Unoffical Existing Customer Balance Transfers

banjopink

I just checked my MBNA credit card account online to see a message saying that there may be promotional offers available and that I should call them for futher information. I have some offers on other credit cards coming to an end so I was interested to find out more and rang them.

They did offer me 0% interest for 9 months with a 3% balance tranfer fee BUT were trying to push me into tranferring £5k over the phone. Without giving me opportunity to think about it "if you phone back we might not be able to offer you the same rate" and "i can transfer £5,000 into your current account now".

Is anyone else horrified by how pushy this is? I'm not going to make a decision about that sort of money over the phone instantly.

I'm trying to find out where to complain and so far have been passed round the houses between the FSA, OFT and Financial Omburdsman - each telling me that the other is responsible for taking complaints. I will complain to MBNA directly, but want to know where else I should go.

Thanks

NickX

banjopink wrote: »

"if you phone back we might not be able to offer you the same rate" and "i can transfer £5,000 into your current account now".

Yes, I have heard this too - they are rather keen for you to do the transfer there and then.

However, like yourself, I like to think things through before making a decision like this, but on the occasions that I have phoned them back I have never had a problem with them not honouring the original deal agreed.

My advise is to just be ascertive and insist that you want to think about it first.

Its exactly the same with used car salesman - they say IF you buy the car today, they will do this fantastic deal etc etc. Just walk away, think it through, and I'll guarantee that if you go back the next day and the car is still for sale, you won't get any lesser deal.

YorkshireBoy

banjopink wrote: »

I'm trying to find out where to complain and so far have been passed round the houses between the FSA, OFT and Financial Omburdsman - each telling me that the other is responsible for taking complaints. I will complain to MBNA directly, but want to know where else I should go.

It's the Financial Ombudsman (as you would have seen had you checked your T&C's/MBNA's website*), but they won't entertain your complaint until you have exhausted the MBNA complaints procedure (which could take 8 weeks).

I'm not sure what your complaint is though, because deals do change all the time. For example, I was offered a 12 month 0% BT recently with Ulster. I didn't take it due to the 2% fee attached, but when I rang back a week later the deal duration had been halved to 6 months. I didn't complain because this time they waived the BT fee for me.



* http://www.mbna.co.uk/contact/complaints.html

Bismarck

it's bizarre to think that the reps may have targets to meet for this kind of thing but I suppose they do. I'm just looking for them to renew/extend deals sometimes but they want to do transfers for me when I'd rather do it myself online.

DestroyingAngel_2

Spen08 wrote: »

Hi, I've just had my 2nd statement for the above bt and it says 'next months estimated interest is £1'? There was no interest added on the 1st or this statement and the card had a nil balance for about two years prior to the bt. Just wondered if anyone knew the answer before I rang them.

Thanks

Just ignore that, I think it's something to do with their new T&Cs which are increasing the minimum interest to £1. That would only affect you if you did not pay the full amount on time every month. Obviously, if you pay off your balance in time each month, you'd never see any interest, and MBNA would have to honour that agreement. After all, they can't charge you interest on a 0 balance, can they?

Petmidget

Quick question for those in the know round here.

I have read that MBNA (Virgin) will sometimes offer extension on a special offer BT's. I currently have a 0% ending in October, current climate I may struggle to move it as its quite large. If they do on occassion offer is it best to approach before the current deal runs out?

While I am on, anybody know if GE Money ever offer existing customers deals.

YorkshireBoy

Petmidget wrote: »

If they do on occassion offer is it best to approach before the current deal runs out?

Why would they offer a 0% extension? After all, you've been making them a loss for the last 12-15 months, so now they're looking forward to making 15.9% APR (and more!) from you.

In practice, it's best to BT away from the card and then ask for a 'deal' to take it back to them. See the stoozing site's "how to extend a 0% offer" article...

http://www.stoozing.com/a_extend.htm

selbmag

I have had a 0% balance on my Sky Card come to an end this month.
£7k on it for 6 months. Balance is down to £5.8k.

I rang them and asked if they would do any promotional offers on the remaining balance and they offered to extend the 0% for a further 6 months at no fee which I happily accepted :j

Bismarck

selbmag wrote: »

I have had a 0% balance on my Sky Card come to an end this month.
£7k on it for 6 months. Balance is down to £5.8k.

I rang them and asked if they would do any promotional offers on the remaining balance and they offered to extend the 0% for a further 6 months at no fee which I happily accepted :j

pretty impressive...was it a tough call/negotiation?

~Chameleon~

selbmag wrote: »

I have had a 0% balance on my Sky Card come to an end this month.
£7k on it for 6 months. Balance is down to £5.8k.

I rang them and asked if they would do any promotional offers on the remaining balance and they offered to extend the 0% for a further 6 months at no fee which I happily accepted :j

That's interesting as I have a deal coming to an end next month too. It's not a huge balance though, less than £2k, and I was going to clear it off in full but I'd rather extend the 0% if I can

Were they easy to deal with or did you have to push for it?