Promotional Interest Rate Removed

PSD_2

Hi all,

I went over my Halifax credit card limit last month, by £40, and as a result they have removed a lifelong balance transfer rate of 6.95% and replaced it with 20% APR. :mad: After being a customer for the last 10 years and never missing a payment or being late before this is how they treat valued customers apparently and they will not re-instate it.

My argument was that they allowed my account to go overlimit, or at least the system did, but they say it is all my own fault. Has anyone got any information regarding where I stand with this issue? As a one off problem I thought that they would be fairly forgiving, I was obviously wrong.

Any advice is appreciated.

Thank you

Paul

oceanscape

Hmm, in my experience lenders have always been willing to "let one slide" if it's your first mistake. Have you contacted them and specifically asked for your promo rate to be reinstated? It's rare that they won't do it if it's your first offence.

Good luck

EDIT - I obviously didn't read your post properly since it seems you have already asked. I don't suppose there is anything you can do if they are refusing....unless you apply for a new 0% or life of balance card and then BT off of Halifax. Not ideal, but if they aren't willing to help then you don't have much option. I would call back and speak with someone else -- keep trying. I have also been hit by going over limit and I too argued they should have declined the transaction, but they said they don't have to .... crazy .....

bglam

Oh, I hate that! You must be so annoyed. Shouldn't your CC just have been rejected? I agree that it seems like they have to take some blame in the scenario.

Definitely worth speaking with them - and escalating it to a manager if the advisor isn't helpful. However, I had this happen with MBNA and they would not budge!!! I was so angry.

PNPSUKNET

Write to them and appeal against their goodwill, could also say in the letter that you are now considering leaving them and they should give it back

mparter

Had this happen with Virgin lately and explained that it was an oversight on my part as I was of work ill and missed the payment date by a day. They re-instated the intro offer and refunded the interest.

PSD_2

Thanks guys for all of the replies. Yes I spoke a manager as well and he was not willing to budge. I am going to pen a letter to the complaints department tonight.

YorkshireBoy

It's not a good idea to spend on a card once you've transferred a balance to it...especially a LOB deal which you had. This is because the purchases are the last to be repaid and will sit there accruing 20% APR (in your case) until you repay the entire balance.

Something to bear in mind for the future perhaps?

normanmark

Well it's printed in the terms & conditions that if you go over the agreed limit, pay late etc then you'll lose promotional rates. Your argument of them 'letting' you go over your limit is a bit of a shift in responsibility, its up to yourself to stay within that agreed limit.

Unfortunately for yourself, card loyalty means jack these days. So if you've already spoken to a manager & they haven't budged then i'm guessing there's more to the story than you're letting on. Write to them, but i doubt if the story will change. It's not the card companies fault.

bengal-stripe

PSD wrote: »

I went over my Halifax credit card limit last month, by £40, and as a result they have removed a lifelong balance transfer rate of 6.95% and replaced it with 20% APR.

mparter wrote: »

Had this happen with Virgin lately and explained that it was an oversight on my part as I was of work ill and missed the payment date by a day. They re-instated the intro offer and refunded the interest.

Going over your limit (as this might be an indicator of financial meltdown) is usually considered the more serious breach of contract, than being late with your payment by a day or two.

That is obviously reflected in the way the two case were dealt with.

ILW

PSD wrote: »

Thanks guys for all of the replies. Yes I spoke a manager as well and he was not willing to budge. I am going to pen a letter to the complaints department tonight.

What are you going to compain about?
They offered you a promotional rate on certain (not unreasonable) conditions.
You reneged on your part of the deal.
Cannot see how you can blame anyone but yourself.

oceanscape

ILW wrote: »

What are you going to compain about?
They offered you a promotional rate on certain (not unreasonable) conditions.
You reneged on your part of the deal.
Cannot see how you can blame anyone but yourself.

:rolleyes: Get over yourself. People make mistakes and it would not be unfair for the CC company to -- as a gesture of goodwill -- offer to reinstate the promotional rate. Yes, they have no legal obligation to do so, but it's simple customer service. If the OP has managed his account well in the past and given a good amount of custom to the CC company it would be nice if they showed a bit of appreciation.