Confused.... Std interest on balance and 0% Bank Tranfer offer

demonted

Initially I had a CC balance incuring an interest rate of 17.9%

With the card purchase balance was still outstanding I took advantage of a Cash Tranfer to bank with a 0% interest rate till March 2017.!

However, when making unrelated enquiries to my CC provider and transferred to the dept responsible for calculating interest; I've been informed that I pay the std 17.9% interest rate on my overall balance, which is also applied to future card purchases.

I asked many times !how that equate to 0% interest on the Cash Transfer but each time the telephone operator said it's stated within T & C's.

I doesn't make sense and I asked again stating that surely my card balance and future card purchases incur the std interest rate of 17.9% but surely the Cash Tranfer to my bank remains interest free till March 2017, however, apparently this is incorrect and I'm charged 17.9% interest on the overall balance.

Yet again, the telephone operator said it's stated within the T & C's

As of yet I've not found the T & C's which relate to Cash Tranfer and interest calculations but it appears the CC has offered a 0% Cash Tranfer, processed it, tranfered funds to my bank but because I had card purchase still outstanding, this negates the 0% interest free offer ?

Any ideas or any experience of such a situation ?

[Deleted User]

How are the sub balances displayed on your statement?

grumbler

Call again, and you can be lucky to get to someone competent instead of an imbecile capable only of repeating 'stated in the T&C'.
If you are unlucky once again, ask either to quote the relevant part of the T&C or put you through to someone who can do this.

demonted

The CC telephone operator was actually very helpful and took a great deal of time to explain but it just wasn't making sense, we were going round in circles, I was begining to feel foolish as I couldnt understand; the reference to T&C's was only made when I stated the letter offering the 0% deal was misleading and mention the implication, nor was it mentioned within any advertiding literature; it wasnt like the telephone operator was just quoting the T&C's, I'm sorry if I gave that impression.

I do intent to call back but wanted opinions front is forum first

The T&C's I've read don't mention that an outstanding balance negates a 0% Bank Transfer offer

During my call, I knew I had a hard copy of the T&C'S and thought it would be clearly stipulated but although very precisely worded it's actually quite sparse when explaining interest; I get the impression that 0% upon till March 2017 is self explanatory.

demonted

I'm not sure what is meant by sub balance but my statement separates the Card Transactions/purchase balance from the Bank Transfer balance and shows an interest rate of 1.38% for Card Transactions/purchase plus displays the amount of intetest incurred during the month but doesn't actually display an outstanding total for Card Transactions/purchases.

The Bank Tranfer is displayed at 0% until March 2017 and displays the total fund transferred plus the handling fee and displays the amount of intetest incurred during the month, which is 0.00

msallen

demonted wrote: »

I'm not sure what is meant by sub balance but my statement separates the Card Transactions/purchase balance from the Bank Transfer balance and shows an interest rate of 1.38% for Card Transactions/purchase plus displays the amount of intetest incurred during the month but doesn't actually display an outstanding total for Card Transactions/purchases.

The Bank Tranfer is displayed at 0% until March 2017 and displays the total fund transferred plus the handling fee and displays the amount of intetest incurred during the month, which is 0.00

That all sounds correct - you are not paying interest on the transfer. What exactly is the problem as you see it?

20aday

I think the call handler meant to say if you made any future purchases on your credit card then (because you aren't clearing the balance in full each month) you'd attract interest at 17.9% for the whole amount remaining until it's reached zero (and trailing interest has been cleared too).

demonted

Problem as I see it is;
CC telephone operator of a dept responsible for calculating and applying interest, stated I'm charged interest on the overall balance, when I asked do you mean the current outstanding card transaction balance and the telephone operator said no, the total overall balance, I said the bank Tranfer that remains interest free untill March 2017, the telephone operator said no, it's calculated at the std rate of 17.9%, when I stated that not interest free is it, that's when the T&C'S was mentioned and I started to get confused.

My belief, the originally balance and future card transactions/purchases incurs an interest rate of 17.9%

The Bank Tranfer remains interest free upon till March 2017

However, the CC telephone operator believes otherwise.

demonted

20aday....
I don't understand your post but that sounds like what the call handler was saying.

Does that mean because I had an outstanding balance when I took the bank transfer offer, I'm charge 17.9% on my old balance, future card transactions and charged 17.9% on the bank tranfer as well until my original card balance is cleared ?

grumbler

20aday wrote: »

I think the call handler meant to say if you made any future purchases on your credit card then (because you aren't clearing the balance in full each month) you'd attract interest at 17.9% for the whole amount remaining until it's reached zero (and trailing interest has been cleared too).

What do you mean by "whole amount remaining"?
The interest gets charged on the original balance and purchases balance only. If the operator meant this, it's not a rocket science to explain without making a customer feel "foolish".

demonted wrote: »

The CC telephone operator was actually very helpful and took a great deal of time to explain but it just wasn't making sense,....

Well, "helpful" and "clever" aren't synonyms.

Typhoon2000

demonted wrote: »

20aday....
I don't understand your post but that sounds like what the call handler was saying.

Does that mean because I had an outstanding balance when I took the bank transfer offer, I'm charge 17.9% on my old balance, future card transactions and charged 17.9% on the bank tranfer as well until my original card balance is cleared ?

No, just the original balance and any future purchases will attract interest with no 56 day interest free period. The 0% bank transfer remains 0%.