Transferring balances - why can't they?

superstylin

I've just applied for the Easy Rate Halifax credit card in order to transfer balances from 3 other credit cards. After sending back the credit agreement, I've received a letter saying that the balances from 2 of the cards can't be transferred because they're cards that are all underwritten by Bank of Scotland.

My gripe is that they have known from the off that I wanted to transfer these balances, first at the application stage, then when I rang them to enquire about any credit limit because I wanted to transfer all 3 balances. But they still went ahead and sent out my credit agreement for me to sign and send back. Only after that telling me that 2 balances couldn't be transferred.

Is there any reason why they can't transfer the balances, other than them just not wanting to because that way I'd have 3 HBOS cards?

YorkshireBoy

superstylin wrote: »

My gripe is that they have known from the off that I wanted to transfer these balances, first at the application stage, then when I rang them to enquire about any credit limit because I wanted to transfer all 3 balances. But they still went ahead and sent out my credit agreement for me to sign and send back. Only after that telling me that 2 balances couldn't be transferred.

They tell you during the online application...

Halifax_balance_transfer_terms_and_conditions wrote:

Transfers from loan companies, bank accounts and other cards issued by Halifax and Bank of Scotland are not accepted.

Perhaps they thought you'd know who you owed money to?

Is there any reason why they can't transfer the balances, other than them just not wanting to because that way I'd have 3 HBOS cards?

Yes, it's simple really...why would they reduce your APR on existing debts from circa 16.9% APR to 6.9% APR (typical)? That's giving money away isn't it?

superstylin

Any idea where in the application they say that because I don't remember seeing it when I was applying and it doesn't seem to appear in the terms and conditions of the card.

I also rang Halifax before applying because I am aware of who I owe money to so I asked if it was worth me applying since I had other HBOS credit cards that I wanted to transfer balances from and the Customer Service Asst said 'it shouldn't be a problem'.

I do realise that they don't want to transfer the balances but I'm asking if they can't

ILW

superstylin wrote: »

Any idea where in the application they say that because I don't remember seeing it when I was applying and it doesn't seem to appear in the terms and conditions of the card.

I also rang Halifax before applying because I am aware of who I owe money to so I asked if it was worth me applying since I had other HBOS credit cards that I wanted to transfer balances from and the Customer Service Asst said 'it shouldn't be a problem'.

I do realise that they don't want to transfer the balances but I'm asking if they can't

Not a matter of can't but won't. It would lose them money.

superstylin

The thing is my intention is to transfer the balance from those cards and cancel them anyway, so it's in their interest to let me put it on another of their cards, even if it is at a lower rate of interest. This is why I'm asking if there's actually something that won't permit that before I begin a telephone conversation with them.

YorkshireBoy

superstylin wrote: »

Any idea where in the application they say that because I don't remember seeing it when I was applying and it doesn't seem to appear in the terms and conditions of the card.

It's on page 2 of the application form, and is a clickable link adjacent the "do you want to transfer a balance Y/N?" question.

[Deleted User]

Your question was answered above. They technically can, but they won't. And their website states they won't.

There's a tiny chance you might get an operator who's prepared to break the rules for you but I doubt it as they'd probably be fired.

YorkshireBoy

superstylin wrote: »

The thing is my intention is to transfer the balance from those cards and cancel them anyway, so it's in their interest to let me put it on another of their cards, even if it is at a lower rate of interest.

It's your intention to try to transfer those balances elsewhere. They're prepared to take a chance that you won't be able to do so and be stuck with them. After all, if you could do so you'd have done so by now wouldn't you? They're gambling you can't.

This is why I'm asking if there's actually something that won't permit that before I begin a telephone conversation with them.

The T&Cs are crystal clear. Any pleading on your part won't wash, other than asking them to listen to the phone call you mention. But...that was after you'd read and agreed to the T&Cs online (which I suspect overide anything a CSA told you).

diable

You want to save money they want to make money, you are in debt to them so they will not let you transfer a debt within their bank to a lower rate, if you need to move debt around then you will have to find some other company that will accept it.

Just accept the fact that you can't do it.

superstylin

diable wrote: »

Just accept the fact that you can't do it.

Just done it. Turns out only one card, the Intelligent Finance card was the problem and since it only had a small balance on it anyway it has been transferred. Always worth a phone call to check. Thanks for your help

Rouseman

Hi SuperStylin
I have applied for one of these cards as well with the intension of transfering the balance of my Halifax 'One Card' onto it. I have not signed and returned the agreement form yet and did not see the exclusion of transfers between Halifax accounts when I applied online. Have you managed to get them to transfer the Halifax balance? If so how did you do this?