LTSB. Interest Charge On BT FEE ??

Mikc

Hi all. I have recently transfered £1500 ish to my Ltsb Card which should be 0% for 6 months with a 3% fee. Looking at my statement i find that there is interest being charged. So i called them to find out what the interest was. The answer i got was that the interest was being charged on the balance transfer FEE. Which i now assume will be last to get paid. Any advice or has anyone else had this happen as it doesn't seem right to me.Its never happened before when iv'e done transfers.

Mikc

opinions4u

It's all about reading the small print before going ahead with something.

Is it legal? Yes.

Should they have overtly told you? Yes, and if they didn't I think this is your opportunity to ask for full reimbursement of any interest.

Is it fair? I don't think so.

YorkshireBoy

Is it a new card, or did they make you an offer on an existing card?

If the former, and you applied online, then it's clearly stated on their website that the fee attracts interest...

3% fee applies and interest is charged on this fee.

http://www.lloydstsb.com/credit_cards/airmiles_duo.asp

If you applied in branch or by phone then presumably the small print contained the same wording?

A quick read of the T&Cs has not found any mention of this interest so if you feel 'lucky' then lodge a complaint stating that something such as this should be contained within them...not small print (literally) on their website.

LSTB are not alone in charging interest on BT fees, although they are in the minority thankfully, so it looks like you've previously been lucky in avoiding it.

EDIT: At the end of the day though, it's only going to cost you around £3.50 over the 6 months.

Mikc

Its an old card account which iv'e had for several years and normally when iv'e done a transfer in the past there has been no interest charged at all,just the transfer fee. I couldn't find anything in the t&c's that i have about charges being made on the transfer fee. I have just been on the phone to them and they are going to look into it for me and see what was said on the phone at the time of the transfer. The guy told me 0% for six months. So i should here something by Friday. Thanks for your reply's i will let you know what they say. By the way the card has had nothing outstanding on it for at least the last tree months or more.


Mikc

noelphobic

Mint do this also, but I have only paid pennies in interest so not too bothered about it.

Rupert_Bear

Mikc wrote: »

Its an old card account which iv'e had for several years and normally when iv'e done a transfer in the past there has been no interest charged at all,just the transfer fee. I couldn't find anything in the t&c's that i have about charges being made on the transfer fee. I have just been on the phone to them and they are going to look into it for me and see what was said on the phone at the time of the transfer. The guy told me 0% for six months. So i should here something by Friday. Thanks for your reply's i will let you know what they say. By the way the card has had nothing outstanding on it for at least the last tree months or more.


Mikc

Fool to yourself. Should have done online. You wud have got 9 months rather than 6

From their website


Put everything in one place with 0% interest for 9 months when you transfer a balance online

Looking for a way to manage your money better? It's easy to apply for our 0% interest for nine months balance transfer.

• Transfer balances of £100 or more from non-Lloyds TSB credit or store cards to your Lloyds TSB credit card.
• We'll charge a 3% fee on each balance transfer you make and interest is charged on this fee.
• Transfer any number of balances up to your credit limit, as long as the total amount of all your existing and new balances (not including fees) is not more than 95% of your total credit limit to allow for fees and interest.
• If you're an Airmiles Duo or Airmiles Duo Premier Credit Card Account holder, you'll receive 150 Airmiles for every £1,000 you transfer †

Am I eligible?

• You need to be the primary card holder of an existing Lloyds TSB personal credit card customer and:
• Your account payments are up to date.
• Your credit card account has been open longer than six weeks*.
• You need to have sufficient credit limit available to cover the balance transfer amount(s) you're requesting.

Your request will not be processed if you do not have sufficient credit limit available or if your account is not up to date, and processing depends on our assessment of your circumstances.

How

izools

Rupert_Bear wrote: »

Fool to yourself. Should have done online. You wud have got 9 months rather than 6

OP already had the card for a long time, it was an existing customer offer. Existing customers can't apply for a card they already have with LTSB.

Brian64

izools wrote: »

OP already had the card for a long time, it was an existing customer offer. Existing customers can't apply for a card they already have with LTSB.

Izools Rupert bear is correct op could have got 9 months bt as an existing customer as this offer is available when i log into my Lloyds credit card on line i have the platinum card so it appears this offer is across their range of cards so no need to apply for new card.

Mikc

Rupert_Bear wrote: »

Fool to yourself. Should have done online. You wud have got 9 months rather than

Not realy. I was offered the 9 month 0% but only wanted about 6 months as it will be paid up by then. The only reason i transfered it was that i bought something on another card with the normal interest on it. But i hadn't come accross the interest charged on Fee's before so thats why i posted about it.


Mikc

Rupert_Bear

izools wrote: »

OP already had the card for a long time, it was an existing customer offer. Existing customers can't apply for a card they already have with LTSB.

If you read my post copied from the Lloyds tsb website it does show it is for existing card holders. I think this is ware so many people go wrong because they do not study the small print.

chattychappy

I had a Natwest card that also charged interest on the fee. But, payments were applied to fees first. So whilst the hierarchy usually works against cardholders in my case the first payment was applied to the fee first.

Given that I wondered why they bothered to say they charged interest on the fee - as one month's interest on the BT fee would not be worth the off-putting concept.

It may be different now and LTSB may also be different.