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????)

JMS writes:

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.

It would only work until they either lowered your limit or started
charging interest on cash withdrawals immediately[1] rather than there
being no interest if you pay off each month.

[1] Are you sure that they do not already do this?

JMS wrote:
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????)

Yep - you're missing the *interest* charged!!

"Graham Murray" wrote
It would only work until they either lowered your limit or started
charging interest on cash withdrawals immediately[1] rather than there
being no interest if you pay off each month.

[1] Are you sure that they do not already do this?

[1] - Of course, they actually do :-

http://www.co-operativebank.co.uk/ba...box_011109.pdf

Note: "Interest free period ... For cash advances,
credit card cheques and balance transfers ... 0 days".

"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

On Sun, 31 Jan 2010 20:01:20 +0000, Graham Murray
wrote:

JMS writes:

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.

It would only work until they either lowered your limit or started
charging interest on cash withdrawals immediately[1] rather than there
being no interest if you pay off each month.

[1] Are you sure that they do not already do this?


Absolutely - I phoned up to check.

Take money out of an ATM (or use a cheque) - settle full amount when
the next bill is received - no interest or charges.

JMS wrote:
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.

Graham Murray wrote:
It would only work until they either lowered your limit or started
charging interest on cash withdrawals immediately[1] rather
than there being no interest if you pay off each month.

[1] Are you sure that they do not already do this?

"JMS" wrote
Absolutely - I phoned up to check.

Take money out of an ATM (or use a cheque) - settle full
amount when the next bill is received - no interest or charges.

Is it one of these from their website? :-

http://www.co-operativebank.co.uk/se...nk-CreditCards

Which one?

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?