balance transfer offer

[JohnK]

It just keeps telling me to call Citi, but I don't want to do that until my 0% at ANZ is nearly finished in case a good online offer appears in the meantime.

Have you called ANZ? There is currently an offer of 0% for 15 months. Not sure if it is targetted.

Anyone know if Bankwest or Virgin Money are doing balance transfers at the moment? I need those 2 to complete the set.

 

[Isochronous]

I had $5k left owing from the 0% for 6 months Friends & Family fee-free for life promo when the offer of another 6 months at 0% popped up on my account, and even included Citi sending me a flyer in the mail with the offer.

I've never put a single transaction on the card aside from what are now 2x BTs. Thank you Citi!

 

[amaroo]

For every one of us on here who is 'clever' and uses this to our advantage, there must be 10 who are not and get hit with interest on purchases, or on the BT after it expires, or both! With the generous credit limits Citi offers i can see how people can get into trouble if they are not financially savvy. For the rest of us, it's a beast to exploit...

FWIW - over the years I've received quite a few BT offers from Amex - never utilised. Reading this thread I took the time to read the T&C buried in the last offer.

I've held my cards for 20+ years, therefore well outside the 1 July 2012 line in the sand. Being the inquisitive fellow that I am - I called AMEX and complained about receiving their "Nigerian email scam" when I clearly wasn't eligible to take advantage of their offer for more than 1/6th of the advertised timeframe. After many phone calls and apologies they advised I would need to cancel the cards and apply for a new one .... wasn't going to accept that rubbish so I kept pushing.

Letter arrived this week confirming that they have changed the payment hierarchy for all of my cards. I.E. payment will now be allocated from the highest to lowest annual % rate.

Amex have told me that I could now (if I wanted) take up an offer and continue to use the card for normal activity ... I would avoid all high interest rate charges as long as I paid in full all purchases + some extra to cover the accruing BT interest charge.

 

[knasty]

Yes I thought about paying effectively on a daily basis to cover the previous days transaction and interest, then I put it in the safe and started using my NAB VFF cards because it was all too difficult

 

[Htn0204]

FWIW - over the years I've received quite a few BT offers from Amex - never utilised. Reading this thread I took the time to read the T&C buried in the last offer.

I've held my cards for 20+ years, therefore well outside the 1 July 2012 line in the sand. Being the inquisitive fellow that I am - I called AMEX and complained about receiving their "Nigerian email scam" when I clearly wasn't eligible to take advantage of their offer for more than 1/6th of the advertised timeframe. After many phone calls and apologies they advised I would need to cancel the cards and apply for a new one .... wasn't going to accept that rubbish so I kept pushing.

Letter arrived this week confirming that they have changed the payment hierarchy for all of my cards. I.E. payment will now be allocated from the highest to lowest annual % rate.

Amex have told me that I could now (if I wanted) take up an offer and continue to use the card for normal activity ... I would avoid all high interest rate charges as long as I paid in full all purchases + some extra to cover the accruing BT interest charge.

Please correct me if Im wrong. If you BT to your credit card and you keep spending on it, when you get the bill and pay for your purchase + some for the BT interest, you still do not pay that end of the month balance in full. Since you dont pay that end of month balance in full, you lose the 55 day interest free and every transaction you make after that will yeild the normal high interest the day it gets put through. So to avoid paying high interest on purchases, you will have to make payment for those purchases right away.That defeats the purpose of using a credit card, for purchases, does it not?

 

[albyd]

That's my understanding BT cards go in the bottom drawer. The bank is offering a BT in the hope you still use the card without your interest free period.

For newer cards, the new rules requiring payments to go towards purchases will help but still should incur some purchase interest defeating the purpose.

 

[amaroo]

Please correct me if Im wrong. If you BT to your credit card and you keep spending on it, when you get the bill and pay for your purchase + some for the BT interest, you still do not pay that end of the month balance in full. Since you dont pay that end of month balance in full, you lose the 55 day interest free and every transaction you make after that will yeild the normal high interest the day it gets put through. So to avoid paying high interest on purchases, you will have to make payment for those purchases right away.That defeats the purpose of using a credit card, for purchases, does it not?

Not according to the agent I spoke to at AMEX that arranged the hierarchy payment change for my cards .....I'm no expert and have no experience with BT so it's in noway confirmed.

What I have done in the past is take advantage of a low interest rate offer from AMEX and continue to use the card .... not a BT but everything worked like clock work as I only paid the purchase balance in full every month.

FWIW here is the letter I received from Amex....

 

[Htn0204]

Not according to the agent I spoke to at AMEX that arranged the hierarchy payment change for my cards .....I'm no expert and have no experience with BT so it's in noway confirmed.

What I have done in the past is take advantage of a low interest rate offer from AMEX and continue to use the card .... not a BT but everything worked like clock work as I only paid the purchase balance in full every month.

FWIW here is the letter I received from Amex....

View attachment 35226

The only way to find out is to wait until you receive the second bill after making the BT. If there is interest charged for retail purchases then you know the rep gives you incorrect info.

According to the letter enclosed, it only states how your new payment hierarchy works. It does not confirm you still get your 55 days interest free period when full outstanding balance is not paid.

 

[JohnK]

Not according to the agent I spoke to at AMEX that arranged the hierarchy payment change for my cards .....I'm no expert and have no experience with BT so it's in noway confirmed.

As far as I aware a balance transfer on the account cancels out the interest free period on purchases.

It is good that you have been able to get the payment hierarchy reversed though.

 

[bismarck]

The only way to find out is to wait until you receive the second bill after making the BT. If there is interest charged for retail purchases then you know the rep gives you incorrect info.

According to the letter enclosed, it only states how your new payment hierarchy works. It does not confirm you still get your 55 days interest free period when full outstanding balance is not paid.

My understanding is that this ^ is how it works.

That's been my experience when I've tried it in the past.

 

[knasty]

The website confirms both- no interest free, payments applied against the highest rate. So if you spend then pay off intra-month the interest will be low.

 

[jlien]

Just received my first statement since getting the BT, states a minimum repayment value of $240 (2% of the BT amount) due on the 8th of oct.
I had thought that I didn't need to pay anything until the 6 month mark, or am I mistaken about how BT's work.

 

[evilbrian]

Just received my first statement since getting the BT, states a minimum repayment value of $240 (2% of the BT amount) due on the 8th of oct.
I had thought that I didn't need to pay anything until the 6 month mark, or am I mistaken about how BT's work.

You still have to make a minimum payment each month, but the remaining balance is at the low interest rate.

 

[JohnK]

Just received my first statement since getting the BT, states a minimum repayment value of $240 (2% of the BT amount) due on the 8th of oct.
I had thought that I didn't need to pay anything until the 6 month mark, or am I mistaken about how BT's work.

Definitely have to pay the minimum amount due each month.

That's one of the good things about 15 month 0% balance transfers. A significant portion of the debt has been paid off. And no interest to pay.

 

[DC3]

Just received my first statement since getting the BT, states a minimum repayment value of $240 (2% of the BT amount) due on the 8th of oct.
I had thought that I didn't need to pay anything until the 6 month mark, or am I mistaken about how BT's work.

Unless your offer was "no payments for the (first six months) ....", then there will be a minimum payment to be made each month. It would be a very generous offer if there was nothing to repay for six months.

 

[jlien]

Thanks for the clarifications guys