Spugsy

What do you think to this?

HSBC have just called me up and said that they can transfer up to 54K into my current account at a one off cost of 0.75% of the total amount that I transfer. The rate will then be 1.1% for 6 months then up to 2.15%.

Does this sound too goof to be true?

If so that means I can pay off my cards from home in one go saving a stack of interest....

anyone?

Meow

I don't quite understand. Are you talking about a simple fund transfer (from where?), or a loan??

If a loan is that a monthly or annual rate of interest? Terms?

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Spugsy

aha quick as a flash!

actually this is an email from mrs spugsy, it's a loan,

hmmm, actually when I got offered a Mashref card they told me 2.2% or something but that was per month and not yearly, do you think that's what this is?

Meow

I'd guess at a monthly rate, but can't say without knowing full info. You also need to check out repayment terms etc.


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Meow

Spugsy

You can email full info to my work address for me to cast an eye over if you like.


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Spugsy

magic, thanks petal, I will do once I get the info.

admon

just sounds like a loan, with the interest rate obviously monthly..

Charismatic

Yeah, if it sounds too good to be true...

Spugsy

ah yes, just checked, sneaky bastards, that is the monthly rate - so what would that be as a yearly rate?

jvr20

1.1% monthly => 14.0% AER assuming compounded

Spugsy

ah but its 1.1% for 6 months then up to 2.15%

typical

Over 21% for the year then... (again, assuming compounded)

Spugsy

yeah sounds right, sneaky ********ers...

Meow

Too high/a rip off.


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Slingshot

personally I have found mashreq to be the most useless bank ever so steer well clear