Balance transfer supposed to be 0% but they are charging me

Caz3121

from Santander CC T&Cs
It is important that you make at least the minimum payment when due. Failure to make the minimum monthly payment on time will result in a late payment fee of £12 as well as interest. As a consequence of this, the total cost of your debt may grow. If you don't make your payments on time we are entitled to record any defaults that you make at Credit Reference Agencies. This may make obtaining credit more difficult and more expensive in the future.

Paully232000

Killerseven wrote: »

So do all the people who do balance transfers 0% for a year still pay every month like £20? I don't think so

Yes............go away and read up on BT deals and then come back and say you are wrong.

Your only hope of keeping your 0% deal? Is phoning credit card company and appealing to their better nature about any charges they may add to your account and the reinstatement of your 0%. I would also check your credit file for all the late payment markers and not hope too highly of getting credit in the near future.

Gavin78

Killer - I think you are missing what 0% means

it just means that you still have to make a min payment every month to clear the transfer but you wont have to pay interest on the min payment

SuperHan

Oh I hope the OP doesn't disappear now they've been proven wrong.

But from Martin's Credit Card Tarting Guide

How to tart

If you're a new tart, the process is pretty simple.

• Get a 0% purchases card
  This is a card that you can spend on, and all the spending will be at 0% for a set period. See the longest 0% deals below.
• Ensure you make the repayments
  All "0% interest" means is there is no cost to the borrowing; it still needs to be repaid. Ensure you make at least the minimum repayments to avoid being fined, or worse, having the 0% deal withdrawn, meaning you need to pay the expensive standard rate.

0% just means you don't pay back more than you borrowed, not that you don't pay anything.

At the end of the 12 months, the amount you need to transfer to close the card will be £240 (20x12) lower than when you started, and the benefit is you've been able to keep the rest of the balance in a high interest bank account generating up to 5% for the year.

You need to get on the phone to Santander (or whoever holds the debt now) and beg them to reinstate the deal and remove the charges.

They'll likely have reported the late payments too, so you may want to get a statutory credit report to check the damage as you might find it much more difficult to find a card to transfer the balance to at the end of the 12 months.

Gordon_Hose

This has to be some sort of wind up. No one is that daft, surely!??

SuperAllyB

Caz3121 wrote: »

from Santander CC T&Cs
It is important that you make at least the minimum payment when due. Failure to make the minimum monthly payment on time will result in a late payment fee of £12 as well as interest. As a consequence of this, the total cost of your debt may grow. If you don't make your payments on time we are entitled to record any defaults that you make at Credit Reference Agencies. This may make obtaining credit more difficult and more expensive in the future.

But surely the OP couldn't be expected to read the T&Cs before ticking the box to say they did. Nobody would be stupid enough to do something like that!

jonesMUFCforever

I agree with Garden Hose - I believe OP cannot be of such a low intelligence as not to read a statement that states £x needs to be paid by y date.
A good troll story I will admit.

Paully232000

Gordon_Hose wrote: »

This has to be some sort of wind up. No one is that daft, surely!??

You would think, but this is not the first thread on the same topic that I have read on here.

Money_maker

Has to be one of the funniest threads this week. Either OP is a WUM or OMG:eek:

David301

Can't believe this guy even managed to get a credit card tbh!!