Lloyds TSB Credit Card refused balance transfer

Caesura

Hi there,

I have a Lloyds Credit Card and went online to do a balance transfer from another card to this Llloyds one - and, even though I have no debt on the Lloyds one, my credit limit is 15k and I wanted to transfer 2k, it was refused.

Anyone know why this might be? I thought that once the credit card was issued, then the balance transfers were guaranteed - without checking credit agencies? The rate (0%/6months) was stated on the web page.

My credit history is pretty good, although I did apply for a stonking loan from Sainsburies recently, and that got refused (applications to all three credit agencies on their way to see if anything is incorrect).

Any ideas?

Cheers,

Caesura

Tixy

What card is the debt currently on? Presumably not an associated bank to this card?

Some cards do have a much lower balance transfer limit than the full credit limit (eg instances where its half the credit limit), though it would seem unlikely to be lower than £2k on a £15k limit.

They do have a right to reject balance transfers if they choose to.
Are you certain this card is still open to spending? - its just possible that there is already a letter on its way to you to reduce your limit or close the card I guess.

stephane_2

The best thing you can do is to call them....no one here will have the answer.

Rupert_Bear

I have just copied the below information from my account. If its like mine it should have given you the maximum you can transfer.

1. Enter balance transfer details2. Confirmation
Enter balance transfer details

Balance transfer requirements

Transfer balances to:
Lloyds TSB Duo Avios (credit card number:
Available credit: £14,975.00
Credit limit: £15,000.00
Balance transfer details

Transfer balances of £100.00 or more from your non-Lloyds TSB credit or store cards to your Lloyds TSB credit card. There is a 3% fee for each transfer. You can transfer any number of balances up to your maximum transfer limit – just enter the details below. Please list your most important transfer first.

Your maximum transfer limit is: £14,200.00


Card number
1.
Amount to transfer
£
2.
£
3.
£

Balance transfer total:
(3% fee will be applied per transaction)£0.00

maryjanell79

I am with Stephane on this one. Give them a call I have been with Lloyds for years and they are great for customer service I am sure they will resolve it over the phone with you.

jonesMUFCforever

Which card do you want to transfer from?

Caesura

Hello all,

Thanks for the replies, I shall ring Lloyds then and ask them. The other card was a Virgin one, so no connection, then.

Here is another quandary - I've now done a balance transfer _to_ my Virgin card so some dosh is at the full %age rate, and some is at 0% - if I do a balance transfer from my Lloyds to the Virgin one, covering the full %age rate bit - will that get paid off completely, leaving the Virgin one at 0% altogether? Ie do they pay off the highest interest rate bits first?

Anyway, thanks for the replies, I'll get onto Lloyds asap!

Cheers,

Ceasura

Tixy

They legally have to pay off the most expensive debt first.
However there is one issue. Some lenders (and I think virgin are one) will always apply the debt to anything that already appeared on the previous statement first before applying any payment to things added on to your card since.

In which case it would be best to wait until the interest bearing transactions have appeared on your statement (someone will probably confirm whether virgin do indeed do this way of allocation).

tyllwyd

I had a problem with a balance transfer (on a Barclaycard) and one of the issues was apparently that I had the direct debit set up to pay the full amount each month, so I had to change that first. Probably not the issue with you but perhaps worth checking?

Caesura

Thanks all, good advice - I managed to get one bal xfer to work (MBNA to B/Card), one is still in flight (Virgin to B/Card), which is frustrating (7-10 days, blah blah!). Odd that the Virgin one is taking longer, and I set it up before the MBNA one (same company, of course!).

Cheers,

Caesura