HSBC & bal transfers

Shelldean

Just wondered if anyone else has come across this.

My hsbc had a reasonable % rate, where as OH card has a disgusting %, so we decided to do a balance transfer between the cards. We'd save quite a bit in interest and as a bonus lower our mthly payments.

However it's been refused because apprently I cant do a transfer unless there is a promotion on my account??
I would of course prefer a lower promotional rate, but was ok with doing it my normal rate ( which is appox half of OH's rate)

So like i said has anyone else had this issue?

dbmabz

Not had the issue, but I suspect the problem is that you are transferring from one HSBC card to another ( and costing them money by saving yourselves some! )

I would imagine that if you had transferred from OH's Barclaycard, for example to your card at the normal rate they would have been more than happy to accept it.

If you have other cards available you may wish to consider balance transfers out and then back to HSBC if they will accept it, but watch for any fees.

fozmcfc

You can't transfer between cards that are from the same company. i.e. HSBC to HSBC or any card that HSBC backs i.e The M&S card.

OH or yourself need to apply for a card not issued or backed by HSBC and then you can transfer from 0% for xx amount of month.

Try the stoozing website for all 0% balance transfer cards.

cooltt

Pay his card off with yours, anyone can pay off another persons cc.

Shelldean

Was trying to transfer from OH virgin card to my HSBC cardso not the same company.

We've tried applying for 0% cards and whilst this wasnt the best option (0% would've been better) this was the best we could work out.

Shelldean

HSBC are basically saying I can do NO BT's unless I have a promotion on my account. This is what I'm finding weird.

I went into branch to ask why the transfer had not happened and this was when I found out the problem. I did speak with people in branch, who were equally flummoxed!!! They called credit card services, who just kept repeating I couldn't do a BT unless I had a promo on my a/c. The person on the phone did suggest I did a cash transfer to my current a/c then pay OH card off. But people in branch advised against this as it would be classed as a cash advance, and inccur more fees. He did also suggest the same as Cooltt. Am thinking this might be the way round anyone agree?

fozmcfc

I think HSBC might have different features available to different card holders.

For instance some cardholders may be allowed balance transfers to their cards at the standard APR, while others are not. Like some cardholders maybe allow to withdraw cash and some may not. Also some may be allowed say 10% of their limit in cash advances while others 50%.

So although two people may have the same credit card, just like limits vary, some uses of the card may depend on what they want to offer the customer and not just with offers but standard features.

I'm sure some people have reported that Barclarycard for instance allow some customers to balance transfer at the standard APR but others not.

Sometimes offers are only available via online or via the call centre only as well, so if you haven't checked online, you could see if you have any offers on the card.

Again I'm sure I've seen posts where people say that the customer service centre can't see what offers maybe are available to customers online.

Superheavy

Further to the point mentioned above, unless there has been a troubled history to the card you should be able to do a transfer into your current account and then pay off your OH's card. You will pay a balance transfer fee (around 2.9% to 3%), but it doesn't count as a cash advance, and will be charged at the same interest rate as the standard purchases rate on your card.

bouncydog1

Sorry you are incorrect - you can only do a BT into your current account if that offer is currently available on your credit card. As previous posters have pointed out all cards offer different offers to different customers at different times.

E.G. OH and I both have MBNA cards - I had several promotional offers on mine - he had none. He had offers on his Halifax card, but same ones not available to me at that time.

Also not all cards offer transfers into bank accounts. If you draw the cash on the card then it will count as a cash withdrawal and be charged at a stupid rate rather than a promotional rate.

Superheavy

bouncyd!!! wrote: »

Sorry you are incorrect - you can only do a BT into your current account if that offer is currently available on your credit card. As previous posters have pointed out all cards offer different offers to different customers at different times.

E.G. OH and I both have MBNA cards - I had several promotional offers on mine - he had none. He had offers on his Halifax card, but same ones not available to me at that time.

Also not all cards offer transfers into bank accounts. If you draw the cash on the card then it will count as a cash withdrawal and be charged at a stupid rate rather than a promotional rate.

I have used the facility regularly over recent years as I've been coping with my debts, and never had any problems with it, apart from the balance transfer fee. Bear in mind that the transfer would be from a HSBC credit card into their HSBC current account, which I would accept isn't the same as doing it from an MBNA card into a Halifax account for example, which would require for an offer to be available.

Shelldean

mmm thanks everyone, just find it weird that I cant do a BT onto the card at my normal rate of interest. I've got to wait until they see fit to offer me a promo??
The card is run well and has NO late payments at all ever.
Just seems daft to me.
And yes it's obviously a condition of my card that I cant do it, but I cant work out why they've imposed this condition.

Re the cash transfer to my current a/c, the staff in branch ( in fact branch manager) advised against this, telling me it would be treated as a cash advance.

just gutted as i really thought we'd got to the point where we could breathe a little bit easier.