Bank of I 3 year loan V's NIB Credit Card

After builder work done i am 5k overdrawn on my BofI credit card, to cover this I was just about to get a loan with bank of ireland, 5k over 3 years and the interest rate they offered me was 10.3% fixed or 11.3% variable, the overall cost of the loan would have been over 8500 euro.

Was about to sign the forms this morning thinking i was saving by switching from huge credit card interest rate of 14.5% and 16% on cash when i by chance rang NIB, they've offered me a credit card, int rate of 9% and 5 months interest free on balance transfers- so basically i'm getting a 5k loan Interest free for 5 months in which time i'll have it paid off!

big-up NIB, had meeting this afternoon and have switched current account, mortgage and credit cards from Bof I to them

Yeah balance transfers are good for people who can pay things off quickly, but if you're a call centre 18k a year worker, a bank loan would be the better option!

Hang on-BoI were only offering you the loan over a 3 year term?

You will be able to pay off €5000 in 5 months?

Does the NIB card allow you an interest free period on puchases while the balance transferred remains outstanding?

i just asked for the loan to be over a 3 year term, i'm sure bank of ireland would have been more than happy to offer the loan over 5 or 7 years as long as they got their greedy paws on my money.

its a nice incentive to pay it off in 5 months cause it means i'll have had a 5 grand interest free loan and its not often the banks give out money for nothing!

PS give up boozing for 5 months and you'll be suprised how much ya save!

Be aware that if you do not pay off the entire €5,000 in 5 months, interest becomes payable on the full amount transferred, i.e. say you have repaid €4,500 within the 5 month period, you still pay interest on €5,000.

But it makes sense if you are confident of having the €5000 paid off.

Make sure you get a receipt for payment of your €40 tax on the BoI card in the current year (April 1st 2005/Mar 31st 2006). You would have paid this when you closed your BoI CC account. (You did close it, did'nt you )

NIB will charge you the tax next month if they don't get proof from you that you have already paid it.

BTW, you could have got 9 months at 0% Interest with Ulster Bank Zinc, on Balances and Purchases