Beware of Account Transfers - Not always what they seem!

Simon7685

I was looking at some of my cards over the weekend, particularly the ones with Barclaycard. I have the Initial card with a hefty 29.9% APR, also a Freedom Rewards card at 18.95%.

So I contacted Barclaycard and asked if I would be able to be moved accross to an alternative from the Initial card. They told me I was eligible for a "product transfer" to a platinum card or a Visa card. I asked for the 14 month 0% purchases card but was told that while they would transfer me over I would not benefit from the 0% offer and if I wanted that offer I was able to apply for it.

To be honest the 0% on purchases would have been nice but it wasn't a big issue, so I opted to do the transfer anyway. The paperwork has just arrived and has left me thinking.............

What was the point of that then????:(

They are changing the card and the name of the account but the APR stays the same! It even says "Great News" - You can benefit from keeping your existing credit limit and APR, it then tells me it was 29.9% and still is 29.9%.

So all in all I get to drop the Initial brand, replace it with platinum and everything else stays the same........... Really?

Oh well its not the end of the world and maybe I should have been checking at the time but I did assume that the APR would drop, so if you try the same, remember to ask about your APR:rotfl:

leeroy2009

you should of asked for a upgrade and a apr reduction - they can and do offer this, especially with a threat to close the account, and if you have a balance on the initial card then they will say no to a apr reduction anyway, a zero balance puts you in good stead to "haggle" with Barclaycard - ps you will also find much higher credit limits with the plat card are available.

Simon7685

I have always paid the Initial card in full every month since I got it, same with all my other cards. It did have £50 of spending on it from this month though, so that maybe explains it.

As I said it is probably my own fault, I should have made sure and asked the questions but it just seemed obvious that a "product transfer" would include the better APR rate.

Simon7685

Newsflash......................

I decided this morning to send a secure message to Barclaycard expressing my disappointment at my card being upgraded to platinum but the APR being left at a hefty 29.9%.

I received a phonecall from them this afternoon during which they apologised and told me I am a valued customer. They offered to drop my APR by 8% to 21.9%. It may not be their headline rate and is still not as competitive as the freedom rewards card I have but it remains a significant reduction and much more in line with other prime cards I have progressed to.

It is a good feeling knowing that all the good work in rebuilding my credit rating is finally paying dividends. I now have mostly mainstream cards with APR's on them of between 18.95 and 23%. A vast improvement on 3 years ago when I only had Vanquis at 49.9%............

I guess it goes to show that asking can sometimes pay off!

leeroy2009

well done buddy, Barclaycards lowest apr is 18.9 (was 7.9 on the withdrawn simplicity)


however they can and will drop the apr lower - even the 18.9% one.