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For our financial advisor types....

For our financial advisor types....

Old Aug 3rd 2008, 11:04 am
  #1  
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Default For our financial advisor types....

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?
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Old Aug 3rd 2008, 11:08 am
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Default Re: For our financial advisor types....

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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Old Aug 3rd 2008, 11:11 am
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Default Re: For our financial advisor types....

Originally Posted by Meow View Post
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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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?
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Old Aug 3rd 2008, 11:17 am
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Default Re: For our financial advisor types....

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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Old Aug 3rd 2008, 11:20 am
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Default Re: For our financial advisor types....

Spugsy

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


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Old Aug 3rd 2008, 11:32 am
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Default Re: For our financial advisor types....

Originally Posted by Meow View Post
Spugsy

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


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magic, thanks petal, I will do once I get the info.
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Old Aug 3rd 2008, 11:34 am
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Default Re: For our financial advisor types....

just sounds like a loan, with the interest rate obviously monthly..
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Old Aug 3rd 2008, 11:38 am
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Wink Re: For our financial advisor types....

Originally Posted by admon View Post
just sounds like a loan, with the interest rate obviously monthly..
Yeah, if it sounds too good to be true...
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Old Aug 3rd 2008, 12:01 pm
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Default Re: For our financial advisor types....

Originally Posted by admon View Post
just sounds like a loan, with the interest rate obviously monthly..
ah yes, just checked, sneaky bastards, that is the monthly rate - so what would that be as a yearly rate?
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Old Aug 3rd 2008, 12:29 pm
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Default Re: For our financial advisor types....

1.1% monthly => 14.0% AER assuming compounded
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Old Aug 3rd 2008, 12:49 pm
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Default Re: For our financial advisor types....

Originally Posted by jvr20 View Post
1.1% monthly => 14.0% AER assuming compounded
ah but its 1.1% for 6 months then up to 2.15%
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Old Aug 3rd 2008, 12:53 pm
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Default Re: For our financial advisor types....

Originally Posted by Spugsy View Post
ah but its 1.1% for 6 months then up to 2.15%
Over 21% for the year then... (again, assuming compounded)
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Old Aug 3rd 2008, 1:04 pm
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Default Re: For our financial advisor types....

Originally Posted by typical View Post
Over 21% for the year then... (again, assuming compounded)
yeah sounds right, sneaky ********ers...
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Old Aug 3rd 2008, 2:09 pm
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Default Re: For our financial advisor types....

Originally Posted by Spugsy View Post
ah yes, just checked, sneaky bastards, that is the monthly rate - so what would that be as a yearly rate?

Too high/a rip off.


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Old Aug 3rd 2008, 7:52 pm
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Default Re: For our financial advisor types....

Originally Posted by Spugsy View Post
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?
personally I have found mashreq to be the most useless bank ever so steer well clear
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