Citi card to Opus: Will existing Life of Balance transfer be honoured?

honeybun16

WE spoke to the customer services today and whilst we were told it would continue on the deal when we asked for it in writing, they told us that to get it in writing we would need to write in and ask the question and we would get the reply in written confirmation, i know it's probably not binding with Opus but at the moment anything we can do to prove the deal seems like a good thing to me.

Anyone else out there might want to consider doing the same, write to citi asking them to confirm the continuation of the deal after the transfer to opus

System

I thought that Citi were basically running their UK card business down (with the exception of egg)

I would suggest you get your transfer done (if you've not already done so) before the transfer takes place. Then their is no argument about the LOB rate applying.

If the new company are planning to withdraw the offer, then opt out of the increase and cancel the card.

Rupert_Bear

schoolrunmum wrote: »

I'm curious to know if Citi have moved all their card holders to Opus,or just a select few?We have a Citi card that we used to use,but haven't for about 2 years and we have had the Opus transfer letter. I've written to them both to cancel both accounts anyway,just wondered thats all...

QUOTE
SAV CREDIT COMPLETES PURCHASE OF CITI CARDS PORTFOLIO IN THE UK
SAV Credit Limited, the UK’s leading specialist credit card provider, has completed the purchase of the Citi branded credit card portfolioin the UK from CitiFinancial Europe PLC for an undisclosed sum in a deal which more than doubles its number of customers and takes its credit card portfolio to well in excess of £1 billion.
The transaction involves the purchase of approximately £835 million in customer balances and 539,000 credit card customer accounts. With this acquisition SAV Credit, which also operates the aqua and marbles credit cards, further solidifies its market-leading position as a specialist credit card provider which is built around its information-based credit management capabilities.
James Corcoran, SAV Credit Chief Executive Officer, said: “We are delighted to conclude the acquisition of the Citi Cards portfolio. The transaction is evidence of our ongoing commitment to growth in the UK credit card market, and our strong reputation in the effective management of credit risk despite economic cycles.”
Funding for the acquisition has come from its new investment partner Värde Partners as well as SAV Credit’s existing private equity investors Palamon Capital Partners, Electra Private Equity and Morgan Stanley Alternative Investment Partners.
Corcoran added: “We are delighted to welcome Värde Partners, a leading international investor specialising in alternative investments,as the key partner in this exciting transaction. This support for SAV Credit demonstrates the confidence they have, along with our existing shareholders, in our business model and the market.”
SAV Credit also welcomes the recent agreement between the Department of Business, Innovation and Skills and the credit card industry which has furthered the rights of consumers. The regulatory changes being implemented fit with its vision for the development of the credit card industry.

UNQUOTE

As I said before this is a company dealing with people with poor credit ratings.

Seb07

Thanks to all for the responses.

It sounds like we are all being told the same thing: that the original APR on the balance transfer will be honoured. I like the suggestion of writing a letter to Citi and asking them to confirm. I'll do that, but as others have pointed out, they are selling their entire operation and therefore the advice they give is unlikely to be legally binding.

If anyone has anything further on this, it would be great to hear about it. I am worried they are going to bump up the APR for no reason.

whysitallsocomplicated

hi
Going through the same thing with the changeover to opus.

Have dealt with the english customer care team in the past at the beginning of the year when citicards had the issue with not taking direct debits. As I have never got any sense out of the indian call center in the past i rang this lot instead. Told them i had sent in a letter (not true!) asking for confirmation in writing that the changeover would not effect the rate of my lifetime balance transfer i had on the account. they searced for the letter which they couldnt find (no surprise as i hadnt written one) but confirmed that the rate would stay the same as long as i stayed within the terms (standard payment on time and not go over limit). they agreed to send out a letter confirming this to be the case so hopefully will recieve that soon.

their number is 0800 146 188 select option 3. This is the English customer care team so seem to be a lot more helpfull as they normally deal with complaints. they will ask if you have a complaint referance just tell them not yet but you are ringing to complain about not getting a response to a letter you have written.

hope it helps.
many thanks

whysitallsocomplicated

hi
just an update to last post. Have now recieved the letter from cit customer care confirming that the balance transfer rate will stay the same when the switch over takes place

salvyria

I too have been shoved onto Opus from citibank. The mention that this is for customers with low credit rating worries me as the APR on my citicard is 15.9% which is pretty low. I am concerned now that the APR on my card might double. My credit rating took a nose dive when I moved in march but is fairly average now (according to creditexpert.co.uk) so I hope my APR stays the same.

I have "closed" two other cards recently (Barclaycard and a Halifax one) and continue to pay off the balance as normal at my existing rate. In theory this should be possible when your Opus card becomes active.

It is the first thing I aim to do.

salvyria

whysitallsocomplicated wrote: »

hi
Going through the same thing with the changeover to opus.

their number is 0800 146 188 select option 3. This is the English customer care team so seem to be a lot more helpfull as they normally deal with complaints. they will ask if you have a complaint referance just tell them not yet but you are ringing to complain about not getting a response to a letter you have written.

hope it helps.
many thanks

I will get onto writing them a letter and giving them a call this afternoon. Thanks for the tip.

poppytrish

salvyria wrote: »

I too have been shoved onto Opus from citibank. The mention that this is for customers with low credit rating worries me as the APR on my citicard is 15.9% which is pretty low. I am concerned now that the APR on my card might double. My credit rating took a nose dive when I moved in march but is fairly average now (according to creditexpert.co.uk) so I hope my APR stays the same.

I have "closed" two other cards recently (Barclaycard and a Halifax one) and continue to pay off the balance as normal at my existing rate. In theory this should be possible when your Opus card becomes active.

It is the first thing I aim to do.

I have received my opus card today and vaguely remember some paperwork, but reading the T&A worried me because of the £1200 mentioned. I do have a balance on my Citi card but am paying it off, and don't want to be landed with another 1200. Any advice on what to do would be gratefully received. poppytrish

Hax

poppytrish wrote: »

I have received my opus card today and vaguely remember some paperwork, but reading the T&A worried me because of the £1200 mentioned. I do have a balance on my Citi card but am paying it off, and don't want to be landed with another 1200. Any advice on what to do would be gratefully received. poppytrish

Are you referring to the £1200 that they use to illustrate the amounts that would be payable for the stated APR if that was your balance?