HSBC 0% Card - BT Blunder - Warning!!!!!

Catseyez

For all those who have had to transfer balances to another card whilst waiting for HSBC to complete the appliaction process for the 0% card...take heed of the following:

Today I phoned HSBC to activate my card which arrived on Saturday.

When I made my original application (early Jan), I stated that I wanted to make a BT from my EGG card for the full amount of my credit limit.

Due to the long delay in waiting for the card, I cleared my EGG card and put it onto my Barclaycard a couple of weeks ago.

I've been a rate tart for years and previously when I have given details of a BT on the original application, it was never automatically actioned upon creation of the credit card. Even with M&S (owned by HSBC), I had to personally do the BT after activating the credit card.

So today, I was on the phone having just activated my card and asked if I could carry out the BT. She said it had already been done!!! And from my EGG card!! Nooooooooo!!!!!!

I explained that due to the lengthy application process, I had already transferred it to Barclaycard in the meantime (otherwise I'd have started paying interest). She confirmed the BT had been actioned earlier today :-(

The operator is now liaising (after going into a panic!) with the BT department and hopefully this will be resolved in a few days so that I can make the correct BT from Barclaycard.

I am hoping that I won't incur any charges from Egg. I have never been in this position before. Does this mean, I have unwittingly stoozed? Or is that something else?

On a slightly more positive note, the telephone number for activation, stuck to the front of the card, took me through to en English operator, so thankfully there was no language barrier.

YorkshireBoy

Don't complicate matters by asking HSBC to reverse the BT.

Ring Egg and ask them to BACS transfer the +ve balance from the Egg card to your current account (or go online and carry out the (S)BT yourself - but make sure you don't incur a negative balance in doing so), and settle your Barclaycard account by online banking, debit card payment etc from your current account.

Welcome to the world of stoozing!

grumbler

YorkshireBoy wrote:

..Ring Egg and ask them to BACS transfer the +ve balance from the Egg card to your current account (or go online and carry out the (S)BT yourself ...and settle your Barclaycard account by online banking...

Why not directly to (balance from) Barclaycard?

YorkshireBoy

grumbler wrote:

Why not directly to (balance from) Barclaycard?

It just seemed easier to me so as not to 'draw attention'. It's not really a BT for Egg as there's nothing in it for them - ie they won't make anything from it. Yet, they say in their T&C's you can "ask us to transfer some money into your current account."

Having said that, a BT from Barclaycard would be quicker.

nicky_boo

Altough I do not post many messages, I love this forum. Whenever I have a financial concern, I come here, start going through messages, there is always somebody else dealing with a similar problem. Although I don't know any of you guys, I never feel lonely on this web site.

Yes, I made the same mistake of applying for the HSBC card (by the way 9 months 0% term is reduced to 6 months now), yes I made my BT request on the application form, yes the card is too late and I have to find other means to pay my Virgin card balance and yes I was also worried that the BT might go through automatically although HSBC said they would call me for confirmation for BT once the credit card account is open. I will have to call them tomorrow to ask them to cancel my BT request.

I always allow plenty of time for my stoozing and most of the time the next card arrives more than a month before my previous deal ends. With HSBC though, I am still waiting... I will have to clear my previous balance from my stooz pot.

K9cuddles

Yes.I had the same prob!! They automatically done my 2 BT!! lucky enough it only caused an over payment of £170 which Barclaycard wouldn't refund, but they would put it in to my current account so I make the payment else where!!

HSBC really haven't thought about how delays have a knock on effect have tey!!

Catseyez

YorkshireBoy wrote:

Don't complicate matters by asking HSBC to reverse the BT.

Ring Egg and ask them to BACS transfer the +ve balance from the Egg card to your current account (or go online and carry out the (S)BT yourself - but make sure you don't incur a negative balance in doing so), and settle your Barclaycard account by online banking, debit card payment etc from your current account.

Welcome to the world of stoozing!

Everybody is so helpful on here!

HSBC were not able to stop the transfer.

So...my EGG card now shows a positive of £2700. I've had a look on the site and have found the page where I can do an on-line transfer to my non-egg current account.

So...am I correct in thinking that I can transfer £2700 to my current account without incurring any charges? There is a note about it not being able to come from a balance transfer though?

HSBC suggested asking EGG to transfer it back to them but I think that would be a bad move! I also like the idea of it going to my current account and not my barclaycard. The Barclaycard is on 0% until April, so I'll have time to move it across.

I'm also not keen on phoning EGG up about this.

So if you can convince me that this will work without getting any charges, I will take your advice and go for it!!

grumbler

Catseyez wrote:

...So...am I correct in thinking that I can transfer £2700 to my current account without incurring any charges? There is a note about it not being able to come from a balance transfer though?

Yes, I've just completed two transfers: to a current account and directly to a cash ISA. What note do you mean?

YorkshireBoy

Catseyez wrote:

So if you can convince me that this will work without getting any charges, I will take your advice and go for it!!

Nobody can say that you definitely won't get any charges. What you have done, and what you are proposing to do, is something that stoozers do regularly. However, and I mean you no disrespect here, they may be far more knowledgable than you with regard to credit cards and T&C's. I could write you an essay on what to watch out for and what could go wrong - however, I'd only confuse you. So, my advice is given below.

I'm also not keen on phoning EGG up about this.

You will have to overcome your 'fear'. Simply do the following...

1. Ring Egg (08451 233233) and be totally honest with them in telling them what has happened.
2. Ask them to BACS transfer (no more than*) the amount of the HSBC balance transfer payment to your linked current account (check section 9 of your T&C's first if you like, so you know what you're doing - it's the second option listed in there).
3. Confirm with them that there is no charge for this.
4. Take a name & extension number, and record the date and time of the call.
5. Check your current account 3-5 days later.
6. Keep an eye out for your Egg Card statement, and check they haven't charged you a fee (they shouldn't do, but 'belt & braces' and all that!).

Good luck, and come back and let us know how you get on.

* Do not create a negative balance with your transfer. If you have existing purchases on the account, either pay them off first or BACS transfer ONLY the +ve amount on your card. This is because if your BT creates a negative balance, you will pay interest on that amount until you settle your account in full - possibly taking 2 statement cycles to fully clear.