N&P 3% Balance transfer fee

Kellm9

Hi,

I applied for the Norwich and Peterborough credit card after reading this site. I was looking specifically for a fee free card to do a balance transfer. I read the article on this site which says that N&P don't charge a balance transfer fee. I accept ultimately it is my responsibilty to check but usually Martin is spot on and up to date.

Anyway it is over three weeks since I was accepted but still no sign of the card. So I called them up to see what was happening. They explained some delay in card manufacture but should be sorted in a day or two. I asked about my balance transfer of £7000 to Egg. The agent told me that it was been processed and should be in my Egg account this Thursday, she also said I will be charged 3%, yes 3 :@~##### percent :mad: , so £210 for the pleasure. Now we all know better balance transfer cards out there if you pay a fee.

Hopefully she is mistaken, if not Martin needs to update and check the accuracy of his no balance transfer fee cards page. I asked to cancel but she said she had no way of doing that until the card is issued by which time the balance transfer will have been done.

Has anyone recently applied for N&P credit card ? and did you get charged a fee for balance transfer?

Yours raging :mad: :mad: :mad: :mad:
Kellm9

YorkshireBoy

N&P are rumoured to be introducing a BT fee. Indeed, some people have already been notified of the change.

I have received my first statement this week (from an October application) and there is no mention of a T&C change.

Whatever you do, you shouldn't cancel the card because if your credit agreement (the one you signed and returned) says fee-free, then that's what you'll get since they have to give you 30 days notice of the change under section 13.2 of the T&C's.

Re your comment on Martin's table...why should he change it? The N&P website still shows fee-free.

Kellm9

Yorkshireboy,

Thanks for your reply.

I applied at the end of October, recieved approval on 2nd Nov and account opened on 9th Nov. I was under the impression it was fees free. Mainly after reading Martins CC page and looking through the N&P website. I wasn't sure what exactly the N&P site meant. You say it still shows fee - free, I can only find the statment below. I suppose it can be interpreted many ways. For example 0% on BT's and no annual fee for the card, or does it mean no annual fee for the BT ? I hope the later.

0% p.a. on balance transfers for the first 6 months - No interest to pay on balance transfers for six months and no annual fee.

The form I signed is pretty wooly, on the "credit card agreement regulated by .........act 1974" it says under section 4.2 that "we will charge a handling fee for cash advances, balance transfers and cheques" but it doesn't mention any % amount. On a seperate page "Credit card summary" it says "charges - balance transfers - 0% (minimum £0) on special promotional offers other than the introductory period". Now i'm not exactly sure what that means, again I think it is open to different interpretation.

Cheers
kellm9

p.s also a Yorkshire boy.

YorkshireBoy

Kellm9 wrote:

...it says under section 4.2 that "we will charge a handling fee for cash advances, balance transfers and cheques" but it doesn't mention any % amount.

There isn't a section 4.2 in the online T&C's (only a section 4.1 which deals with default charges).

What does it say under section 5 of your agreement, and how does that compare with section 5 in the current online T&C's?

Kellm9

YorkshireBoy wrote:

There isn't a section 4.2 in the online T&C's (only a section 4.1 which deals with default charges).

I have a 4.2 section, it says as previous post with addition of "the details of these charges are shown in condition 5"

YorkshireBoy wrote:

What does it say under section 5 of your agreement, and how does that compare with section 5 in the current online T&C's?

I have up to 5.6, online is now only up to 5.4. Anyhow my 5.1 reads same except 2.5%(at least £3). my 5.2 same, my 5.3 same, my 5.6 same as online 5.4

So I have my 5.4 which reads "we may charge a handling fee of 3% for cheques offered at special promtional rates other than a special promotional rate you recieved when your account account was opened"

and my 5.5 which reads " We may also charge you for the following special services, a copy statement, changing your statement date, processing foriegn currency.

I can't see any reference to a % amount to be charged for a BT. After reading my T&C's over and over I can only see 3% mentioned when it talks about cash advances or cheques. I have taken screen shots from website. Hopefully the agent on the phone is wrong and I'm not going to be in a battle to get the fee reimbursed. We'll see.

Cheers
Kellm9

YorkshireBoy

Sounds like it's fee-free to me.

Good luck.

Kellm9

Would the T&C's specifically list the BT fee percentage amount seperately?

And, is it correct that if it dosen't say x% balance transfer fee they can't charge me without writing to me first ?

cheers

YorkshireBoy

Kellm9 wrote:

Would the T&C's specifically list the BT fee percentage amount seperately?

Here's how Halifax (who run the N&P card) inform you of the BT fee for their own 'Halifax One' card...

5. Charges

5.1 We make a handling charge of 2.5% (at least £3) for all cash advances except gambling transactions and 3% (at least £3) for balance transfers...<snip>...We will also tell you if the percentage changes at any time.

And, is it correct that if it dosen't say x% balance transfer fee they can't charge me without writing to me first ?

In order to comply with their own T&C's they have to give you 30 days notice of a change of this nature.

rock_and_roll_star

Hi Kellm9,

I applied for an N&P credit card in early November and just received my credit agreement today. I too notice that its not quite the same terms and conditions as specified on the website when I applied i.e. the inclusion of 4.2.

I'm still going to send back the signed agreement (otherwise its a wasted credit search) and when making the balance transfer state that when I applied the terms and conditions did not include 4.2 or mention a balance transfer fee. Surely, legally they can't send you a different set of terms and conditions from the one you signed up to. Any views?

Cheers

Phoenix79_2

Their argument will be that you signed the agreement with the new t&c's on it. No 'legal' argument at all. They don't have to lend you the money and if you don't like the new t&c's then you don't have to take up the offer. However if you are nice to them on the phone then they might waive it for you Good luck!

King_Of_Fools

rock_and_roll_star wrote:

Surely, legally they can't send you a different set of terms and conditions from the one you signed up to. Any views?

You will probably find that the T&Cs on the website are for illustration only and the ones they send out for you to sign and return are the ones that are binding.