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Fine print of FD Gold card Ts&Cs

LeifGR
Posts: 188 Forumite
I have just sent in the credit agreement for the FD Gold card, that I intend to use for slow stoozing. As documentation for the card, FD sent me some flyers, a sheet with a "Summary box" about the Gold card and a leaflet with their Credit Card Terms.
The "Summary box" sheet and the flyer both state, as expected, that all BTs will be charged the 2.5% fee. The credit agreement I signed also states "Balance Transfer Fee - 2.50% of the amount transferred (minimum £2.50)", however it then continues " see clause 3(b) for further details." Since I am the curious type, I looked up clause 3(b) of the Credit Card Terms and it says that you will pay a BT fee on any BT that either:
1) Is below £500
2) Is above £500 but takes place more than two months after account opening
3) Takes place within two months of account opening but is the second or subsequent BT from the same lender.
This clearly means that a BT of >=£500, done in the first two months and being the first from a particular lender, does not carry a fee! Puzzled, I called FD but alas the lady at the end of the line could not help me confirm or disspell my interpretation (though she had a lovely Scottish accent).
I had intended to do the required £100 BT, pay it off a few days later and live with the £2.50 charge and any interest accrued (though the order of application of payments for FD works in your favour here), but the Ts&Cs suggest I could avoid the fee alltogether if I upped my BT to £500 or more. I am not sure I have the energy to challenge FD over £2.50 so I probably won't bother, but it would be interesting to hear if anyone else has used this apparent loophole to avoid the fee?
The "Summary box" sheet and the flyer both state, as expected, that all BTs will be charged the 2.5% fee. The credit agreement I signed also states "Balance Transfer Fee - 2.50% of the amount transferred (minimum £2.50)", however it then continues " see clause 3(b) for further details." Since I am the curious type, I looked up clause 3(b) of the Credit Card Terms and it says that you will pay a BT fee on any BT that either:
1) Is below £500
2) Is above £500 but takes place more than two months after account opening
3) Takes place within two months of account opening but is the second or subsequent BT from the same lender.
This clearly means that a BT of >=£500, done in the first two months and being the first from a particular lender, does not carry a fee! Puzzled, I called FD but alas the lady at the end of the line could not help me confirm or disspell my interpretation (though she had a lovely Scottish accent).
I had intended to do the required £100 BT, pay it off a few days later and live with the £2.50 charge and any interest accrued (though the order of application of payments for FD works in your favour here), but the Ts&Cs suggest I could avoid the fee alltogether if I upped my BT to £500 or more. I am not sure I have the energy to challenge FD over £2.50 so I probably won't bother, but it would be interesting to hear if anyone else has used this apparent loophole to avoid the fee?
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Comments
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You've highlighted the 'general terms' on all First Direct cards which allow a single balance transfer to be fee-free provided the specific terms don't say otherwise. Unfortunately with the gold card they very much do.
See here
a fee of 2.5% (minimum £2.50) applies to all transfersa fee of 2.5% (minimum £2.50) applies to all transfers less than £500 or for second and subsequent transfers to the same card company.....under construction.... COVID is a [discontinued] scam0 -
You've highlighted the 'general terms' on all First Direct cards which allow a single balance transfer to be fee-free provided the specific terms don't say otherwise. Unfortunately with the gold card they very much do.
I know -- what is interesting is that the terms I quoted are in the T&C leaflet that was sent to me alongside the Credit Agreement, which refers to the T&C. So by signing the Credit Agreement, surely I have agreed to the T&C that were sent to me, which state quite clearly that BT fees will only be charged under certain circumstances?
The question is whether the mention in other material of a marketing nature that a 2.5% fee applies to all BTs for the Gold card has any legal effect, when I have signed an agreement that makes reference explicitly to the T&C but not to any other documents.0 -
I know -- what is interesting is that the terms I quoted are in the T&C leaflet that was sent to me alongside the Credit Agreement, which refers to the T&C. So by signing the Credit Agreement, surely I have agreed to the T&C that were sent to me, which state quite clearly that BT fees will only be charged under certain circumstances?
The question is whether the mention in other material of a marketing nature that a 2.5% fee applies to all BTs for the Gold card has any legal effect, when I have signed an agreement that makes reference explicitly to the T&C but not to any other documents......under construction.... COVID is a [discontinued] scam0 -
Well put Milarky. It pays to think like the opponent! I strongly suspect the "promotional terms add-on" strategy is what FD would employ.
I admit I was not giving the apparent loophole strategy a fantastic chance of success, which is why I won't bother testing it for the sake of £2.50 (and some change).
Having looked at the Tc&Cs, they are actually a bit lacking in some parts so it would be interesting to see them get tested at some point.0
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