New AMEX card - but balance transfer rejected

MatthewF31

That has just lit a lightbulb over my head. I did get a call from AMEX telling me my card had been approved and he did ask me what my spending habits were likely to be.

I certainly didnt tell them however that i was only going to use the card for the 5.9% offer and i even spent £60 on the card the first month just to give the idea that it would be used for purchases as well as the BT offer.

Just spoke to AMEX again today to chase up a reply to my letter and the CS girl told me that i was the 2nd caller today she had spoke to with exactly the same scenario regarding the refusal of a Balance Transfer at 5.9%

She has arranged for a manager to phone me back on Monday - Can't Wait!!

Matthew

The_Boss

Cool. Can you post up what the manager says please.

MSE_Martin

Just read this. While Amex has canned Balance Transfers, it specifically said they're available to existing customers. I will ask them what is happening here as it seems out of order

martin

desiman

I also applied for the British Airways 4.9% Amex card (using Quidco for the extra 30 quid!) on 24th May, they took a while to make a decision because I kept ringing for a decision and they finally told me I got accepted last week. I put in my BT details for 4700 from Virgin in the application and when I asked about it they said it should go through in the next fw days. I'll ring again tomorrow to see where it is, Im not going to be happy if they dont offer me the rate!

I havent got the actual card yet but I believe thats not something that should delay the BT.

Will let you all know tomorrow...!

The_Boss

MSE_Martin wrote:

Just read this. While Amex has canned Balance Transfers, it specifically said they're available to existing customers. I will ask them what is happening here as it seems out of order

martin

It has affected at least 2 other people here and is bang out of order. I drafted a letter to send to AMEX asking for the balance transfer or to close the card, but will wait until I hear back about this before sending it.

desiman

Hmm strange, now the 'new applications' team have told me that even though i have been accepted for the card which i will get within the next few days, I will have to take up the issue of a BT with customer services, they dont have the details apparently. But we assure you sir that it should go through smoothly, they say.. will keep you posted!

Andy_Davies

The_Boss wrote:

It has affected at least 2 other people here and is bang out of order. I drafted a letter to send to AMEX asking for the balance transfer or to close the card, but will wait until I hear back about this before sending it.

Why is it bang out of order - surely it's up to them whether they want to lend you money or not?

The_Boss

Andy_Davies wrote:

Why is it bang out of order - surely it's up to them whether they want to lend you money or not?

You've obviously not read much of this - people have applied for their card based on its feature of a low rate balance transfer for life that has then been withdrawn after acceptance. AMEX have decided that people are creditworthy enough to give them 5 figure credit limits, yet rejected their attempt to use this feature, blaming it on a 'poor credit score'. What do you think about that?

Andy_Davies

The_Boss wrote:

You've obviously not read much of this - people have applied for their card based on its feature of a low rate balance transfer for life that has then been withdrawn after acceptance. AMEX have decided that people are creditworthy enough to give them 5 figure credit limits, yet rejected their attempt to use this feature, blaming it on a 'poor credit score'. What do you think about that?

I read it all before I commented...

I'll agree there's a difference between what AMEX appear to be offering and what people are expecting but as you've stated earlier AMEX reserve the right to refuse any balance transfer requests. Also remember AMEX encourage spending on their card and levy a fee if you don't spend enough.

Everyone's looking at this from the creditworthiness angle of it, but none of the comments earlier in the thread actually say that they've actually been told they've been turned down for creditworthiness reasons.

Has anybody thought about this from AMEX's side and how the deal's going to be funded? What might have happened is this...

AMEX will undoubtedly be borrowing the money to fund the balance transfers, perhaps they've used up all the funds they've borrowed, with other balance transfers already.
Perhaps they're worried about how interest rates are going to change in the future (until a couple of weeks ago everyone thought we we're at the peak of the interest rate cycle, but since the Bank of Japan has started reducing liquidity in Japan, everyone's getting a bit more worried that the next rate move will be up), they want to be lending at a profitable rate, perhaps if interest rates rise, 5.9% isn't profitable for them anymore?

There's loads of comments about how people have been conned, which is just so OTT - all it's cost you is a bit of time and a search on your credit record.

The_Boss

so what if I told you that when the mrs was called, she was told that her credit score was not high enough?

As happened to someone else from here.

Its not just cost a bit of time - its cost an extra month at full interest when she could have gone elsewhere. At least others would say either its a yes or its a no so you could react accordingly. AMEX have said its a yes and then afterwards a no and so this saga dragged on for weeks.

If 5.9% isnt profitable anymore, then dont sell your credit card based on that feature. Ok, they are not doing that anymore, but when the mrs applied we are talking a good many weeks before when they were still plugging this offer. Dont make it the biggest benefit of signing up. And tell your telephone operatives not to say "you will get a balance transfer rate of 5.9% if accepted". Then there would not be a problem.