The Best Balance Transfers article discussion area

svez

MSE_Dan wrote:

If you applied when the terms were 0% for 6 months fees-free, thats what you should get. Which doesn't mean its what you will get!

Keep us informed if you have any problems and we'll look into it.

I recently applied for HSBC credit card with 0% on balance transfers till 2nd April 2008, However a few days after the card arrived with these details as shown, a new letter stating that the balance transfer period is only until 1st Jan 2008!!
Looking at thier web site they are still promoting 0% till April 2008 - surely this is getting people to apply under false pretences??

PayDay

chun831 wrote:

Thanks very much for the heads up in the above post - I have just done my N&P BTs and shortly will be trying to pay off the minimum payment every month. If the online banking you tried did work could you let me know please?

Or did anyone else find an easy way to pay off this particular card??

I have had one of these cards for 5 months and have not had any problem paying them from my online bank account. I set a Standing Order up and it goes through without trouble.

Phoenix79_2

svez wrote:

I recently applied for HSBC credit card with 0% on balance transfers till 2nd April 2008, However a few days after the card arrived with these details as shown, a new letter stating that the balance transfer period is only until 1st Jan 2008!!
Looking at thier web site they are still promoting 0% till April 2008 - surely this is getting people to apply under false pretences??

Its an error. Wrong documentation was sent out. Don't worry

deefadog

Hi all, was thinking of getting a HSBC card, but need to check my sums!

Basically I need a loan of £2500 for a car, so if i apply for the HSBC card and get it, then buy the car from a garage on my current egg card (Not sure about CC charges with the garages? advice?) Then if i transfer the £2500 to the HSBC card i will pay 2% fee (£50) and then i'll pay no interest for 15 months! Is this correct?

Thanks for any advice

pan111

You cant transfer a balance from a current account to a credit card afaik...best off paying with the credit card straight off if you have to...cant see they would charge you for doing that

...Im not sure I read that right first off...if the egg card is a credit card...why not just buy with the new hsbc card straight off anyway as youll have 0% on purchases

If you do it your way though...yes...there will be a balance transfer charge

deefadog

Hi, The egg card is a credit card, but it's 0% for 6 month for new purchases and i want the 0% until next April, so i thought the best way to do it was the above method?

Also just checked and the company i want to purchase the car from will charge 2.5% for using a credit card

cjmcc5150

OK - I applied for a new credit card with Morgan Stanley so that I could move my credit to 0% for 9 months with a caped transfer cost (at £50.)

This was all well and good as the application was approved and I got that confirmation today.

However.

They have greatly reduced the level of credit I have and as there was more credit on my previous card they have only transferred some of the credit I have - which leaves a residual amount on my old card.

Therefore I now have to pay 2 monthly amounts instead of the intended 1.

Now, I have no doubt that this was fully explained in paragraph 84, subsection 10, paragraph 24.5b line 392 BUT

none of this changes the fact I will now have to make 2 payments each month :mad: :mad: :mad:

bunney

Hi, I'm a newbie to moneysavers so please bear with me if I send this post incorrectly!

I applied for a HSBC credit card 3 wks ago to balance transfer my barclaycard debt of just over £2000. I applied online and after hearing nothing contacted HSBC who were very unhelpful. Long story short - in the end they had sent a letter to my old address which I'd already updated with them. So off I go to my local branch who try to manually input my application while I sit there. I'm told I can get a card with £1,500 limit on it (although I have a £7000 limit with barclays) and after asking if it's possible to get more I'm told to come back the next wk when someone will call card services for me to try and get a larger limit.

Happy enough I return as told to do so only to then be told that I can't have a higher limit and I they won't give me a card at all. I have a mini cash ISA with them, and a current account with a minimal amount in it (although I never use this really as they never provided me with a debit card!). Basically, they told me that as I don't have much usage on my accounts then I am not elligible for the credit card at all. As my wage is not paid into the HSBC current account this means I'm peanalised as well. There wasn't much I could do as I spoke to the branch manager and this was all her decision but she seemed very unwilling to help. How can I be told I can have a card but then have it taken away like that? And I though HSBC was targeting this to 'New' customers? if that's so then what about everyone who applies for a credit card with them and isn't already an HSBC customer? I'm a bit angry and unsure of what to do next - any ideas anyone as I don't have a clue where I stand - the first time I make an active efoort to sort out my finances and I end up at a brick wall.

Moneymoney_2

Apologies if this has been picked up earlier in the thread, as I can't access all of it. I've been a dedicated 'shuffler' for years, and recently opened a Lloyds Platinum card (with a higher limit than originally offered but that's another story!)
Although I generally read the smallprint carefully, I had not picked up that the 2.5% fee they charge on the 0% 12 month deal (which I had reckoned means 2.5% for 12 months which is OK) is itself charged at 'normal' purchase rates - in this case 14.9%!!!! I managed to get them to waive the fee as they had made various other stuff-ups but this seems a likely tactic which card providers might more generally use. Of course, the repayment hierarchy is carefully arranged so that paying minimum repayments only (which should generally be OK for 0% deals) you never get to pay back the spiralling 'fee' amount.
Also beware - coming up to the end of my 0% Halifax period I got a VERY cleverly worded reminder to take advantage of the 0% offer - i.e. in reality I have the right to transfer it at 0% now and in a couple of weeks it reverts to a spiralling rate! ....

bnoc

Are balance transfers only allowed from credit card to credit card? I ask because I have a personal loan which has no early redemption penalty and I want to transfer it onto a 'life of balance' card which has a lower interest rate than the loan.