Cheap Borrowing

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.

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

"Graham Murray" wrote

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

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

Is it one of these from their website? :-

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?