Lloyds Bank 24 mth 0% Platinum Balance Tranfer

Sparklynic

I just applied through a link on the MoneySavingExpert website for the 24 month 0% Lloyds Bank Platinum Balance Transfer credit card. When I get through to the "approval" page they have offered me an 18 month balance transfer card with the full 3% transfer fee rather than the 1.5%/cashback offer that I applied for.

Under the FAQ it states "Having performed a number of checks we're able to offer you a card which may offer even more favourable terms and conditions". There is nowhere for me to reject this offer and proceed with the original card I applied for AND the card they have offered in it's place has a worse 18 month term so I do not want it.

I will be phoning them to pursue this matter, but wonder if anyone else has run into this?

You-kip

Sparklynic wrote: »

I just applied through a link on the MoneySavingExpert website for the 24 month 0% Lloyds Bank Platinum Balance Transfer credit card. When I get through to the "approval" page they have offered me an 18 month balance transfer card with the full 3% transfer fee rather than the 1.5%/cashback offer that I applied for.

Under the FAQ it states "Having performed a number of checks we're able to offer you a card which may offer even more favourable terms and conditions". There is nowhere for me to reject this offer and proceed with the original card I applied for AND the card they have offered in it's place has a worse 18 month term so I do not want it.

I will be phoning them to pursue this matter, but wonder if anyone else has run into this?

Did you read the summary regarding the 1.5% cashback I thought not.

Sparklynic

Hi You-Kip

If you mean the original summary on the 24 month 0% card confirming that the 1.5% discount would be applied after the 3% transfer has taken place, then yes I did read this.

If you mean the new summary on the "newly offered" 18 month 0% card that does not mention the 1.5% discount anywhere whatosever, then yes I read this also.

In future, perhaps you could leave USEFUL feedback rather than just sniping.

Many thanks

dotdash79

Not everyone will get the best rate or the full 24 months BT offer.

It's up to you to take offer or leave.

ManchegoMan

Hi Sparklynic,

I also applied the other day (directly via the lloyds website, not MSE) for the 24mth option and was offered the 21 month option cc. You are correct in that there isn't any information in the details or fine print during the application process about the discounted 3% transfer fee. However, the summary info on the original web pages did highlight in brackets the discount along with examples. Unfortunately, once you go so far into the application process (esp. once you have been accepted in principal) you cannot view any other of the credit card options for comparison - I think it is down to the cookies my browser device as it knows I have already gone through the application process. Anyway, I digress....Once you have completed the application process and it pops up a survey option I clicked Yes and did the survey and pointed out the unclear info on the 3% plus discounted amount anomaly. Next day I got a phone call from a woman carrying out the same survey (puzzling!) and I mentioned it and she reassured me that the discount will be applied within (AFAIR) 90 days of opening the account. So personally I'm not concerned at this stage but will post again if I do not recieve my discount after 90 days or so. I recall that if you are offered the 15 month option the transfer fee is 0.8% so effectively you get charged 3% and then you get 72% of that transfer brefunded in time.

Please correct me if I'm wrong in any of the figures above as I cannot fully recollect the details as I was going through the process. ;-)

goldmask

After the split, can you transfer balance from Lloyds (Halifax and BOS) to the new TSB bank credit card?

sharpy2010

Sparklynic wrote: »

I will be phoning them to pursue this matter, but wonder if anyone else has run into this?

Credit isn't a right, and they've decided on this occasion that they don't want to give you the product that you applied for, but they're happy to give you an alternative product which may or may not suit your needs.

I don't see what your complaint is?

ManchegoMan

sharpy2010 wrote: »

Credit isn't a right, and they've decided on this occasion that they don't want to give you the product that you applied for, but they're happy to give you an alternative product which may or may not suit your needs.

I don't see what your complaint is?

I think the OP's complaint is that it doesn't state that the applicant will receive a 50% discount on the 3% transfer rate within 90 days of account opening so it doesn't work out to be as good a deal as they were advertising (esp. as the OP was accepted for 9 months less than the best promotional offer going at the time). Now that his credit file will be affected as a result of the application its not an easy decision to just cancel the application (during the 14 day cooling period) and apply elsewhere (AFAIK). Again, correct me here if I'm wrong about credit file behavior pre/post applications.

Sparklynic

Firstly, many thanks to everyone who took the time to reply, I'm very grateful to you all.

ManchegoMan, you are quite right my complaint was that the card I was offered was for a worse term than the one I applied for. I was attracted on two counts - the long 24 month term as well as the reduced 1.5% transfer fee, and the alternative card they offered me, on the scant information given, appeared to be worse on both counts.

I do have a very good credit rating and I wonder how many 24 month card Lloyds have actually offered (I understand they have to offer 51% of successful applicants the original card, but if 100 people apply and they only 'pass' 3 applicants, then 2 cards offered for 24 month terms will fulfill the terms of this offer - and yes I do realise how unrealistically low those figures are!).

Ultimately I did cancel the application out of principle (or maybe irritation if I'm honest) and have now successfully applied for an alternative card with another provider instead.

Thanks again to all.

aetbaar

I was reading this as I was thinking of applying for the Lloyd's card and now it has put me off

What card did you go for in the end? - does anyone have experience with natwest/rbs? Am I more or less likely to get accepted by them than with say Lloyd's or Halifax

I have an excellent credit history so that should not be a problem although I recently moved home so lack if history on current address could be a problem