American Express Nectar Credit Card

Lizzi123

Having read Martin's articles on transferring balances to reduce debt - I decided to transfer my balances to life of balance interest rates. I applied for a American Express Nectar card which was offering 5.9% life of balance interest rate! I was accepted & last week rang them to transfer two balances (totalling £1500). At last I thought everything was going to get better!

However, today I have received a letter from them saying that they cannot transfer these balances - when I phone them to ask why - apparently I do not meet their criteria (low credit score & debt that i already have but I always pay on time & more then the minimum amount)!

They then inform me that I am still allowed to use the card for purchases & cash withdrawals (interest being 12.9% & 22.6%!!!).

Tried to point out to them that I'm trying to reduce my debt not increase it - but they were not bothered!

Has anyone else had a similar problem with them?

The_Boss

Interesting. The Mrs was accepted with a limit of £10k today. Must admit that suprised me as, though she has no defaults, there are probably about 15 late payments on her credit record over the past 36 months (the period they keep records of). Hope that doesnt apply to her too.

jay78

Lizzi123 wrote:

Having read Martin's articles on transferring balances to reduce debt - I decided to transfer my balances to life of balance interest rates. I applied for a American Express Nectar card which was offering 5.9% life of balance interest rate! I was accepted & last week rang them to transfer two balances (totalling £1500). At last I thought everything was going to get better!

However, today I have received a letter from them saying that they cannot transfer these balances - when I phone them to ask why - apparently I do not meet their criteria (low credit score & debt that i already have but I always pay on time & more then the minimum amount)!

They then inform me that I am still allowed to use the card for purchases & cash withdrawals (interest being 12.9% & 22.6%!!!).

Tried to point out to them that I'm trying to reduce my debt not increase it - but they were not bothered!

Has anyone else had a similar problem with them?

Sorry to hijack, do you know who they did the credit check with?

MatthewF31

I am currently experiencing the exact same scenario with American Express Nectar Credit Card.

Applied and got Credit Limit of just over £7000. Applied to do Balance Transfer of just over £1300 and was refused. Nothing negative on credit file. I have written demanding an explanation.