Is this the end of Balance Transfers

bernie115

I have just had a chat with a customer service rep at Halifax and he said that they no longer take applications over the phone for credit cards that provide balance transfers.

He said that you would still be able to apply online but that will be stopped soon as well.

Sorry if this has been mentioned elsewhere but i couldn't see it when i did the search.

Are all the financial institutions going to follow suit?

cococoladebt

News to me... I won't be able to tart myself around then...

Saints2011

Never heard of such thing..

jonesMUFCforever

Balance transfers are a great source of new business so I would take what they told you with a pinch of salt.

bernie115

I hope you are right. He said something along the lines that the FSA had instigated this.

I have to say that I don't think its right but I made him repeat it again and he confirmed this.

michaelvintner

bernie115 wrote: »

I hope you are right. He said something along the lines that the FSA had instigated this.

I have to say that I don't think its right but I made him repeat it again and he confirmed this.

Sounds like he has no clue what he is talking about. Barclaycard have just introduced a 20 month interest free balance transfer offer for new customer. I have also (a massive surprise to me as my income to debt ratio is ridiculous) managed to recently get a 15 months interest free card from Nationwide. Ok, the limit was only £2800 but it was a lot better than the rejection I was expecting.

Even MBNA recently offered me 6 months interest free balance transfer but then they reduced my limit so that I only had £250 spare (such is the crazy loopy world that MBNA inhabit).

I think that balance transfers will continue, the companys make money off the fees and the chance of me paying back Nationwide what I have balance transfered to them in 15 months is as likelly as my hair growing back, loosing 3 stone overnight and Kylie Minogue knocking on my front door claiming that she is love with me. Therefore Nationwide will make money off me afterwards unless I can get hold of another card to balance transfer to.

As for the FSA instigating it that is a load of rubbish. The recent changes to credit cards where an in house thing between the credit card companies. The government said sort it out or we will make you and the credit card companies rightly bowed to pressure and introduced things such as positive order of payments and not sending out credit card cheques.

Next time ask to speak to an advisor who know what they are talking about.