Should have known better :(

Debras_Angel

Hi guys,

I'm a very savvy CC tart and have been for many years with balance transfers, or so I thought! But not so savvy now.

I missed the first payment on my balance transfer by 2 days and it's cost me £12 late payment fee and £65 in interest charges and they've taken away my promotional rate. (all in black and white on the T&Cs). No one to blame but myself.

Managed to transfer to another BT so all in all a very expensive mistake with 2 BT transfer fees within a 2 month period.

DON'T ever set up a BT without direct debit.

D

aimzrabbit

77 sheets down the pan

Debras_Angel

If only it was!

Much more than that with the 3% transfer fee as well:(

Hey ho a costly lesson learnt.

BugsyBrowne

You should of said you 'was' a credit card tart until recently when a late payment hit my sandy lyle.

guesswho2000

Debras_Angel wrote: »

Hi guys,

I'm a very savvy CC tart and have been for many years with balance transfers, or so I thought! But not so savvy now.

I missed the first payment on my balance transfer by 2 days and it's cost me £12 late payment fee and £65 in interest charges and they've taken away my promotional rate. (all in black and white on the T&Cs). No one to blame but myself.

Managed to transfer to another BT so all in all a very expensive mistake with 2 BT transfer fees within a 2 month period.

DON'T ever set up a BT without direct debit.

D

Not much use now, but did you try calling them and asking very nicely if they'd consider waiving the fee/reinstating the 0%, as it was a first offence and a genuine mistake...:A

sfax

Debras_Angel wrote: »

Hi guys,

I'm a very savvy CC tart and have been for many years with balance transfers, or so I thought! But not so savvy now.

I missed the first payment on my balance transfer by 2 days and it's cost me £12 late payment fee and £65 in interest charges and they've taken away my promotional rate. (all in black and white on the T&Cs). No one to blame but myself.

Managed to transfer to another BT so all in all a very expensive mistake with 2 BT transfer fees within a 2 month period.

DON'T ever set up a BT without direct debit.

D

And always confirm that the DD is setup correctly and that DD details appear on your first statement under payment details (payment will be taken by DD on date x). If it doesn't, don't assume it will make a payment (even if you see it on your bank account) and just make your first payment manually instead.

I have been caught out by this first despite confirmation by telephone that the DD was setup. They let me keep the rate as I argued it was their fault but they could have said no as I had no evidence of the phone call

chattychappy

Debras_Angel wrote: »

DON'T ever set up a BT without direct debit.D

Nah... I never set up DDs. I never forget a payment. I have my own methods to ensure I don't forget. But do what suits you.

sfax' s warning is spot on. So many people DO set up DDs, only to lose the deal because the first DD isn't taken. Then there is a ballyhoo about whose fault it is. Many threads on this already.

If you do use DDs, then you MUST:
1) remember to check that your current account has the necessary funds, else risk the possibility of a double charge as well as a missed payment

2) check statements anyway, to ensure everything is to plan. (Again, plenty of threads from people who set up DDs and thought everything would be OK only to discover months later that it isn't.)

3) understand the interaction between additional manual payments and DDs.

If it's NOT a 0% deal (eg a LOB deal) then better to pay as soon as you have the funds available (but always paying at least the minimum between the statement date and the due-by date) to minimise interest. Having money hanging around in your current account waiting for the DD date is simply a waste.

blitzboy

Did you ring them? Seen lots of stories on here of people doing this with their first payment and pleading stupidity and the cc company letting them off on the first occasion.

Debras_Angel

Thanks everyone.

Yes the first thing I did was ring them as I'd paid online on the date it was due but they weren't having any of it. She did go and ask a supervisor and they came back and said they would half the rate but it just wasn't worth it.

I will be making a payment even if the DD is confirmed as set up for the first payment as not taking any chances with this one.

I agree re the people who come on and go on about it being unfair and not their fault but it's all there in black and white so you can't blame the company. Take it on the chin and move on.

D