Santander pre-approved *beware*

smartbear1

Recently applied for Santander pre-approved credit card in recent promotion for all Santander customers as a thank you.

Initially attracted by 12 months, 0% balance transfer deal but even though I have a good credit rating and have never missed a payment on any of the cards I hold (including Alliance and Leicester), they only gave me a credit limit of £500.

I applied for a balance transfer at application of £3000 from another card to benefit from 0%. When I phoned up to ask questions, I was immediately told that Santander were not accepting any enquires to raise credit limts at this time.

I complained about how I've now got a new search on my credit file for a measly £500 credit line. When all I ever wanted the card for was the transfer rate. I'm stuck now for a while having to wait before I can apply for another card to transfer the more expensive debt.

I'm sure I'm not the only one who's experienced this. When I asked to speak to customer relations I was told customer relations was currently swamped with compalints. I wonder why? I'm waiting for a call back but I won't hold my breath.

Moggles_2

Thanks for your feedback.

Note for future reference: with most cc providers you either complete the BT request section during the application process or wait until the card arrives and request your BT(s) when you call to activate. (There's usually a dedicated, Freefone number for this).

There's no evidence that BT requests have any influence on credit limits and, IMO, it's safer to wait until receipt of the new card and limit, before requesting BTs. That way you keep your options open, avoid unwanted partial transfers, paying the same card twice etc and retain some control over what happens when. BTs are not easy to reverse and, in attempting this, you could incur two BT fees

smartbear1

Thanks for the helpful advice.

This was the first time I ever completed the balance transfer info at application stage. Won't be doing it again in a hurry. I can't help suspect they have given many would be borrowers with good credit ratings a £500 limit just to make a bit of money on the 3 mths 0% spend running out.

If anyone else has a similar experince please share.

Paulgonnabedebtfree

smartbear1 wrote: »

Thanks for the helpful advice.

This was the first time I ever completed the balance transfer info at application stage. Won't be doing it again in a hurry. I can't help suspect they have given many would be borrowers with good credit ratings a £500 limit just to make a bit of money on the 3 mths 0% spend running out.

If anyone else has a similar experince please share.

Not specific to your post but as far as I'm concerned, anything with the name Santander is gradually being ditched as I enjoy reasonably good mental health and wish to stay that way.

CLAPTON

smartbear1 wrote: »

Recently applied for Santander pre-approved credit card in recent promotion for all Santander customers as a thank you.

Initially attracted by 12 months, 0% balance transfer deal but even though I have a good credit rating and have never missed a payment on any of the cards I hold (including Alliance and Leicester), they only gave me a credit limit of £500.

I applied for a balance transfer at application of £3000 from another card to benefit from 0%. When I phoned up to ask questions, I was immediately told that Santander were not accepting any enquires to raise credit limts at this time.

I complained about how I've now got a new search on my credit file for a measly £500 credit line. When all I ever wanted the card for was the transfer rate. I'm stuck now for a while having to wait before I can apply for another card to transfer the more expensive debt.

I'm sure I'm not the only one who's experienced this. When I asked to speak to customer relations I was told customer relations was currently swamped with compalints. I wonder why? I'm waiting for a call back but I won't hold my breath.

500 at 0% interest is better than 500 at a high rate of interest

one credit search won't have any adverse effects on your credit rating

Hughesy84

Iv had the same with Santander.

Banked with Abbey for about 10 years - then got told I had qualified/ pre-approved for the 0% card.

Applied to swap over £3k, got a credit limit of £1100!!! Annoying!

withnell

To be fair to Santander I was pre-approved with 4300

dorisday

approved for £5300 with balance transfers included

smartbear1

Thanks to all so far sharing your stories. The paranoia is now lifted. Seems some of us were unlucky.

Oh and I'm still awaiting that call from customer relations and good job I didn't hold my breath.

Bangers_and_Mash

Can you transfer a balance from a current account to a Santander card or is it only from another credit/store card?

Moggles_2

Bangers_and_Mash wrote: »

Can you transfer a balance from a current account to a Santander card ...?

Unfortunately, not.

A few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. A handling fee applies (typically 3-4% of the sum shifted) but there are no other charges during the introductory promotion (usually 12-13 months). You would need:

a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card