BT offer from HSBC - does this sound right?

Simon7685

Its not about whether or not it is worth the trouble as I have no plan to take up the offer of the BT offered. It is about 2 things;
1. Satisfying my own curiosity after reading the pamphlet they sent and them delivering what is stated.
2. Hopefully making other people aware of exactly what they would be getting if they took up the same offer, which was clearly not just an individual personal offer targeted solely at me.

I still think that a lot of people might jump at an offer like this, believing they would get one thing but in reality they get something else at quite a financial cost.

So you could say it is about information sharing.

Simon7685

Curiously after Yorkshire Boy mentioned that Nationwide were to start offering the self same thing, (which I didn't know) I sent the same secure message to them as I sent to HSBC. They have replied this morning and the difference in what they have said is great, clear, easy to understand and you know exactly where you are.

Thank you for your recent message.

I can confirm that is correct. After the 17th March if you make a balance transfer onto the card, You would still be able to make purchases and pay no interest as long as the total amount of those purchases were cleared in full by the relevant payment date.

Isn't this what all banks should be supplying to customers?

grumbler

Simon7685 wrote: »

...
I still think that a lot of people might jump at an offer like this, believing they would get one thing but in reality they get something else at quite a financial cost.

Yes, many people get caught, but not because of some allegedly misleading pamphlet, but because there is no any pamphlet at all and they are lazy to read and understand the T&C.
To give HSBC their credit, they sent you some booklet that you find misleading, but I still don't understand why.

Simon7685 wrote: »

Curiously after Yorkshire Boy mentioned that Nationwide were to start offering the self same thing, (which I didn't know) I sent the same secure message to them as I sent to HSBC.

Do you like wasting your time and the CS's?

They have replied this morning and the difference in what they have said is great, clear, easy to understand and you know exactly where you are.

Thank you for your recent message.

I can confirm that is correct. After the 17th March if you make a balance transfer onto the card, You would still be able to make purchases and pay no interest as long as the total amount of those purchases were cleared in full by the relevant payment date.

Isn't this what all banks should be supplying to customers?

If you mean good and competent CS, then, as I said, it's a matter of luck. Idiots can be stumbled upon in all CS.
E.g. - the same Nationwide that "all banks" apparently have to learn from: FlexDirect interest cap.

That's why it's better to use more reliable sources of information if possible.
MSE: Nationwide revamps credit card fees, but will other providers do the ...
Nationwide: The Nationwide Credit Card Terms and Conditions are changing ...

Simon7685

It is not a waste of my time to try and find out something. Just because you do not see why I found the information supplied misleading does not mean that everyone else is in the same boat.

It is clear that a lot of information is contained in T&C's I do not dispute that but it is also a fact of life that many people do not understand them or even read them.

I received an offer and I thought the information was misleading, so I checked up on it with HSBC and have given all the information received for people to make up their own minds. Just because you don't think it is misleading does not mean everyone else will agree, so in my view it is worth sharing with other people. Part of the reason this forum even exists is to help people and share experiences, which they should be able to do without being lambasted for it.

You contend that I obviously like wasting my time and that if people dont read and digest all the T&C's then they are "lazy"! Personally I think that is both insulting and rude!

However if I have wasted my time with this, then perhaps you need not to waste your time responding to my waste of time?

grumbler

My reason for saying "wasting time" is that pretty often information you receive from CS is even more misleading/confusing/incorrect - like the reply from HSBC clearly demonstrated in your case.
That's why, IMO, CS are the last resort - if there are no any more reliable sources for getting the information you need, that wasn't the case for both HSBC and Nationwide.
For HSBC it was just a case or reading the 'pamphlet' more thoroughly to see that there was no anything there to indicate that interest on purchases could be 0% or waived.

Simon7685

Just for you Grumbler, I received yet another message from HSBC (don't know why) which reads;

Thank you for your email dated 8 March regarding your credit card account.

Further to the previous emails, if you have an outstanding balance which is composed of the 0% balance transfers and purchases, you need to clear the purchase balance each billing cycle.

There is no interest free period for cash transactions and balance transfers (except 0% balance transfers).

Further, please contact the below mentioned helpdesk number. They will be able to advise you.

If you have any more queries, please email me or you can contact our Customer Services Team on 03457 404 404 ((44) 1226 261 010, from abroad). They are open Monday to Sunday 8am to 10pm (UK time).


Kind regards

Rajneesh Kumar
Customer Service Team
Cards Business Services

So that is the second one suggesting that they will run purchases alongside a 0% BT and as long as purchases are paid in full, there will be no interest.

I appreciate that it is against the "norm" if that is the case and as I said in my opening post, I have not known of it and understood the full balance had to be cleared but could it be that they are now allowing it?

I have read and re read my T&C's and cannot find anything that would give a definitive answer either way. I am going to ring HSBC and see what they will say as curiosity is getting the better of me. I appreciate that you probably think it is a complete waste of time but if it proves to be the case, then it could help others.

grumbler

Simon7685 wrote: »

....

Further to the previous emails, if you have an outstanding balance which is composed of the 0% balance transfers and purchases, you need to clear the purchase balance each billing cycle.

...

So that is the second one suggesting that they will run purchases alongside a 0% BT and as long as purchases are paid in full, there will be no interest.

Yet another vague reply that just proves my point about CS.

It possibly does imply something, but nowhere does it clearly say that the interest on purchases is 0% if you "clear the purchase balance each billing cycle".

I appreciate that it is against the "norm" if that is the case and as I said in my opening post, I have not known of it and understood the full balance had to be cleared but could it be that they are now allowing it?

You can only guess. So far I've seen only one contradicting piece of information (in the previous e-mail) indicating that it possibly can be the case. Most likely, it isn't.

I have read and re read my T&C's and cannot find anything that would give a definitive answer either way.

I am pretty sure they say that the statement balance (not purchases balance) has to be paid in full for interest on purchases to be waived. Are they available online?

ETA: I checked some random T&C and, indeed, they say nothing about interest on purchases waived if statement balance paid in full.
http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/hsbc-bank-credit-card-tcs.pdf

However for all CCs, the Summary Boxes say it absolutely clearly:

Interest free period
Up to 56 days on Purchases if you pay your whole balance in full and on time.
...
Interest charging information
You will not pay interest on purchases if you pay your balance in full and on time each month. Otherwise, the period over which interest is charged will be ...
Purchases
From Date debited to your account
Until Paid in full