Natwest to RBS balance transfer

edwarddebuse

I just applied and got immediately approved online for the RBS 0% for 13 months card mentioned in the balance transfer article. They gave me a generous 5000 limit which I'd hoped to use to balance transfer off my existing Natwest card, entered in all the details when I applied. However, browsing through the forums today, apparently I havn't got a hope as RBS and Natwest are in the same group? RBS havn't indicated any problems to me yet and the card is in the post, but I'm assuming for now that the balance transfer will not go ahead.

Bearing this in mind, what should I do with the card? I have a similar amount on an M&S &More card, low interest life of the balance deal, should I make the best of a bad situation and transfer that instead? Or should I immediately cancel the RBS card? Will this adversely affect my credit rating? Should I just keep hold of the RBS card and apply for another 0% card straight away, say the Virgin one?

Or maybe be more daring, get the Egg Money card, fill that with the 5000 balance transfer from my new RBS card, pay the 5000 into my current account, and then finally pay the 5000 into my Natwest credit card. Any suggestions anyone?

Moggles_2

Hi edwarddebuse

Welcome to MSE & the credit card boards!

I have a similar amount on an M&S &More card, low interest life of the balance deal, should I make the best of a bad situation and transfer that instead? Or should I immediately cancel the RBS card? Will this adversely affect my credit rating? Should I just keep hold of the RBS card and apply for another 0% card straight away, say the Virgin one?

TBH, none of these options is very appealing at the mo. Above all, I would definitely not cancel the RBS card.

Or maybe ... get the Egg Money card, fill that with the 5000 balance transfer from my new RBS card, pay the 5000 into my current account, and then finally pay the 5000 into my Natwest credit card.

Definitely, the solution. Egg Money's always a good card to have in your arsenal!

GAZDC3

Do not balance transfer to RBS, Why you ask?
The transfer fee is not included in the transfer, it's put on your new card as a spend, the deal is 3 months at 0%. Nowhere on the online application form did it state this was the way they conduct the transfer.
The transfer fee I paid was £150, now I have been charged an estimated £54.94 in interest.
You are trapped. You cannot get out of this.
I will now transfer my balance to another card company.
You have been warned.....

A very Pi**ed off Gaz :mad:

riad_2

GAZDC3 wrote: »

Do not balance transfer to RBS, Why you ask?
The transfer fee is not included in the transfer, it's put on your new card as a spend, the deal is 3 months at 0%. Nowhere on the online application form did it state this was the way they conduct the transfer.
The transfer fee I paid was £150, now I have been charged an estimated £54.94 in interest.
You are trapped. You cannot get out of this.
I will now transfer my balance to another card company.
You have been warned.....

A very Pi**ed off Gaz :mad:

You're incorrect Gaz. With RBS, the balance transfer fee is paid off FIRST before the Balance Transfer! Which means if you make an overpayment at the beginning to pay off the fee you will not get any interest.

This is one of the good things about the RBS/Natwest/mint/tesco card bcos from what I understand not all CC companies pay off the fee first!

[Deleted User]

riad wrote: »

You're incorrect Gaz. With RBS, the balance transfer fee is paid off FIRST before the Balance Transfer! Which means if you make an overpayment at the beginning to pay off the fee you will not get any interest.

I hadn't realised this. When you say overpayment, do you need to pay more than the minimum of 2.25% for the fee to be paid off? ie if the minimum payment is £200 and the bt fee is £180, do you need to pay £380 or would the first payment of £200 clear the fee? Thanks!

chambta

edwarddebuse wrote: »

I just applied and got immediately approved online for the RBS 0% for 13 months card mentioned in the balance transfer article. They gave me a generous 5000 limit which I'd hoped to use to balance transfer off my existing Natwest card, entered in all the details when I applied. However, browsing through the forums today, apparently I havn't got a hope as RBS and Natwest are in the same group? RBS havn't indicated any problems to me yet and the card is in the post, but I'm assuming for now that the balance transfer will not go ahead.

Bearing this in mind, what should I do with the card? I have a similar amount on an M&S &More card, low interest life of the balance deal, should I make the best of a bad situation and transfer that instead? Or should I immediately cancel the RBS card? Will this adversely affect my credit rating? Should I just keep hold of the RBS card and apply for another 0% card straight away, say the Virgin one?

Or maybe be more daring, get the Egg Money card, fill that with the 5000 balance transfer from my new RBS card, pay the 5000 into my current account, and then finally pay the 5000 into my Natwest credit card. Any suggestions anyone?

As you say you won't be able to get the deal swapping within RBS group. But what I would suggest would be to try and swap the balance to a 3rd card with sufficient credit limit, if available, and then onto the RBS card as it will appear to be taking on non RBS group debt which is after all what they/we want!

riad_2

anactuary wrote: »

I hadn't realised this. When you say overpayment, do you need to pay more than the minimum of 2.25% for the fee to be paid off? ie if the minimum payment is £200 and the bt fee is £180, do you need to pay £380 or would the first payment of £200 clear the fee? Thanks!

If the fee was £180, make sure your first payment is at least £180... so yeah if your minimum is £200 then the first payment would cover it (if the fee was 2%)!

If the fee was 3% then the minimum (2.25%) wudn't cover it so you would have to make a manual overpayment (call them up and make a debit card pymnt). Altho... something I'm not sure about, if these RBS cards have 3 months interest cree on purchases... is the fee still subject to interest during this period? (cos it's not a "purchase"... but does attract purchase interest??)... either way I would pay the fee at the beginning by debit card just to be on the safe side!