Balance Transfer Processing

Silverstar

Hi everyone,

I'm aware that this might possibly just be me being paranoid, but I'm hoping for either some advice or some reassurance that I am just being paranoid here!

I have some debt on a Virgin credit card which I've been paying off slowly. Wanting to speed it up, I applied for the Barclaycard Platinum 0% balance transfer deal, which was approved last Saturday, and I set it up to transfer the money from my Virgin card.

It's been showing up as 'pending' all week on my new Barclaycard online account, and when I checked this morning, it showed as having been processed. However, when I checked my online Virgin account, it's not showing as having come off that account at all. I called Virgin this morning to ask them when it would show up as having been processed at their end, and they say that they have no record of it showing on their system at all.

I tried calling Barclaycard, but as I haven't yet received my new card, they apparently can't check anything for me.

I'm a little paranoid that something has gone wrong somewhere along the line (a typo somewhere, maybe?) , and the money has been transferred from a card which is not mine. Is that possible? And if so, what do I do about it?

Has anyone else had a situation like that, and if so, was it just that there was a disconnect between the two systems? Or was it a problem with the transfer itself?

Any ideas or reassurance gratefully accepted!

InsideInsurance

A BT is basically just a payment and so there is no validation done that the card the balance is being paid off of is in your name (or is even valid) as for one, it doesnt have to be in your name.

Really there is little you can do at the moment if Barclays won't talk to you, presumably your conformation email didnt include the details of the card you were transferring the money to

Silverstar

Sadly not. I guess I'll just have to wait until the card comes through and then try to talk to them about it. I'm hoping it's just a slow update on Virgin's site - maybe it's just taking a few days for the payment from Barclaycard to get processed by Virgin and that's why.

I really hope that's the case, otherwise I'm going to have a problem ...

bobbydrake50

A balance trasnfer will often take longer to show on the cleared card so I wouldn't worry yet - it can take up to ten days to show.

YorkshireBoy

bobbydrake50 wrote: »

it can take up to ten days to show.

I'm not sure where you get your "ten days" figure from?

Once Barclaycard have 'sent' the money, the 'value' will be received on the Virgin card by the end of the next working day (whilst it may not 'show' on the Virgin account online until the following day, it'll still be backdated for 'value') as defined by the PSD which came into force on January 1st this year.