The Calamitous Credit Craziness Continues
Discussion
Bit annoyed with my credit card companies recently Egg/M&S. So thought I'd go for a change.
Virgin looked good so I went for that. This morning the PIN came through so I opened it up , managed to actually destroy the PIN in try to scratch the silver stuff off. So I rang them to ask for another PIN and they told asked me:
Did I know I could just transfer money from the card straight into my bank account for a 2.9% fee and interest free for 16 months?.... Blimey no I didn't.
Also did I know I could balance transfer for 2.9%...... Yep
Also did I know my credit limit.... Nope.
25 grand.
25k? yes 25 bags.
So if I wanted to could I just transfer that 25k into my bank account now?
Yes I could.
Holy fkcu.
Admittedly I have a decent credit history but 25k? That's just madness dangling that sort of temptation for people in these times.
Virgin looked good so I went for that. This morning the PIN came through so I opened it up , managed to actually destroy the PIN in try to scratch the silver stuff off. So I rang them to ask for another PIN and they told asked me:
Did I know I could just transfer money from the card straight into my bank account for a 2.9% fee and interest free for 16 months?.... Blimey no I didn't.
Also did I know I could balance transfer for 2.9%...... Yep
Also did I know my credit limit.... Nope.
25 grand.
25k? yes 25 bags.
So if I wanted to could I just transfer that 25k into my bank account now?
Yes I could.
Holy fkcu.
Admittedly I have a decent credit history but 25k? That's just madness dangling that sort of temptation for people in these times.
Edited by Olf on Saturday 6th December 14:57
will they ever learn.If your a good risk companies are very keen to lend. They are just petrified of anyone who has anything slightly out of line on their credit record.
I had loans declined this week because the customers had 3 credit searches in 12 months and one because he had moved house 3 times in 5 years. and this is with a major "sub prime" lender. At this rate 90% of the population are sub prime!
Meanwhile the credit limit on my Halifax CC has gone from £5000 to £10000 in 3 months.
I had loans declined this week because the customers had 3 credit searches in 12 months and one because he had moved house 3 times in 5 years. and this is with a major "sub prime" lender. At this rate 90% of the population are sub prime!
Meanwhile the credit limit on my Halifax CC has gone from £5000 to £10000 in 3 months.
Olf said:
Bit annoyed with my credit card companies recently Egg/M&S. So thought I'd go for a change.
Virgin looked good so I went for that. This morning the PIN came through so I opened it up , managed to actually destroy the PIN in try to scratch the silver stuff off. So I rang them to ask for another PIN and they told asked me:
Did I know I could just transfer money from the card straight into my bank account for a 2.9% fee and interest free for 16 months?.... Blimey no I didn't.
Also did I know I could balance transfer for 2.9%...... Yep
Also did I know my credit limit.... Nope.
25 grand.
25k? yes 25 bags.
So if I wanted to could I just transfer that 25k into my bank account now?
Yes I could.
Holy fkcu.
Admittedly I have a decent credit history but 25k? That's just madness dangling that sort of temptation for people in these times.
Aren't HSBC offering 10% on their savings account? Couldn't you transfer the £25k there for a year? Virgin looked good so I went for that. This morning the PIN came through so I opened it up , managed to actually destroy the PIN in try to scratch the silver stuff off. So I rang them to ask for another PIN and they told asked me:
Did I know I could just transfer money from the card straight into my bank account for a 2.9% fee and interest free for 16 months?.... Blimey no I didn't.
Also did I know I could balance transfer for 2.9%...... Yep
Also did I know my credit limit.... Nope.
25 grand.
25k? yes 25 bags.
So if I wanted to could I just transfer that 25k into my bank account now?
Yes I could.
Holy fkcu.
Admittedly I have a decent credit history but 25k? That's just madness dangling that sort of temptation for people in these times.
Edited by Olf on Saturday 6th December 14:57
Whats the difference between money transfer and cash advances on their site? I presume if you draw cash from a machine on the virgin credit card its 27% from day one so, why not just money transfer at 0% and 2.98% handling fee into your current account then draw the cash out from there?
It's called Stoozing and I have been doing it for years. First time in 1998, I got 18k off MBNA, interest free with no tranfer fee for 14 months. Put it straight in EGG at 6.3%!
Made about £460 for doing absolutely nothing.
That is a good deal even with the transfer fee. But best saviugs rates are but 3% at the mo, so nice to have it for cashflow maybe, but you wont make much of killing by stoozing it.
Made about £460 for doing absolutely nothing.
That is a good deal even with the transfer fee. But best saviugs rates are but 3% at the mo, so nice to have it for cashflow maybe, but you wont make much of killing by stoozing it.
Another trick with your finances, if you get a Three Brazillion credit limit is to balance transfer the max to your mortgage account (providing your mortgage doesn't have penalties, and allows it), then work out the difference between your old payment, and your new payment. Ensure that you set up a DD to pay your card's minimum payment. The difference between your old mortgage payment,and your new one - put that (each month) into a high interest account.
At the end of the "0%" period, pay off the credit card bill, and then pocket the balance that's left in your high interest account, which won't amount to much, but you then reap the benefit of the lower overall mortgage payment.
If they offer 0% for a year or more again, do the same trick.
You may not "win" much, but you will reduce your mortgage quicker, leaving lower payments, and more cash ultimately in your bin.
At the end of the "0%" period, pay off the credit card bill, and then pocket the balance that's left in your high interest account, which won't amount to much, but you then reap the benefit of the lower overall mortgage payment.
If they offer 0% for a year or more again, do the same trick.
You may not "win" much, but you will reduce your mortgage quicker, leaving lower payments, and more cash ultimately in your bin.
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