Putting A Credit Card Into Credit....

Tromking

Hi Guy`s!
I recently applied for and was successful in obtaining a £10K personal loan for the purchase of a new car.
The loan amount was paid directly into my Santander current account, fearing that my busy current account might swallow up some of it, I moved (on-line) the full loan amount to my Santander credit card, thinking I could still use the c/card to purchase our new car.
Something made me send a secure message to Santander to check whether this possible, I recieved a rather snotty reply back stating that I had broken the terms and conditions of the card and unless I moved the money back whence it came, I ran the risk of my account being blocked. I rang Santander straight away and after eating the required amount of humble pie, was told that the money would be moved back after a fraud check(?) after 20 days. On checking on-line today I was happy to see the money had been returned but was shocked and angry to see that I had been charged a £300 balance transfer fee!!
Accepting the error was mine, has this charge been correctly applied to me in this instance?

Advice sought please.

P.S. Phoning Santander tomorrow (Monday).

Jack1888

Oh My God!

I know from the Credit Agreements that you are not permitted to credit a credit card other than pay the balance. I had no idea they actually would take such action.

I'd ring them first thing tomorrow to clear this issue. Other than that, sorry I can not be further help.

steve1980

You transferred £10k to a credit card which had nothing on it, to then transfer it back they will of course charge you a fee for doing it.

s_b

be very nice when you phone and they will hopefully reduce the charge
i too found out they dont like you to overpay on the card at the end of the month but santander love to rack up charges
thankfully mines now gone to barclaycard a company i hated 20 years ago and so left (nothing to do with saving wales either:D)
its a small world

chattychappy

I believe they were incorrect to charge the fee.

You broke the T+Cs by transferring the money. Fair enough for them to charge you whatever this breach cost them (if anything). The cost to rectify this matter was not £300, I'm sure.

Yep, there are fees if you do a balance transfer. But it seems from your post that this was not a transaction you freely entered into. They transferred it back (having accepted the balance in the first place) to correct the position. It was a transfer between two Santander accounts, not a BT in the true sense. You were given no choice.

So I would be polite and friendly and suggest they refund the charge or perhaps compromise on the rather standard £12 fee that typically applies for naughty behaviour.

If they won't have it then go the written complaint route and take it from there.

Horseunderwater

Also had that happen last year, when I obtained a barclaycard 0% job for 21 months transfer - was told I had a pre approved card ready to go for cred limit of £1200, so I though transfer £1200 from vanquis to new card. 2 days later the card and account details came and my credit limit was £5.8k.
Rang up new account help line and asked to move the rest of my balance from vanquis over to them, only to find that they forgot to cancel original BTransfer, so I then ended up £2k in credit. Vanquis card sent me the snotty letter, cancelled various convenience checks and charged fees to all parties involved. Had to cover fees for school. £12 in total. And £24 for mine. Then blocked account, so that I could not even log on and sort it all out. Had to wait for them to send me a check for over balance. 3 weeks and several calls later it all sorted itself out, but £300 does seem rather a high charge. Read the small print and paperwork about how much they can charge you for Santander/Santander account transfers. £40 is the normal level that I know of. Makes you wonder if someone, clicked too many zeros.

Tromking

chattychappy wrote: »

I believe they were incorrect to charge the fee.

Which is the correct answer!
Phoned them this morning, after first insisting this was a balance transfer, I managed to persuade the fella that it was`nt and he agreed to waive the fee.
Thanks for the guidance everybody, the best advice being that I should be nice and polite in my dealings with them I reckon.
Thanks again.

chattychappy

Nice outcome, thanks for feeding back!

mjr

It's also worth noting that if you had tried to pay for the car on the credit card, the dealer would almost certainly have passed the transaction fee on to you which could easily have been 2-3% itself.

rartherinv

does anyone know how far you can go into credit, or how long in credit before getting pulled up by these companies?

i dont have dd set up so i overpay £5-10 regularly to soak up any little fees, never had any problem with it so far?

dzug1

rartherinv wrote: »

does anyone know how far you can go into credit, or how long in credit before getting pulled up by these companies?

i dont have dd set up so i overpay £5-10 regularly to soak up any little fees, never had any problem with it so far?

That sort of amount and maybe a bit more (£20?? £50?? I'm guessing) is unlikely to be an issue with any company. Above that they are unlikely to have identical policies and it could also vary as to whether it's one off or a regular thing.