Santander zero no fee 0% 12 mth bal transfer

Foundational

Direct debit payments...

I filled in the form for the minimum payment to be paid by Direct Debit. I received my first statement yesterday and just checked online that the Direct Debit had been set up - no sign of it.

I think I had better send off a payment to cover at least the minimum payment this month just in case... after all, the idea is to pay as much off as possible over the next 12 months. I don't think I've got the time (or the stomach) for a telephone enquiry experience!

Has anyone else had problems with the Direct Debit set up?

molley

Foundational wrote: »

Direct debit payments...

I filled in the form for the minimum payment to be paid by Direct Debit. I received my first statement yesterday and just checked online that the Direct Debit had been set up - no sign of it.

I think I had better send off a payment to cover at least the minimum payment this month just in case... after all, the idea is to pay as much off as possible over the next 12 months. I don't think I've got the time (or the stomach) for a telephone enquiry experience!

Has anyone else had problems with the Direct Debit set up?

I used my Abbey account for the DD and it is showing in my Abbey account as being set up on the 22 Feb and is also shown on my Credit Card online account so it has worked OK for me .

artha

InaPickle wrote: »

Sorry to sound stupid, but what is one of those?

Quote from terms and conditions: "2.6 (a) we may close your account or cancel or suspend your right to use your account if it has been dormant meaning there have been no transactions or a zero balance for six months.Before we do this we will contact you to determine whether you intend to make any transactions on your card. Due to the cost of servicing an account, we may at our discretion charge a dormancy fee of £10 if your account has been dormant"

I don't intend to make any transactions on the card other than balance transfer and make regular minimum payments. I am assuming that the regular payments count as "transactions" alhough that is not clearly stated in the definition of "transactions" elsewher in the terms and conditions. I believe that dormancy fees are on the increase so it pays to make sure that once cards have served their purpose they are cancelled. This of course also makes sense for credit rating purposes.

molley

Someone asked me before to post an update about my request to the Underwriters to increase the credit limit of £2200 they had given me .Got a letter this morning denying it and saying it could be reviewed in 6 months time but for BT purposes that might not suit me .

stphnstevey

YorkshireBoy wrote: »

It would be a BT 'from' another card, yes...but DDs don't formally clear immediately (they can be, and often are, recalled) so don't be in too much of a hurry to load up the card again.

Whilst the card offers fee-free BT's (to certain customers of course), it's unclear in the T&Cs how long these are available for. However, condition 3.1 protects you because it says that they 'may' charge a BT fee but will always tell you before you make the transaction whether a fee is payable. Another reason to make the request by phone (as CJ points out) rather than risking missing it in the small print when actioning it online.

Recycling these minimum payment DDs is something that was done regularly by stoozers on fee-free BT deals. I remember doing so every month for most of the 18 months my 0% BT ran for on a Capital One card several years ago.

Couldn't you keep BT from an Egg Money Card mule?

But is the payback worth the hassle?
For instance if you kept BT the DD shortly after it was made, this would be about £200 for the 12 months (or 11 months really by the time you get the card) at around 3% net.

About £6 return for doing a BT each month

OR would you have to take into account the loss of interest from NOT BT the DD every month - ie lost interest on cumalative £200 a month?

YorkshireBoy

stphnstevey wrote: »

But is the payback worth the hassle?

It was very little "hassle", and gave some secondary benefits.

Firstly, I check all my accounts online on a regular basis. Whilst I was at Capital One it took me all of 20 secs to action a BT.

Secondly, the minimum payments on Capital One were 3%. That's £300 on a £10K balance, which meant Capital One were paying 2 of my other cards each month without me having to raid the stooz pot, my savings, or commit my salary to meet them.

And lastly, 'in for a penny in for a pound' was/is my stoozing motto.

BTW, at the time I was getting 4% net from ING and making £240 a month after tax. Those were the days!

bobbydrake50

molley wrote: »

I used my Abbey account for the DD and it is showing in my Abbey account as being set up on the 22 Feb and is also shown on my Credit Card online account so it has worked OK for me .

After reading the above I have just checked my A&L account and the direct debit has been set-up. (I applied on 4th March I think and got the T&C's from them on 15th March so they seem to be moving quite quick in my case). No idea of credit limit/whent he card will arrive and don't really feel up to ringing them after reading some of the stories on here.!

I got the direct debit form with the T&C's too but I had already set-up online with the application so didn't fill these out again.

Devsy

I have had a Zero card from Abbey/Santander for best part of 18months, its a great card especially withdrawing cash when abroad. I predominantly use it for business travel and pay off large amounts each time, its never really been paid off in full as its in constant use. Recently was late with a payment due to waiting on my expenses for the previous month being paid to it. I was charged £12 by santander and then days later received a letter telling me my credit limit was being reduced by £2880 to £1120 with really no reason as to why? I can only assume because they are making very little on interest on the account they have arbitarily reduced it. Has anyone else had this, I'm asking before I phone them and cancel the card and switch the £250 balance somewhere else if I dont get some satisfaction from them.

CannyJock

About to send back 2nd set of credit agreements and scan of passport, when received in today the 1st set I sent in together with a DD mandate to sign and return.....

So now I've had my 1st set twice and my 2nd set aren't needed. The date of the letter returning the 1st set is dated 10th March, and I got it today. Sounds to me like their letter-stuffing machine is on the fritz and they've got a backlog?

So I've to send them back a signed DD mandate together with the 1st set they've returned to me (counter-signed in the "office use only" part). Phoned the number on the accompanying letter to speak to their Application Services Team to enquire into whether a DD mandate was mandatory, which of course asked me to enter my 16 digit card number ..... finally spoke to someone who didn't seem to know if a DD was mandatory, but said that he "didn't think it was" but added "it might be for yours" ...

6 weeks tomorrow since applied. Been accepted, but still no card while dealing with pointless admin. Absolutely farcical.

My stoozing profits will be severly reduced by the Landlord Therapy required to get me over the trauma

tirlittan

I applied on 9th March online under my new address and whilst I was away (17-22) I received two conditional acceptance letters where I only have to sign and date the credit card agreement, but I also have to complete a direct debit from. But, the form asks for the credit card number which I obviously don't have yet. What am I supposed to do?