0% finance thread

On a credit related note- I have a credit card that I pay off every month, so the annual interest rate is not really a concern, however if for some reason I did not pay the balance off it would be- and my rate is stupidly high, 29% or there abouts.

I mentioned this to HSBC who basically said "yeah, problem?"

Anyone got any experience of making HSBC rethink these things, or can recommend a decent card provider with a lower rate of interest?

M&S Virgin Barclaycard etc all do interest free periods for new purchases and sub 19% apr. On Moneysavingexpert you will find guides to best deals for what you will use the cards for (balance transfer or spend and pay off in full monthly)

edit and what merak said about bouncing balances between cards.

well yeah the 8 month gap in India fucks it up really :( But at the time of getting my Ti bike on loan from same company I wasn't a permanent resident for more than 3 years which is a requirement

M&S Virgin etc all do interest free periods for new purchases and sub 19% apr. On Moneysavingexpert you will find guides to best deals

edit and what merak said about bouncing balances between cards.

That's the thing though- I don't have a balance to transfer as I pay it off every month, I just want a low APR "just in case".

I suppose I could just get a new card with a low APR, but I'd prefer to say teh magic phrase to HSBC that would get them to respond "gosh we've been silly, we meant 9% not 29%, we'll adjust the settings on your account now".

On a credit related note- I have a credit card that I pay off every month, so the annual interest rate is not really a concern, however if for some reason I did not pay the balance off it would be- and my rate is stupidly high, 29% or there abouts.

I mentioned this to HSBC who basically said "yeah, problem?"

Anyone got any experience of making HSBC rethink these things, or can recommend a decent card provider with a lower rate of interest?

My HSBC credit card is setup to DD the total amount due.
You can also set them up to DD the minimum amount. Either way you avoid their missed payment fees and the former obviously avoids paying interest you just need to have the full amount available (which I do since I never spend more than I have, mortgage excluded).

That's the thing though- I don't have a balance to transfer as I pay it off every month, I just want a low APR "just in case".

I suppose I could just get a new card with a low APR, but I'd prefer to say teh magic phrase to HSBC that would get them to respond "gosh we've been silly, we meant 9% not 29%, we'll adjust the settings on your account now".

If you want a better deal than the one you have you will probably have to apply for their better deal card separately. CC firms go off the credit scoring 100%, they have no retentions teams offering you deals. Closing down an existing CC account improves your score anyway.

If you pay it off every month anyway then doing what I do and having the payment taken automatically is more sensible than just going for a lower rate card. If you miss a payment on the lower rate card you will still be charged for it and some interest.

That's the thing though- I don't have a balance to transfer as I pay it off every month, I just want a low APR "just in case".

I suppose I could just get a new card with a low APR, but I'd prefer to say teh magic phrase to HSBC that would get them to respond "gosh we've been silly, we meant 9% not 29%, we'll adjust the settings on your account now".

But if you transfer your balance to a new card you could be paying 0% on that sum for say 12 months. Then repeat.

Then you might be buggered me old china

Racist!

If you want a better deal than the one you have you will probably have to apply for their better deal card separately. CC firms go off the credit scoring 100%, they have no retentions teams offering you deals. Closing down an existing CC account improves your score anyway.

I didn't know that bit, right- new card time!

Racist!

China plate=mate.

You vile racist, mocking my Cockerney accent.

I didn't know that bit, right- new card time!

Follow the guides on MSE make sure get confirmation of account closing in writing etc.

i thought credit checks screwed your credit history, the whole credit history thing is a bit of a black box no one really knows what is necessary to get a perfect score...I think the key is having lots of liquid money whilst having a history of repayment, but i know people who are constantly in debt who have better credit than me.

i have dealt with people who have had to pay a £350 deposit on a 24 month phone contract with O2, despite giving an address they lived at for 15 years (and owned) with a shitload of cash in the bank and 3 credit cards with spotless histories dating back to probably before i was born.

The reason? They rented out their house for 6 months while travelling 3 years ago and the occupant at that time had a poor credit history. Apparently. they came back in and told me this.

For you, my friend, not being a permanent resident in the UK (not being able to provide proof of 3 years residency) will be why you failed a credit rating. Simple as.

Heh, one of the biggest advantages of owning your own home is not having to remember when you moved the time before last, and what the postcode was, on those forms.