Barclaycard Money Transfer Refused

unphased

Hi. I have held a Barclaycard Platinum card for several years and paid off the balance in May 2012. I have not used the card since. I have recently received a letter offering me 0% balance and money transfer offer for twelve months and I have until 31 May to apply. So I phoned them last night to action a money transfer to my Halifax bank account and was told that because the direct debit had been recently renewed the criteria for the money transfer was not met so they refused to allow me to do it. They offered to allow me to do a money transfer to a Barclaycard current account but I don't have one. The bizarre thing is I haven't recently renewed the direct debit at all. It has been the same for over twelve months. What is going on here? I told them I haven't renewed my direct debit but they are insisting I have.

jonesMUFCforever

Check your credit files.

grumbler

jonesMUFCforever wrote: »

Check your credit files.

This is unlikely to be a reason. For the bank it makes almost no difference whether to transfer the money to your current account or to your another CC provider.

jonesMUFCforever

grumbler wrote: »

This is unlikely to be a reason. For the bank it makes almost no difference whether to transfer the money to your current account or to your another CC provider.

Something has spooked them from lending to him.

unphased

No I don't think so jonesM. Its incorrect information on their system. For some reason unbeknown to me their system is showing that the direct debit was renewed. For the criteria to transfer money to the bank account they are saying it has to be an account that has been used for the direct debit (it has) and it has to be more than 60 days (it is) so its wrong.

chattychappy

A new way for DDs to annoy people!

I never use them, but I recall seeing something about them being cancelled if not used for 13 months?? Is that possible here... that because you didn't use the account for so long, the DD became invalid (and possibly got setup again..)??

unphased

I guess that could be a reason. I have asked them to confirm whether the dd was renewed by them. It is a catch 22. I know I have had the same account attached to the card from the outset but the renewal of the direct debit classes it as a new account.

grumbler

jonesMUFCforever wrote: »

Something has spooked them from lending to him.

How do they refuse to lend? They refuse to make a transfer to his bank account, but are willing to transfer money to his other CC.

CRISPIANNE3

It amazes me that they continually offer me long term bt rates of 0 percent but never bt to my bank account. Its not something I would take up anyway but at the end of the day its all money so not quite sure of their logic.

Perhaps this is something You-kip-Bugsybrowne may have an answer to.

chattychappy

CRISPIANNE3 wrote: »

It amazes me that they continually offer me long term bt rates of 0 percent but never bt to my bank account. Its not something I would take up anyway but at the end of the day its all money so not quite sure of their logic.

Agree. I suppose:

1) There is a perceived higher risk with a transfer to a current account because the borrower is increasing their overall debt. With a transfer to another CC, it is neutral from this point of view.

2) If you are running a standard rate balance, it can be a way to reduce this to the promotional rate by transferring to a current account and then making a payment to the CC.

3) It is a way to circumvent the minimum payment requirement. Each time you receive a statement you transfer an amount equal to the minimum payment to your current account and then pay it back to the CC.

4) Nanny state/responsible lending concerns? People objected to CC cheques on the same basis - they were too tempting.

Of course 2)/3) can't apply if the account has zero balance.

guesswho2000

chattychappy wrote: »

4) Nanny state/responsible lending concerns? People objected to CC cheques on the same basis - they were too tempting.

This, I suspect.

However, lending is a dark art, I've had a Barclaycard for eight years, and only last month did I, for the first time ever, get a current account transfer offer - BT offers to other credit cards have been fairly consistent, so I doubt OPs credit rating is to blame.