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    Originally posted by Dave
    Originally posted by Stephen Fry
    [B]"It's now very common to hear people say, 'I'm rather offended by that.' As if that gives them certain rights. It's actually nothing more... than a whine. 'I find that offensive.' It has no meaning; it has no purpose; it has no reason to be respected as a phrase. 'I am offended by that.' Well, so ****ing what."

  • #2
    No idea

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    • #3
      In sure I will figure this at whrn I'm backpq

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      • #4
        Ok so im trying to make sense of this without seeing the actual paperwork (i do accounting, I have to see things visually)


        Here is what im understanding.

        CARD A_________________ CARD B

        balance of 3000_________ balance 1500
        limit 3100_______________ limit 1600
        25.9% APR


        no initial APR given for the Card B except the 5% and then the 1.5% transfer.

        Total transfer fee for the 1500 to card A at 3% is 45, so then your at a balance of 4545 on Card A. Now to transfer it back to Card B the whole amount will be transferred at 1.5% which means then you will have a total balance of 4613.18 onto card B at 5% APR.

        Now what I dont know is if they are charging your APR based on the credit limit, or if its only done based on your remaining balance.

        But I will say 5% is much better than 25.9%. If Card B offered you lifetime 5% APR, then that SHOULD be the APR charged, not in addition to the APR of the other card. If the two cards are from two different people, they cant add the two together because one shouldnt know what the other is charging for the APR for you.

        BUT! i do see this QUITE more often than I want to, but ALWAYS. ALWAYS read the fine print, and never be afraid to ask tons of questions. Remember the calls are recorded and you can always request a call transcript to be emailed.

        hopefully that answers it, if not let me know and ill see if I can figure it out with ya
        Last edited by cgawelko; 08-08-2014, 01:26 PM.

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        • #5
          Originally posted by Dave
          Originally posted by Stephen Fry
          [B]"It's now very common to hear people say, 'I'm rather offended by that.' As if that gives them certain rights. It's actually nothing more... than a whine. 'I find that offensive.' It has no meaning; it has no purpose; it has no reason to be respected as a phrase. 'I am offended by that.' Well, so ****ing what."

          Comment


          • #6
            Yes, the lender is obligated to make the transfer off of the 25.9% portion.

            That said, realize that banks routinely take advantage of peoples' non-awareness of laws and regulations, so just because it would work that way in theory doesn't mean that the lender will apply it correctly. (If banks were honest, then there would be no such thing as the Financial Ombudsman Service.) Lenders are careful to correct every 'banking error' that costs them revenue, but will often intentionally leave in place the ones that cost the customer until the customer complains about it.

            I would ring up the lender for Card A, and politely tell them what you are thinking of doing. Even the lowest paid phone clerks are usually given a minor amount of leeway to sweeten interest rate terms in order to avoid losing a customer/future revenue. They might be able to reduce your rates enough to either match, or beat the terms that you'd get by going back to Card B. If they say they can't do that, then ask them if they have a manager present that can authorize terms to keep you as a customer, and if so, ask if you can speak to them.

            If for some reason they can't alter the interest terms to continue holding onto your debt, then mention that you know that (via the UK Card Assn and Citizens Advice Bureau leaflet from January 2011) the transfer should come off of the 25.9% portion of the debt, and confirm this with them. Ask them to spell their name out for your records (write it down), along with the time and date of your conversation, and tell them you will confirm that they followed industry regulations on your future card statements. After you do this, they will be extraordinarily careful not to 'accidentally' make any 'banking errors.'
            Last edited by gb33; 10-08-2014, 12:38 PM.

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