Sainsbury's Bank... not fresh thinking

Toby_3

Hi, new boy Toby here.

Recently took moneysavingexpert advice to become a creditcard tart.
As my Halifax 0% was drawing to a close, I switched to Sainsbury's 0% so I don't pay charges on my #3500 debt.

That was in September. My October bill arrived with #16.86 balance transfer fee (charged 0.482%).

I complained in early November, but Sainsbury's ignored me. December 2nd received a letter from their Customer Services saying: "Please be advised that Sainsbury's have not offered 0% on balance transfers throughout 2005 only on purchases".

This is a blatant lie . I have the 0% credit agreement offer with me, and their website advertises 0% balance transfers.

Any advice on what I can do?

tomstickland

Lets be clear: you've been charged a transfer fee, but no credit card interest. Does you agreeement say 0% balance transfer fee? Or just 0% on balance transfers (ie: 0% rate on balance transfter, but you get charged a fee to move it over).

Toby_3

Sorry tomstickland

Not charged a fee, my mistake... I have been charged monthly interest of 0.482% when the agreement says: 0% balance tansfers and 0% purchases.

When I complained about the interest charge, they said they would write to me.

In my Sainsburys letter of the 2nd Dec, they say... "we have not offered 0% balance transfers throughout 2005"

Robert_Sterling

Sainsbury's card is provided by the Halifax Bank.
I don't think you can move the balance onto a Sainsbury 0% card from Halifax One 0% card.

I think you have moved your money onto a Sainsbury Flat Rate Card.

The flat rate is 5.9% = 0.482% per month.

You are therefore paying interest in the region of £200 per year at present.

Robert_Sterling

This should be in the Credit Card Forum

Toby_3

Yes - I am a new member and was a bit shocked to see the message pop up in Savings and Investments. Can the message be moved?

Thanks for the comment about Halifax and Sainsbury connection. Don't you think Sainsbury had an obligation to tell me I did not qualify for a 0% card? I would have taken a 0% account with someone else.

isasmurf

Toby wrote:

Yes - I am a new member and was a bit shocked to see the message pop up in Savings and Investments. Can the message be moved?

It can, and has.

dc

You cannot usually transfer from a Halifax card to a Sainsbury card as it has the same administrator, ie HBOS. I think as Robert says that they have allowed you to use the 5.9% for life of balance offer for existing customers that ends at the new year.



This effectively is a loan, but better, as the amount of interest charged reduces with the amount paid off. I think this roughly halves the AER if you pay off the same amount each month as in the first month, rather than reducing your payments to the minimum 3% each month. No doubt I will be corrected.;)

Their Advantage card is the one with 0% for 5 months.

Toby_3

Hey dc

It was the Advantage card that I applied for... 0% for five months.

Information supplied so far by contributors has been useful. I will write a letter to Sainsbury's complaining about their poor service and questioning why they did not refuse my initial application to transfer the Halifax balance insead of giving me a card with a balance transfer interest rate charge... if no joy I will have to write to some of the newspapers who sort out poor customer service.

thx

grumbler

Toby wrote:

...the agreement says: 0% balance tansfers and 0% purchases....

I fully understand your concern and don't understand the whole discussion .
You have credit agreement. Full stop.
If you a sure that you have a correct copy, complain again and ask them to send you a copy of the agreement signed by you and stating other than 0% interest on BT.

next : our complaints procedure

Toby_3

Just a quick update... after sending a second letter of compaint to Sainsburys for charging me Interest on my interest-free balance transfer credit card, the card issuer has apologised for their administrative error and refunded all charges to my account.

Sainsbury's confirm I will continue to enjoy this interest-free rate for five months.

Thanks to all who assisted me with this issue!
:xmastree: