Help with Santander Issue

Synonymous

Hi Guys,

A little speedy advice please if you could...I warn you this is going to be long-winded!

I have a CC with Santander (Zero) and I knew my 0% period for the balance transfer was coming to an end sometime soon (no exact date, sloppy I know). Just opened my statement and they have charged me £21.42 in interest for last month.

There are a few things I am concerned about:
-My last statement said my expected interest for the next month was zero.
-They lowered my minimum repayment for last month from £35ish usually to £14.46 and I don't know why.

What to do now? Is the minimum payment lowered as the total calculation incorporates the interest somehow? Should I just cut my losses and pay it off or is it worth a phone call?

Next step: if the money is in a 5% interest (basic tax) account is it worth balance transferring or just paying off in full, the amount is just short of £1.5k and I had tarted it because the balance transfer to Santander was fee-free. I was interested in the Barclaycard Gold 2.5% transfer, but I already have a Barclaycard Platinum so will they give me this deal?

Thanks for any help!

izools

You can transfer the balance to a 0% 15 months card for a 2.9% fee, which would indeed still be profitable.

And to be rid of Santander would be an excellent move, what with their utter, unconscionable incompetence.

http://www.your-application.co.uk/netfinancecertegymicrosite/creation/Welcome.aspx?

Really easy to be approved for that one, too. You can then ditch and switch elsewhere again continuing to make a (albeit tiny) margin on the dough stowed in savings

Synonymous

izools, thanks for the quick response, I'm still trying to figure out my mistake with the payment though so I don't repeat it, any ideas?

I've not seen the creation card before, with this being a small amount, I was wondering if it would be better to move it to somewhere I already have an account and save the big new companies for my bigger CC stoozes (Halifax and Barclaycard). Is it a case of new customers get the best deals, or just that you get the same deals but can't transfer from a card owned by the same group?

I also have a HSBC C/A so was looking at their 15 month deal?

izools

The introductory offers are for new customers only. If you've held a credit card with them for a while they don't apply, but sometimes they do offer repeat deals if you call up and ask.

You can't transfer balances between cards of the same group full stop.

The HSBC 15 month deal is pretty good too, and you stand a good chance of a higher limit considering you hold your current account with them, too.

I don't think you made a mistake with the Santander payment, rather they made a mistake when they calculated the minimum payment. If you're definitely still within your 0% period on the Zero card do call and complain about the interest charge. Don't hold you're breath though, Santander CS are woefully incompetent.

Good luck with it all!

sophie131

Hiya,
I know this doesn't answer all your question but payments on Santander CC's have changed from January. It is now 1% of the balance + any fees, charges and interest. So if your payment changed to £14.46 i'm guessing the balance was £1446?
HTH

Synonymous

Thanks guys, Sophie, that probably does explain the change in the minimum payment, so I'll cut my losses and move on I think.

Just applied for the HSBC card and although the limit is rubbish, its enough for the Santander balance transfer, I don't use the HSBC current account very much so probably didn't help much!

Thanks again for your help with my mini crisis, I'm gonna use the tart alert for my other cards