 8K?
writergirl74
5 May 17#15
The card you mentioned is 28 months on transfers and 3 months on purchases. The new card is 29 months on both.
a1b2
5 May 17#18
I think "home ownership" is the deciding factor
bonzobanana
5 May 174#19
Christ one nectar point for every £5 spent. £2500 of purchases nets you £2.50 in points. Effectively 0.1% back in points value :laughing:
Bumnut53
5 May 17#20
I believe you give Sainsburys the details of the card you want to transfer the balance from, they will then transfer it and charge you a fee.
mario2001
5 May 17#22
tesco gave me £2k and just now sainsbury approved £9k. thanks OP for the deal
abigsmurf
5 May 171#24
My credit rating is pretty good and Sainsbury's turned me down. Be careful if you don't want a negative mark on your credit score.
As A1B1 suggested it could be down to them possibly requiring you to be a home owner to stand any realistic chance.
Matthaus
5 May 171#25
I have one of these, and it is handy for the points and the long term 0%
Just bugs the crap out of me that it doesn't have contact-less capabilities nor support for Android Pay :/
brown_ambassador
5 May 17#26
Absolutely! That's the way to do it, been doing that for a few years now. Was surprised by Virgin giving me a £10k limit last time so transferred that over. Interest rates likely to be low for a while yet, so sure these deals will stick around.
mha_860
5 May 171#28
Thanks Op for this hot deal (as understood from reading the comments). I am completely new to the credit card business. I earn 33k (before tax) a year with no financial commitments apart from flat rent and bills.
-How much likely can get as Balance Transfer card?
-How much approximately the minimum monthly payment (planning to pay off within the 0% interest period)?
-Is there a transfer fee everytime I transfer money to my account? or I can transfer the full amount available in the credit card to my account? and how much the transfer fee in the later case?
-Last, is this how it works: Initially, I transfer the money from the card to my account, and then I pay off the money (and fees) on monthly installments over the 0% period?
Many thanks for your answers :smiley:
Bargain.Hunters
5 May 171#30
Just been accepted. Applied for £3700 transfer from my Debenhams card and got £3000. Happy with that as the Debenhams interest is 24%. Nice respite for me. Thanks OP. Gives me bit of respite.
barnehurst
5 May 17#31
new customer? shop 4 x times in a month at sub standard pricey Sainsbury? = too much effort. Cold
josephmccowie
5 May 17#32
Signed up for this last time and the interest free period mysteriously stopped after 6 months, as did all record of it apart from the printed documents I had kept. Disastrous service, really don't recommend at all.
gregmarko
5 May 171#33
I tried twice a few years ago.. Perfect credit rating but rejcted twice. Morons.
Gavin01
5 May 171#36
Please do forgive me for believing that companies use a credit rating and that's its all crap... Please enlighten us oh wise one with the secrets that only you obviously know..... I for one think your speaking more of the stuff that I believe...
hucks_is_god
5 May 171#37
I got this card a couple of months ago. Two things about paying it off.
1. To set up a direct debit, you have to make a phone call, this cost me about £5 using my mobile.
2. To transfer money from a bank account, you have to allow pop-ups for a new page to open. You have to fill in name, address, telephone number, do a robot check, on top of filling in your bank details.
FuriousD
5 May 17#38
those that have applied and said they have been accepted. Did you apply a few days ago? How do you know you have been accepted? I applied earlier (before seeing this thread) and it stated they would send agreement in post if accepted.
Thanks
Hardawan
5 May 171#39
I don't need one but voted hot just because the way you explained it.
Alarae
5 May 17#41
On the first point, I set up a direct debit when I made the application . Also I believe I can amend it on my online account? No need for a phone call.
Agree with the second point though. Crap online system.
humanracer
5 May 17#42
Advantages:
Good balance transfer
Great customer service
Disadvantages:
Nectar points only worth about £25
Their online banking system is very outdated
mattr
5 May 17#43
Applied and accepted online :smiley: It seems there is a 31 month interest free one with the 5000 bonus points which is the one I've got.
If you want to check your eligibility before applying join the moneysaving expert credit club - its a free credit checker and will give you a success guestimate.
patrick_000
5 May 17#44
I've applied in the past to them and got accepted but the id requirements are over the top in the day of paperless statements. Tesco are far less fussy so went with them instead.
Marekj
5 May 173#45
They have a profile of the type of customer they want to lend to at any given point. The arbitrary Experian/Equifax/Call Credit ratings really are meaningless. They will look at what is on your file, certainly, but they may not be in the market for a customer with an 'excellent' rating, who pays off their balance in full every month, and thus, will generate very little money for them in the long run.
This is why an applicant with an 800 score may be accepted over an applicant with a perfect 999. Take your rating as an indication of the general health of your credit profile, but don't be fooled into thinking lenders utilise these scores - they have their own profiling and scoring system that they use to make a decision.
writergirl74
5 May 171#46
It's difficult to say how likely you'll be to get a BT card - each lender will have an idea of the type of customer they want to attract.
How much you repay each month depends on how much you owe. Minimum repayments tend to be a percentage of the debt or a set cash amount (ie. £5).
There is a BT fee evert time you transfer an existing CC debt to your account. 3% in this case so if you transfer £3000 it will be £30 and you'll owe £3,030 and, yes, ideally you'd repay it over the 0% period - variable amounts each month if you like or you can calculate a monthly amount to ensure the debt's all paid while it's still interest free.
alancrompton
5 May 17#47
Where can you apply for this TSB card, cannot find this deal
Thanks very much for the useful info, much appreciated :smiley:
knowitall5
6 May 17#50
the points are different and if you are excited about buying things you can't afford and enslaving your future self to the bill then I am confused why hukd is a site you frequent..
aau1
6 May 17#51
Surely you can set them up as a payee in your internet banking account and pay them that way
Hughsee
6 May 17#52
I wouldn't bank on getting any cashback paid from Tesco via Quidco. I have had several situations with promises of high cashback offers from Tesco but although they track, Tesco decline them even when providing documented evidence of policy number etc. I told Quidco that Tesco are acting fraudulently getting people to go with them offering high cashback amounts but then declining them. As a result, I vowed never to buy a Tesco related product ever again....CROOKS.....rant over..
texaspetey
6 May 17#53
Can I buy a car on a credit card?
mittromney
6 May 171#54
Could it be because you are a 'RetiredGuy'?
writergirl74
6 May 17#55
There's no reason why you can't. Spreading the cost on a 0% purchase card will work out cheaper than a car loan or personal loan.
redhotrobbie
6 May 17#56
Hey guys, just wanted to echo what people have said so far. It takes a while to receive the card.
I applied Tuesday 11th April, received the form to sign on the Saturday. Returned it 1st Class that day and they received it on the Thursday, bizarrely. Finally received the card May 2nd, so three weeks in total (although there was Easter inbetween).
Learn from my mistake - I got married on the 29th April and planned to use the card for major purchases for the day. How naive was I?! The card is now sitting in the house untouched.
A good deal, though if you've got time on your side.
morpheus
6 May 17#57
I'm looking at new cars in to next 6 to 12 months mate so that £8k + savings will probably find the purchase to save getting a loan or pricey car finance.
what would have been your investment suggestion though? always happy to consider options.
truffle6969
6 May 17#58
Is there a soft check for this card? Before i make a teet of meself.
Sam021
6 May 17#59
Don't forget about the 3% transfer fee = £150 on £5000.
neilski1963
6 May 171#60
They don't want people with "Excellent" credit ratings....they want the defaulters, the poor people that wont make the payments, so that's when they make money. From the poor.
harrysgirl1971
6 May 17#61
Think I've been accepted, only doing it for the 5000 nectar points. Haven't got to transfer a balance as I pay in full every month.
Spod
6 May 17#62
Go through comparethemarket and you should be able to get meerkat movies as well.
pantaiema
7 May 171#63
There’s a 3% balance transfer fee.
Are people here a truly bargain hunter, who know what they are voting ??
Last year I got a few 0% on BT cards for about 20 month with 0% BT fee.
How come this is a hot deal, the temperature is even reach 922 Degree, unbelievable .. !!!
xchaotic
7 May 17#64
I feel sorry for people surfing unsustainable card balances, but for smart people it's essentially a 0% credit line.
With that in mind, you shouldn't pay the 3% balance transfer fee, make the whole 0% later on kind of pointless
Alarae
7 May 17#65
Why don't people just get the 0% fee one? You only lose a month on the 0% compared to this one.
I have the 28 month 0% BT card with 0% fee (initially charged but then refunded).
Did my four Sainsburys purchases first for the points (now paid off) and now applied for my transfers. Didn't really need it as I'll have everything paid off by end of July but just easier to have it all in one place.
Needed to do some financial housekeeping..
MrMinttyy
7 May 17#66
What's your credit rating?
dalmore12
8 May 17#67
no, you contact a debt advisor first °°
JoeTheMaestro
8 May 17#68
I've never had a credit card so I'm a bit clueless. Does this mean I can spend whatever I want for 28 months, as long as I transfer what I've spent onto this card by the close of the 29th month?
Also, I take it that whatever I transfer from my bank/debit account into this, I pay no fees on?
Finally, can you use it for cash withdrawal or is it just a point-of-sale device?
Sorry for all the questions :smiley:
writergirl74
8 May 17#69
Not quite... you need to repay the minimum each month. How much that will be depends on how much you have borrowed. To never pay interest you need to pay at least the minimum each month and the while balance by month 29. There'll be no fees to make bank transfers to make payments on the card.
In theory you can use credit cards for cash withdrawals but ATM withdrawals won't be interest free - interest is charged from day one and usually at a higher rate than purchases on the card. So the golden rule is don't use a credit card at the ATM unless it's an emergency.
Scottralee92
8 May 17#70
Great deal. I have an excellent credit rating and the decision was referred. It took another week for a letter telling me I'd got it and another 7-10 days to get the card and pin sent out after I'd returned the documents. it's not the easiest or smoothest application but a great deal if you can get it. if you don't need the balance transfer Tesco credit card is just as good for purchases only and the whole application was online with an instant decision.
Transfer means transferring a balance from another credit card. You cannot transfer a debit account balance or transfer cash to your bank account. If you have never had a credit card then balance transfer will not apply to you.
As a rule, you should avoid using standard credit cards for withdrawing cash except as a very last resort. You will be charged at least one fee, and sometimes two separate fees (fees for cash transfer plus currency exchange if abroad), even on a 0% interest credit card. Better to use it directly for making purchases.
You can use the credit card for up to 29 months and pay 0% interest - but if it is your first card you probably won't get a very high credit limit.
Be aware that with most 0% credit cards, to keep paying 0% interest you still must make at least the minimum payment, on time, every month. If you don't pay on time it will revert to its standard rate, which is 18.9% in this case.
pantaiema
8 May 17#73
What only for the 5000 nectar points ????????
Are you aware that by applying this card You make your chance to get a more favorable card slimmer in the near future for such a tiny gain .....
cliosport65
9 May 17#74
Yes :smiley:
RedRain
10 May 17#75
if you close a cc down after a few months years ect how does that effect your ratings
mantisinc
10 May 171#76
The longer you have accounts open with credit card companies the better, as it shows commitment. Opening and closing accounts in a short period of time will harm your credit rating.
RedRain
10 May 17#77
Thanks i have a few cards with are old and have hi apr that i want to close was wondering
kwl147
10 May 171#78
Sometimes you have "too much" of a good rating and you'll be declined because the firm knows they won't make any money off lending to you.
Peterclear
12 May 17#79
I've just applied for this but it didn't give me a yes or no response just said to expect a letter or phone call, I assume that means no? Anyone else had the same response?
dirtyrag
13 May 17#80
Just had the same response as above. To those who were rejected, were you informed straight away ?
Cheers
mrsattley
26 May 17#81
Hi there, I didn't get a yes no answer when I applied but had an email telling me a credit agreement was being posted out to me to sign and had been accepted. Does anyone know if there is a minimum spend on each of the 4 shops to get the bonus points?
russelleames
31 May 17#82
no minimum spend
Bargain.Hunters
11 Jun 17#83
I have set up a direct debit and pay online whenever I like in addition it was very easy. As for the phone call - pretty sure mine was not £5. Thats bit extreme. Mine was a national call charge
russelleames
16 Jun 17#84
Anybody got their 5000 points yet??
Bargain.Hunters
16 Jun 17#85
I have not had mine for a month yet so still have another 2 shops to do. But with no minimum spend its a coke and some fruit now and then - I will post when I do.
Bargain.Hunters
16 Jun 17#86
I have actually just phoned Sainsbury's bank and can confirm that 5000 points will be added to my nectar card within 90 days .
russelleames
15 Jul 17#87
got my 5000 points overnite :smiley:)
morpheus
15 Jul 17#88
Just to be clear, when I finally get the card I need to do 4 x "shops" (4 separate chocolate bar purchases) in month 1 and then pay those off BEFORE i do the balance transfer in month 2 or 3?
mattr
15 Jul 17#89
Yep got them too.
Bargain.Hunters
17 Jul 17#90
Got mine too x
Bargain.Hunters
17 Jul 17#91
I got my card - did my balance transfer then made 4 purchases (about £20 worth of shopping each) I kept my receipts just in case. As long as it is within the 1st month not sure it matters.
![Fresh Breakfast Meat Box (Using code) @ Campbells Meat [Haggis / Lorne Sausage / Bacon / Black Pudding & More]](/images/topics/208684_1.jpg)
![[Xbox One] Q. u. b. e: Director's Cut on Deals with Gold](/images/topics/208716_1.jpg)
Opening post
It’s basically a three-in-one credit card: 0% on both balance transfers and purchases, plus rewards.
• Called the 29 month “Matched” offer purchase credit card, it offers 29 months at 0% on balance transfers and 29 months at 0% on purchases.
• Customers get 2 Nectar points per £1 spent on Sainsbury's shopping and 1 Nectar point for every £5 spent elsewhere.
Bonus points
If you apply by 21 May and use your Sainsbury’s credit card to pay for your Sainsbury's shopping or fuel four or more times in your first month, you’ll get 5,000 bonus Nectar points.
Watch to watch out for
You need to be a new Sainsbury’s Bank credit card customer.
There’s a 3% balance transfer fee (minimum £3).
After the 0% periods end the card has an APR of 18.9% – but, obviously, there’s no reason to ever pay it if you switch cards in 29 months’ time.
Make sure you pay at least the minimum payment each month – otherwise you risk the 0% deals and bonus Nectar points being cancelled.
And my own personal word of warning: If your current debt situation means you need a long 0% balance transfer deal, question whether you should continue spending on a credit card at all. Used sensibly, 0% cards can be a good way to spread costs but you should be aiming to pay off your debts, not add to them.
Why I like it
Although the card isn’t quite the best on offer for a dual 0% card (Santander offers 30 months on both with a lower BT fee of 2.75%), the Nectar points make it a hot deal.
Most cards offer either 0% deals or rewards, not many offer both.
Top comments
https://www.sainsburysbank.co.uk/credit_cards/micro/cca_nobtfee28s_micro?sid=717s&dfaid=AGG_ALL_091501
EDIT:
Just notice that my link goes to a 28 month 0% balance transfer, so one month less than the OP. Personally i'd definitely give up the extra month to save the fee.
This is why an applicant with an 800 score may be accepted over an applicant with a perfect 999. Take your rating as an indication of the general health of your credit profile, but don't be fooled into thinking lenders utilise these scores - they have their own profiling and scoring system that they use to make a decision.
All comments (91)
there is no such thing as credit rating (don't fall for this crap) but if you mean the meaningless credit score attached to your credit file by CCA then my noddle score is 613 and I have been accepted by Sainsbury
It said 7-10 days but took longer. I had arranged to take delivery of a car and put a large portion of it on this (zero-cost loan) and kept having to put it off. Managed to get the card days before VED bands were updated - just in time.
They messed me around a lot after accepting my application and were taking too long so I had to cancel.
let's say you have this card with a £5000 limit, and £4500 owing on another credit card
do you contact Sainsburys credit card people or your first credit card's people?
how does the money owed move from one a/c to another?
does the fee get added onto your owed balance @ Sainsbury's?
Personally, for balance transfers, I prefer the look of the Tesco 0% Balance Transfer Fee Credit Card. Up to 24 months 0% interest, no fee and £29 Quidco cashback potentially available. From past experience, Tesco appear to be pretty generous with credit limits too.
https://www.sainsburysbank.co.uk/credit_cards/micro/cca_nobtfee28s_micro?sid=717s&dfaid=AGG_ALL_091501
EDIT:
Just notice that my link goes to a 28 month 0% balance transfer, so one month less than the OP. Personally i'd definitely give up the extra month to save the fee.
quote]
Most cards promoting balance transfers invite you to request a transfer as part of the application process, although you can usually do it later by contacting the card issuer. You don't need to contact the company with the old balance, but you do need to continue to make payments until the transfer is confirmed.
Fees are usually added to your balance with the new issuer.
As A1B1 suggested it could be down to them possibly requiring you to be a home owner to stand any realistic chance.
Just bugs the crap out of me that it doesn't have contact-less capabilities nor support for Android Pay :/
-How much likely can get as Balance Transfer card?
-How much approximately the minimum monthly payment (planning to pay off within the 0% interest period)?
-Is there a transfer fee everytime I transfer money to my account? or I can transfer the full amount available in the credit card to my account? and how much the transfer fee in the later case?
-Last, is this how it works: Initially, I transfer the money from the card to my account, and then I pay off the money (and fees) on monthly installments over the 0% period?
Many thanks for your answers :smiley:
1. To set up a direct debit, you have to make a phone call, this cost me about £5 using my mobile.
2. To transfer money from a bank account, you have to allow pop-ups for a new page to open. You have to fill in name, address, telephone number, do a robot check, on top of filling in your bank details.
Thanks
Agree with the second point though. Crap online system.
Good balance transfer
Great customer service
Disadvantages:
Nectar points only worth about £25
Their online banking system is very outdated
If you want to check your eligibility before applying join the moneysaving expert credit club - its a free credit checker and will give you a success guestimate.
This is why an applicant with an 800 score may be accepted over an applicant with a perfect 999. Take your rating as an indication of the general health of your credit profile, but don't be fooled into thinking lenders utilise these scores - they have their own profiling and scoring system that they use to make a decision.
How much you repay each month depends on how much you owe. Minimum repayments tend to be a percentage of the debt or a set cash amount (ie. £5).
There is a BT fee evert time you transfer an existing CC debt to your account. 3% in this case so if you transfer £3000 it will be £30 and you'll owe £3,030 and, yes, ideally you'd repay it over the 0% period - variable amounts each month if you like or you can calculate a monthly amount to ensure the debt's all paid while it's still interest free.
I applied Tuesday 11th April, received the form to sign on the Saturday. Returned it 1st Class that day and they received it on the Thursday, bizarrely. Finally received the card May 2nd, so three weeks in total (although there was Easter inbetween).
Learn from my mistake - I got married on the 29th April and planned to use the card for major purchases for the day. How naive was I?! The card is now sitting in the house untouched.
A good deal, though if you've got time on your side.
what would have been your investment suggestion though? always happy to consider options.
Are people here a truly bargain hunter, who know what they are voting ??
Last year I got a few 0% on BT cards for about 20 month with 0% BT fee.
How come this is a hot deal, the temperature is even reach 922 Degree, unbelievable .. !!!
With that in mind, you shouldn't pay the 3% balance transfer fee, make the whole 0% later on kind of pointless
I have the 28 month 0% BT card with 0% fee (initially charged but then refunded).
Did my four Sainsburys purchases first for the points (now paid off) and now applied for my transfers. Didn't really need it as I'll have everything paid off by end of July but just easier to have it all in one place.
Needed to do some financial housekeeping..
Also, I take it that whatever I transfer from my bank/debit account into this, I pay no fees on?
Finally, can you use it for cash withdrawal or is it just a point-of-sale device?
Sorry for all the questions :smiley:
In theory you can use credit cards for cash withdrawals but ATM withdrawals won't be interest free - interest is charged from day one and usually at a higher rate than purchases on the card. So the golden rule is don't use a credit card at the ATM unless it's an emergency.
If you need a cash transfer then look into a cash transfer deal: http://www.moneysupermarket.com/credit-cards/money-transfer/ - but be aware that there is usually a fee involved as this is effectively a loan via your credit card.
As a rule, you should avoid using standard credit cards for withdrawing cash except as a very last resort. You will be charged at least one fee, and sometimes two separate fees (fees for cash transfer plus currency exchange if abroad), even on a 0% interest credit card. Better to use it directly for making purchases.
You can use the credit card for up to 29 months and pay 0% interest - but if it is your first card you probably won't get a very high credit limit.
Be aware that with most 0% credit cards, to keep paying 0% interest you still must make at least the minimum payment, on time, every month. If you don't pay on time it will revert to its standard rate, which is 18.9% in this case.
Are you aware that by applying this card You make your chance to get a more favorable card slimmer in the near future for such a tiny gain .....
Cheers