HSBC - beware on balance transfers

Polovski

Just a warning to people on the HSBC card.

I signed up for one and put down for a balance transfer of £2400 from a morgan stanley card - at this stage i did not know what my credit limit was.

I was given a CL of £750, i wasn't sure if they would still go ahead with the transfer as it was for considerably less than the total.

the card dropped through my door on Friday so i rang them and i was then infomed that it had gone through and i was £15 over my limit and had been charged £12 for it!!!!!!!:mad:

The £15 was the balance transfer fee and the £12 was an unauthorised spend above the limit. i was bloody livid!

I've told them that i will not be paying the £12 charge, especially as i still have all the paperwork that i am supposed to sign before the application goes any further - which i hadn't because they had offered me such a low credit limit i was considering not bothering!!!

what a bloody cheek!

newmum1

Why was it only £15 over the limit, did they not give you the credit transfer??
When you said you were not prepared to pay what did they say, thats awful.

Polovski

They transferred the maximum (ie my whole credit limit of £750) then charged the 2% transfer fee on top taking me to £765, then added £12 for going over the limit.

They said they would remove the £12 charge and get someone to call me - still no idea if the charge has been removed - waiting for online access to billing so i can look. No-one has called me - yet!

They should have either only transferred £735 to allow for the 2% or called me and asked if i wanted to pay the 2% charge via debit card - plonkers!:mad:

MonkeySaving?

That is definaltey a mistake on HSBC's behalf. What they do when they balance transfer is transfer the whole amount and then add on the fee (which obviously takes you above your credit limit) but they shouldn't charge you for being "overlimit". I had an £80 fee when i BT'd 4K but never got a penalty charge for it, my CL was 4K so the £80 fee took it over that.

Coupon-mad

Sounds like an error by HSBC and they need to refund the £12. Was it supposed to be a 0% offer? If so I would also ask them to assure you that their error has not caused the interest rate to revert from the promo rate to the normal credit card rate.....some cards have this exclusion if you 'break their t&cs' (e.g. go overlimit...).

If you are fobbed off take it higher, to transfer the full CL amount when it will take a new customer overlimit and incur a fee is clearly unacceptable.

girltuesday_2

I transferred £2500, which was my limit, and the BT fee took me overlimit, but they didn't charge me.

It must be an error...

sharkmark

This is one of the most idiotic and verging on the illegal tricks I've ever heard a credit card company pull - I'd threaten them with an appearance on watchdog...that should sort you out.

Polovski

thanks everyone
i got the £12 refunded today and i certainly will be checking that going over the limit hasn't voided the 0% deal - i wouldn't have even thought of that one!:beer:

Just been doing my SOA - scary sh*t isn't it:eek: !!! Just waiting for a few other cc transfers to go through to get the SOA finalised - raring to go!!!!