Cash from credit card advice

MickeyDaMouse

Hi all,

I have an Argos card. It was great during the interest free period and I took it out with the intention to pay it off asap and whatever wasn't paid off was to go to an interest free transfer credit card to pay the rest off. Sadly, this didn't go to plan.

I called Argos today to pay off my balance. They told me what was left to pay off and I advised I wanted to make a balance transfer to my Visa card that's held with Barclays. They said it wasn't a problem and they immediately provided me with an account number and a sort code. However, the account number had 8 digits which to me sounded more like a current account.

I was told by Argos to use my card number from the Argos card as a reference when making the transfer so they knew which account it was for.

I called Barclays to carry out the transfer only to then find out that they couldn't accept the 8 digit number and sort code. They then tried the card number from the Argos card itself, that failed. Even tried it with a few numbers missing here and there to try and get it to be recognised by their system, but sadly it didn't work.

The call staff at Barclays then advised me that the Argos card wasn't a card they support and as such I was unable to make a balance transfer.

The problem now is that I am tied in to a ridiculously high APR of 29%!!

I sat and thought for a few moments because I really don't want to have to pay such a ridiculous APR. I was annoyed because Argos told me that they accepted balance transfers and that people do this with their card. Despite what they said I found quite the opposite to be true when searching Google. I found many others with the same problem, where their card providers declined the Argos card as a compatible transfer card. The problem appears to be with the way Argos number their cards and then provide an account.

I personally felt that perhaps Argos do this to ensure they loose less people on their 29% APR system, but that's just my personal suspicion.

The solution I came up with was to use the credit card provided by my own bank. I requested a cash transfer from my card in to my current account. I intend to use that cash to then clear the balance on my Argos card. As soon as this shows on my bank's credit card I'm then going to transfer that to my Barclay card.

My Barclay card has over a year of interest free time for balance transfers left on it, so I worked out that this should be the cheapest way of paying off the balance.

The thing that's on my mind is that my bank have advised me that there's a small charge for making the cash transfer, which is fair enough, but more worrying is that even if I pay off my bank's credit card within the 4 days it takes for Barclays to transfer the balance they said I may be charged 3 months of interest because of 'the unusual way' that cash transfers work.

Does this sound right? Paying 3 months interest for 4 days borrowing?

As I found this site through Google while looking at the Argos card issue I thought I'd speak to you all about my current plan and see what you all think.

Thanks

Curr946

Its quite simple really, argos is not a credit card, its a store card so the card number is only recognised in their own systems. You can VT to the card, but only with a "super BT card" such a virgin who will send the funds to your bank or to the account details you were provided.

Its the same with the likes of littlewoods, the only difference is you dont get a card with littlewoods, but the argo card has more in common with a catalogue than a credit card.

Fruit_and_Nut_Case

MickeyDaMouse wrote: »

Does this sound right? Paying 3 months interest for 4 days borrowing?

Certainly doesn't sound right. Maybe they didn't completely understand what you were planning. I'd call again and get a second opinion.

MickeyDaMouse

Curr946 wrote: »

Its quite simple really, argos is not a credit card, its a store card so the card number is only recognised in their own systems. You can VT to the card, but only with a "super BT card" such a virgin who will send the funds to your bank or to the account details you were provided.

Its the same with the likes of littlewoods, the only difference is you dont get a card with littlewoods, but the argo card has more in common with a cataloge than a credit card.

I accept that, but I wish Argos hadn't told me I could transfer to a credit card in the first place. I wouldn't have bothered with the card if I knew I couldn't do that.

Anyway, the above aside, I'm more interested in knowing about the 3 months interest on cash withdrawals for a couple of days?

MickeyDaMouse

Fruit_and_Nut_Case wrote: »

Certainly doesn't sound right. Maybe they didn't completely understand what you were planning. I'd call again and get a second opinion.

I felt it wasn't right too. As a result I asked them to check. They spoke to their 'front line' Visa team and then to their main Visa team for advice. This is still what they came back with.

Curr946

No that dosen't sound right, i agree with the fruit and nut...
:-)