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BT credit card review

PHONE bill creeping up ever higher? With the BT credit card you can shave money off your bill, just by spending as you would normally.

You'll get a penny off for every £1.50 you spend with the BT credit card and the money will come straight off your BT phone bill - no messing around with redeeming points.

There's no upper limit and if you have more discounts left at the end of the month (i.e. you earn more in money-off then your monthly bill) BT will apply the discount to your next bill. Simple.

There are also two (less simple) promotions available with the BT credit card: an impressive 0% interest on balance transfers for 13 months (3% fee) and 3 months with 0% interest on all purchases.

BT credit card payments will be applied to purchases first for the first three months and then to balance transfers first.

So: say you make a balance transfer to the BT credit card to get the 0% interest rate and also have a balance you ran up by spending with the credit card. In the forth month the amount you spent on purchases will then start to accrue interest (at a typical rate of 16.9% p.a.) and you won't be able to pay it back until the balance transfer is paid off in full.

Confused? You're not the only one! To simplify things here are the four ways to avoid paying extra interest on the BT credit card:

• If you're keen to get your BT discount... Only use the card for new purchases - and make sure you repay your balance in full after the first 3 months. If you also have an outstanding credit card balance, look at getting a separate 0% balance transfer credit card.
• If you want to use the balance transfer... Only use the card to help manage your outstanding balance: unless you can repay any new purchases within the first 3 months and then stop spending, or you can pay off your balance transfer within the first 3 months as well.

  If you're a credit card beginner or liable to forget the dates when the promotional rates apply, it may be best to just use the card for a balance transfer until you've paid it back in full.

  If you are ultra organised however, you could take advantage of both offers at the same time - but you'll need to clear any purchases before the end of the first 3 months and then stop spending, or clear any balance transfer before the end of the first 3 months and keep further monthly spending repaid in full to make the most of the reward savings.

Being a BT credit card holder will also give you access to MBNA's online account management site. MBNA will monitor purchases made on the BT credit card to check for signs of fraud and, if the credit card is used fraudulently, you'll be able to claim the money back without paying any excess.

All in all, the BT credit card is a potentially very rewarding way to shave money off your everyday spending... with your everyday spending.

Interest Rates and Fees
		Notes..
Typical APR	16.9% APR (variable)	The typical APR is the rate most people are offered.
Introductory Purchases	0% for 3 months	Payments will be applied towards 0% purchases before 0% balance transfers. However, once the 0% purchase period ends, payments will be applied first towards 0% balance transfers. After the introductory period purchases will be charged at the standard rate of 16.9% p.a.
Balance Transfers	0% for 13 months Includes transfers to a current account (4% fee)	Must be made within 90 days of account opening to qualify. Also includes money transfers to a current account, but with a 4% handling fee. Payments are applied towards 0% purchases before 0% balance transfers, but when the 0% purchase period ends payments will be applied towards 0% balance transfers before standard rate purchases. After the 0% balance transfer period ends, balance transfers are charged at the standard rate of 18.9% p.a. and money transfers are charged at the standard rate of 20.9% p.a.
Balance Transfer Fee	3% (£3 minimum)	This fee applies to balance transfers. Money transfers will be charged a 4% fee.
Cash Withdrawal Rate	27.9% p.a. (variable)	-
Cash Withdrawal Fee	3% (£3 minimum)	-
Annual Fee	None	-
Foreign Transaction Fee	2.99%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	BT Phone Bill Rebate	You'll earn: - 1p discount for every full £1.50 spent in purchases - There is no limit to the amount of discount that can be earned. - Discount rebates will be automatically credited to your BT phone bill. - If you have any surplus discount it will be rolled over to the next month.

Cardholder Services & Extras
Online Account Management		You can log in to a website and manage your MBNA BT credit card account online. Optional paperless statements.
Fraud Guarantee		There is no liability or excess to pay for theft, loss or fraudulent use online or on the high street, as long as you notify MBNA as soon as your card cannot be found or you notice any unsual transactions on your account.
Fraud Monitoring		Fraud Warning System MBNA will monitor your account for any suspicious activity. They also offer a purchase disputes team and a 24/7 365 helpline.
Identity Protection		MBNA do offer a Identity Theft Protection Scheme, which is a free booklet offering advice on how to protect yourself from ID theft.
Verified by Visa		An extra layer of security when shopping online. Register and set up a password-protected identity-check when you shop online with participating online retailers.
Purchase Protection Insurance
Purchase Delivery Insurance
Comprehensive Travel Insurance
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement
Other Extras	- 24 hour UK based customer services - Up to 3 additional cardholders free.
Optional Extras	These are extras that you can choose, but you will have to pay for them. - Payment protection - Card protection - Identity protection alert.

Payments & Payment Details
		Notes..
Credit Limit	£1,500 assumed	Credit limit subject to status.
Interest Free Period	Up to 50 days	For purchases if you pay your statement balance in full and on time every month. There is no interest free period for balance transfers, money transfers or cash advances - except for those within an interest free promotional offer.
Minimum Monthly Payment	1% (£25 minimum)	If your balance is less than £25 you must repay your balance in full. Otherwise, you must repay the greater of: - £25, OR - 1% of your statement balance before any default charges and interest, plus any default charges and interest on the statement.
Allocation of Payments	Low interest rate balances » Higher interest rate balances	Where there are two or more balances at the same promotional rate they will repaid in the following order: - The one which expires first, Then - If the expiry dates are the same - the one which started first, Then - If the expiry and start dates are the same - the one with the lowest standard rate.
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.

Card Details
		Notes..
Online Application	Yes
Card Type	Classic	-
Payment Company	Visa	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'Visa' logo will accept this credit card.
Card Issuer	MBNA	The bank who issues this credit card. MBNA Europe Bank Limited Stansfield House Chester Business Park Chester CH4 9QQ
Card Advertiser	MBNA British Telecom	The company who advertises and promotes this credit card.

Review Continued...

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