Barclaycard Deal
Barclaycard Deal
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11 June 2004, 02:57 PM
#9
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Originally Posted by imlach
Only £5k max transfer though at 0%.
Egg etc do a better deal IMHO, as allow you to transfer up to the credit limit (25k) at 0% IIRC.
Egg etc do a better deal IMHO, as allow you to transfer up to the credit limit (25k) at 0% IIRC.
I've got a £20k limit on my card ..... and a balance of £zero. And that's the way it's staying. Seriously, how do some of you guys sleep with such a pile of debt over your heads?
11 June 2004, 03:00 PM
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Originally Posted by the moose
Jesus - £25k!
I've got a £20k limit on my card ..... and a balance of £zero. And that's the way it's staying. Seriously, how do some of you guys sleep with such a pile of debt over your heads?
I've got a £20k limit on my card ..... and a balance of £zero. And that's the way it's staying. Seriously, how do some of you guys sleep with such a pile of debt over your heads?
They re-mortgage there house and speak to Ocean Finance to consolidate all their existing debt in to "one, single, manageable monthly payment"
....they sometimes even have a little spare to "splash out" on a conservatory or a all inclusive holiday in Barbados.
It still amazes me why more people don't get this free money from silly companies like Ocean Finance/Norton Finance/Debt-busters etc etc cos they are simply giving it away!!
Last edited by Senior_AP; 11 June 2004 at 03:03 PM.
11 June 2004, 03:03 PM
#11
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Originally Posted by Senior_AP
They re-mortgage there house and speak to Ocen Finance to consolidate all their existing debt in to "one, single, manageable monthly payment"
....they sometimes even have a little spare to "splash out" on a conservatory or a all inclusive holiday in Barbados.
....they sometimes even have a little spare to "splash out" on a conservatory or a all inclusive holiday in Barbados.
11 June 2004, 03:05 PM
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Originally Posted by davyboy
And fat!
"Call, just give 'em a call".
"They were so friendly and efficient, we even had enough left over to convert our garage into a playroom for the kids".
11 June 2004, 03:12 PM
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just got 20k worth of credit at 0% from virgin, so 5k of that is my balance xfer, and the 15k left going str8 into high rate interest account to make me 300 squid up until december for absolutely nothing...excellent!
11 June 2004, 03:15 PM
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Originally Posted by rb5_336
just got 20k worth of credit at 0% from virgin, so 5k of that is my balance xfer, and the 15k left going str8 into high rate interest account to make me 300 squid up until december for absolutely nothing...excellent!
The correct way to use a credit card!! Nice one!!
11 June 2004, 03:17 PM
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11 June 2004, 03:26 PM
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Originally Posted by the moose
Jesus - £25k!
I've got a £20k limit on my card ..... and a balance of £zero. And that's the way it's staying. Seriously, how do some of you guys sleep with such a pile of debt over your heads?
I've got a £20k limit on my card ..... and a balance of £zero. And that's the way it's staying. Seriously, how do some of you guys sleep with such a pile of debt over your heads?
I have 25k on an Egg card at the minute - the 25k is sitting in a current account beside my offset mortgage. I was up to 60k on credit cards at one stage last year, all sitting in the offset account. It may not sound that good, but if you push it far enough you can get your entire mortgage at 0%.
Just becomes a problem when you try to get finance for a car - Oh sir - I see you are 200k in debt already - here - we can lend you another fiver
11 June 2004, 04:48 PM
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Originally Posted by fast bloke
I have 25k on an Egg card at the minute - the 25k is sitting in a current account beside my offset mortgage. I was up to 60k on credit cards at one stage last year, all sitting in the offset account. It may not sound that good, but if you push it far enough you can get your entire mortgage at 0%.
Just becomes a problem when you try to get finance for a car - Oh sir - I see you are 200k in debt already - here - we can lend you another fiver
Just becomes a problem when you try to get finance for a car - Oh sir - I see you are 200k in debt already - here - we can lend you another fiver
FB,
You sound like a sussed individual - but just how many people are sticking the balance into an offset account, and how many are spending just a bit here, a bit there ..... and end up in deep ****?
I'd wager there a lot more of the latter than the former.
11 June 2004, 05:36 PM
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Moose - I'm a mortgage/financial advisor - I meet about 10 new people every week(and they tell me all their troubles) - at least half of these are maxed out on 0% cards that they will never be able to repay. If the 0% thing stops happening that will be completely fecked.
- I meet about 10 new people every week(and they tell me all their troubles) - at least half of these are maxed out on 0% cards that they will never be able to repay. If the 0% thing stops happening that will be completely fecked.
11 June 2004, 08:06 PM
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Sorry I'm not up on all this.
You're saying your going to get the 20k interest free credit and dump it all into a high interest bank acct.?
That sounds like a cool idea!
So you can get **** loads of loans and get free money(interest)?
You're saying your going to get the 20k interest free credit and dump it all into a high interest bank acct.?
That sounds like a cool idea!
So you can get **** loads of loans and get free money(interest)?
11 June 2004, 08:50 PM
#23
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sky.com/news did a good article recently describing this kinda behaviour. There are a few rules to succeed in making money for nothing, here are a few pointers:
- if you have a bad credit rating your not likely to get much of a credit limit, so make sure you sort any issues out first with experian etc.
- You must and i mean MUST put the money str8 into a high interest bank account and forget about it
- Make sure you have a bank account that has high interest rate
- Make sure your bank account allows you instant access to ther cash, not 3 months notice etc
- http://www.moneyextra.com/ will give you a good recommendation for such an account, i think we've just taken one out with 4.7 APR, with the interest rates going up better offers will be out soon :-)
If you dont think you can do all of the above then do yourself a favour and steer clear, otherwise you could get yourself into more debt (if any) than you are in today
Sean
- if you have a bad credit rating your not likely to get much of a credit limit, so make sure you sort any issues out first with experian etc.
- You must and i mean MUST put the money str8 into a high interest bank account and forget about it
- Make sure you have a bank account that has high interest rate
- Make sure your bank account allows you instant access to ther cash, not 3 months notice etc
- http://www.moneyextra.com/ will give you a good recommendation for such an account, i think we've just taken one out with 4.7 APR, with the interest rates going up better offers will be out soon :-)
If you dont think you can do all of the above then do yourself a favour and steer clear, otherwise you could get yourself into more debt (if any) than you are in today
Sean
11 June 2004, 09:27 PM
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Originally Posted by fast bloke
I have 25k on an Egg card at the minute - the 25k is sitting in a current account beside my offset mortgage.
I owe you a large beer FB.
12 June 2004, 06:49 AM
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some of them also allow you to transfer money to a current account - have a look at www.thisismoney.com.
Audi boy - The current rate on an Openplan offset mortgage is 5.45%. Say you have a mortgage of 25k on an interest only basis - It will cost you £113.54 a month. Now if you get 25k from a credit card company at 0% for 9 months and set this in an account that is offset against the mortgage, your payment will be £0.00 per month. AT the end of 9 months you can transfer to a new card. Do this every 9 months until the end of your mortgage. (Remember it takes 30 minutes to transfer to a new card - you will have to do this 33 times, so it will take you 16.5 hours in total.) You will save £34,102 over the lifetime of your mortgage. Not bad for 16 hours work
Audi boy - The current rate on an Openplan offset mortgage is 5.45%. Say you have a mortgage of 25k on an interest only basis - It will cost you £113.54 a month. Now if you get 25k from a credit card company at 0% for 9 months and set this in an account that is offset against the mortgage, your payment will be £0.00 per month. AT the end of 9 months you can transfer to a new card. Do this every 9 months until the end of your mortgage. (Remember it takes 30 minutes to transfer to a new card - you will have to do this 33 times, so it will take you 16.5 hours in total.) You will save £34,102 over the lifetime of your mortgage. Not bad for 16 hours work
12 June 2004, 08:09 AM
#29
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I am on my 6th 0% card, but only have one at a time and pay it off at the end of the term. I put all my expenses from work through it and put the money into a high interest account. Don;t make a great deal, but better than nothing. I now have about 40k worth of credit on the various empty cards, do you think the dealer would let me pay for a new scooby this way?
12 June 2004, 08:55 AM
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One thing I would suggest is that when it comes to the end of your 0% interest period, I would apply for your next card in advance e.g. a month minimum as some of them are slow buggers. That said you can use you normal banks credit card account to do a balance transfer and give you more time as it will still be free if you pay it off within 1 month (as long as your credit limit is sufficient).
Ive found that once you get a decent credit limit on one card any others you get will match that limit if not up it.
Simon.
Ive found that once you get a decent credit limit on one card any others you get will match that limit if not up it.
Simon.