Finance Banter - View Single Post

**FrankPolenose** · #8 February 1st 10, 04:16 PM

Quote:

Originally Posted by JMS

On Sun, 31 Jan 2010 22:40:28 -0000, "tim...."
wrote:

"JMS" wrote in message
news

I was informed of a new Co-op Credit card today - 12.9% APR - no
charges for cash withdrawals - or for cheques.

Borrow half your limit in cash over the month - taking it out of ATMs
- or use a cheque to pay off outstanding debt on other credit card.

When you get the bill - withdraw the other half of your limit to pay
off the "loan".

This show could run and run - a permanent loan at no cost.

(Or - am I missing something????)

You may have misunderstood the advertising.

No charges for cash withdrawals usually refers to the 2 or 3% "instant" fee
that many cards charge. But somewhere in the small print it will probably
say you will still be charged interest on the money.

tim

You are correct - as the other Tim found and pointed out.

As I said : I could not really believe it ("am I missing
something????)

It is the Clear account.

I received the details - and from the info if appeared that you could
do what I said - but it did seem too good to be true.

I have now checked four times by phone - and each time I was
categorically told that I would not have to pay interest.

On the fourth call I explained the "scam" and asked that the guy
checked when the interest was charged from; after some time he came
back and confirmed that it is from the date of the transaction - as
one would expect.

There is obviously an urgent need for training of operators.

I thought it was in the category of - if something seems too good to
be true - then it probably is.

Cheers to all.

Thanks for the heads up on this! Loan rates as a whole are being advertised quite low again for a change - I saw 7.6% @ Nationwide yesterday. Finally banks willing to pass on SOME of the drop?