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  • FIRST POST
    • mgfvvc
    • By mgfvvc 10th Sep 17, 2:40 PM
    • 226Posts
    • 96Thanks
    mgfvvc
    Caution: Lloyds Platinum balance transfer deal
    • #1
    • 10th Sep 17, 2:40 PM
    Caution: Lloyds Platinum balance transfer deal 10th Sep 17 at 2:40 PM
    I needed some short term cash and I picked the Lloyds Platinum card as the combination of a 0.59% effective balance transfer fee and £20 cash back should make it effectively free.

    The 0.59% effective fee was an initial 3% fee with 2.41% refunded later. When I made a transfer the fee came up as 2.5% so I was a little concerned that it did not match the expected fee. On ringing LLoyds they said I was on a straight 2.5% fee with no refunds or cash back. They were very helpful and refunded my BT fee and gave me some compensation for the inconvenience.

    I am quite happy with the resolution, this post is just to warn anyone else taking this deal to check that they have got the deal they expect.
Page 1
    • sourcrates
    • By sourcrates 10th Sep 17, 3:00 PM
    • 12,477 Posts
    • 11,867 Thanks
    sourcrates
    • #2
    • 10th Sep 17, 3:00 PM
    • #2
    • 10th Sep 17, 3:00 PM
    These adds can be mis-leading, they advertise the headline rate, which only a certain percentage of new customers will qualify for.

    Unfortunately the majority wont qualify, and will receive a higher interest rate fee than advertised.

    Its a honey pot to draw you in, (always check the small print).
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    • zx81
    • By zx81 10th Sep 17, 3:20 PM
    • 14,157 Posts
    • 14,860 Thanks
    zx81
    • #3
    • 10th Sep 17, 3:20 PM
    • #3
    • 10th Sep 17, 3:20 PM
    To be precise, at least 51% of accepted applicants will get the headline rate, so a small majority.
    • PeacefulWaters
    • By PeacefulWaters 10th Sep 17, 3:29 PM
    • 7,187 Posts
    • 8,846 Thanks
    PeacefulWaters
    • #4
    • 10th Sep 17, 3:29 PM
    • #4
    • 10th Sep 17, 3:29 PM
    These adds can be mis-leading, they advertise the headline rate, which only a certain percentage of new customers will qualify for.

    Unfortunately the majority wont qualify, and will receive a higher interest rate fee than advertised.

    Its a honey pot to draw you in, (always check the small print).
    Originally posted by sourcrates
    I think you should check the small print too.
    • mgfvvc
    • By mgfvvc 11th Sep 17, 8:45 PM
    • 226 Posts
    • 96 Thanks
    mgfvvc
    • #5
    • 11th Sep 17, 8:45 PM
    • #5
    • 11th Sep 17, 8:45 PM
    These adds can be mis-leading, they advertise the headline rate, which only a certain percentage of new customers will qualify for.

    Unfortunately the majority wont qualify, and will receive a higher interest rate fee than advertised.
    Originally posted by sourcrates
    It wasn't the interest rate, it was the promotion. It did say on the offer that I might not get the headline interest rate, but there was no indication that the promotion might not be applied to some accounts.
    • gwapenut
    • By gwapenut 13th Sep 17, 8:53 AM
    • 909 Posts
    • 378 Thanks
    gwapenut
    • #6
    • 13th Sep 17, 8:53 AM
    • #6
    • 13th Sep 17, 8:53 AM
    Thanks for the warning and well done for being on-the-ball enough to spot it so early through being initially charged LESS than you were expecting (pre-rebate).
    • therivierakid
    • By therivierakid 13th Sep 17, 2:35 PM
    • 317 Posts
    • 66 Thanks
    therivierakid
    • #7
    • 13th Sep 17, 2:35 PM
    • #7
    • 13th Sep 17, 2:35 PM
    I applied for, and got, the same card. I did my first BT recently and I've been charged the 3% fee as expected. How long should I have to wait for the refund of the 2.41%? I have some other BTs to do and I am in two minds about getting another BT card.
    *removed by forumteam - please do not advertise in signatures*
    • mgfvvc
    • By mgfvvc 14th Sep 17, 8:37 AM
    • 226 Posts
    • 96 Thanks
    mgfvvc
    • #8
    • 14th Sep 17, 8:37 AM
    • #8
    • 14th Sep 17, 8:37 AM
    I applied for, and got, the same card. I did my first BT recently and I've been charged the 3% fee as expected. How long should I have to wait for the refund of the 2.41%?
    Originally posted by therivierakid
    It says "we'll then refund 2.41% within 90 days" so you may have to wait 3 months for the refund.
    • Gentoo365
    • By Gentoo365 16th Sep 17, 10:01 AM
    • 390 Posts
    • 210 Thanks
    Gentoo365
    • #9
    • 16th Sep 17, 10:01 AM
    • #9
    • 16th Sep 17, 10:01 AM
    I took screenshots of the MSE link page (detailing the offer) and also the various pages on the Lloyds website that explained how it worked.

    A lot of these deals work by passing cookies or other information to the application section (kind of like a hidden promotion code) and it's hard to see of the promotion has been applied, especially in cases where (like this) you are informed that the normal fee will be charged and then a refund will occur later.

    Anyway, looking at the screenshots it seems to work like this:

    You have a standard fee (mine said 3%)
    After 90 days all transfers made up to then have a refund of 2.42%
    Also there was £20 cashback, paid within 90 days of the first transfer

    So I guess you need to wait till the 90 days is up and then check.

    EDIT - I will check back after 90 days and post here if I have an issue.
    • Gentoo365
    • By Gentoo365 16th Sep 17, 10:10 AM
    • 390 Posts
    • 210 Thanks
    Gentoo365
    On ringing LLoyds they said I was on a straight 2.5% fee with no refunds or cash back. They were very helpful and refunded my BT fee and gave me some compensation for the inconvenience.

    I am quite happy with the resolution, this post is just to warn anyone else taking this deal to check that they have got the deal they expect.
    Originally posted by mgfvvc
    It looks to me as if one of two things happened here

    (i) You accidently applied for a different offer. Maybe the cookies or link did not work correctly and you did not go via the 'promotion' application process.

    (ii) You were turned down for the offer and instead offered something else instead. Which you then decided to ring and turn down. If this is what happened it would have been better if the website gave the information e.g "We cannot offer A, but can offer B, do you want to proceed?"
    • mgfvvc
    • By mgfvvc 16th Sep 17, 8:36 PM
    • 226 Posts
    • 96 Thanks
    mgfvvc
    It looks to me as if one of two things happened here

    (i) You accidently applied for a different offer. Maybe the cookies or link did not work correctly and you did not go via the 'promotion' application process.

    (ii) You were turned down for the offer and instead offered something else instead. Which you then decided to ring and turn down. If this is what happened it would have been better if the website gave the information e.g "We cannot offer A, but can offer B, do you want to proceed?"
    Originally posted by Gentoo365
    (i) seems the most likely, but I would have expected them to tell me that when I rang to query it.
    • Kinsella_C
    • By Kinsella_C 30th Oct 17, 5:43 PM
    • 3 Posts
    • 0 Thanks
    Kinsella_C
    This has happened to me too
    I applied for the exact same deal end of August and I know for certain that I applied for the correct deal and that I was accepted on the offer.

    I went to complete a Balance Transfer this evening (well within the 90days) but thought I'd just double check the T&Cs again.

    There is no mention of any refund, so I called Lloyds and spoke to a lady within the Balance Transfer team. She was fairly helpful and knew the offer I was referring to and confirmed that I had it. She couldn't confirm the exact % balance fee refund (which I found odd) but explained it would definitely be in my contract. I searched again but still could not find it so called back. This time however, another lady (of the same department) said that there was no refund associated with my account and that the 3% balance fee was applicable (with no refund or cashback). I explained that is definitely incorrect, but she just advised that I visit a local branch for more information.

    Very disappointed with the experience so far.
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