Bait and switch promotional BT rate

seatbeltnoob

***Disregard this post, barclaycard were very good scroll to the bottom for update***


Hi I use MSE balance transfer page to get the best deal. Went for barclaycard which was state <1% BT fee on balance.

Well after going through the forms it sprung up 3.5% as the fee. I should have declined and applied for another card (since the BT fee was provided BEFORE any credit checks).

It did ask what was the purpose of getting this card, I should have lied and said for purchases and not BT - they might have given me a better BT rate.

They probably recognise that you're a stoozer if you choose for BT and hit you with a big rate.

Anyway, I worked out my BT fee is going to be £100 apporximately, not bad for over 2 years interest free debt management.

What do you think? Am I being a sucker or being smart?

I dont want too many credit applications as I want to get a 0% purchases card soon so I can put my car insurance onto it and use it as a 0% finance over 6 months.

[Deleted User]

seatbeltnoob wrote: »

What do you think? Am I being a sucker or being smart?

That depends on your circumstances and the options open to you. Only you can answer that question.

YorkshireBoy

Isn't the 3.5% fee discounted by a refund 2 working days later?

Also, isn't there £20 cashback on BTs (T&Cs apply)?

seatbeltnoob

Oh thanks for pointing it out: https://www.barclaycard.co.uk/personal/platinum-third-place-bt-terms

Why would they charge 3.5% and then credit the amount. Does the 3.5% fee earn interest for them so they make some interest?

Whats the point of them doing this?

Sharon87

seatbeltnoob wrote: »

Oh thanks for pointing it out: https://www.barclaycard.co.uk/personal/platinum-third-place-bt-terms

Why would they charge 3.5% and then credit the amount. Does the 3.5% fee earn interest for them so they make some interest?

Whats the point of them doing this?

I don't know why, but Halifax done the same thing for me. I got some of my fee refunded to me at a later date!

[Deleted User]

Because the BT fee is hard coded into the t&cs and systems and the refund is a promotional discount.

seatbeltnoob

Deleted_User wrote: »

Because the BT fee is hard coded into the t&cs and systems and the refund is a promotional discount.

It's bizzare to me that their computer systems are so inflexible as to hard code a rate into it.

There has to be more to it.

realaledrinker

seatbeltnoob wrote: »

It's bizzare to me that their computer systems are so inflexible as to hard code a rate into it.

There has to be more to it.

Hardly, Barclaycard has been around since the mid-60s and the core programs are probably just as ancient. Far easier to bolt on a work around than start from scratch (based on my experience working for the Co-op Bank lol)!

seatbeltnoob

realaledrinker wrote: »

Hardly, Barclaycard has been around since the mid-60s and the core programs are probably just as ancient. Far easier to bolt on a work around than start from scratch (based on my experience working for the Co-op Bank lol)!

Oh yeah, I heard that. On a radio talk show after the tescobank hack someone was saying they work at an unnamed bank as an IT expert and the security systems there are atrocious and their systems routinely crash and have to be rebooted.

Saying that recession is really bad because IT is where they ususally cut corners first. Over front facing roles like putting up nice glitcy LED light branch sign.

They dont feel it's worth investing in doing an overhaul on IT as it will cost too much and may cause downtime.

He said he has such little trust in the system that he actually withdraws his money and keeps the hard currency safe.

seatbeltnoob

but things like interest rate BT fees etc are so commonly changed I dont see why it would be hardcoded in. Perhaps the BT fee is some sort of deterrant to not max out the BT allowance.

jamie_02

You're a sucker if you consider lying on financial services applications. That's called fraud.