Balance transfer blocking

squizza

I recently applied for and recieved a Nat West credit card with 13 months 0% on balance transfers. When I rang up to transfer from my Sainsbury's credit card it couldn't be done as Sainsbury's have blocked the process of making a balance transfer. The lady at Nat West said a few store cards also did this to stop the poaching of their business. Is this the end of the beginning or the beginning of the end for balance transfers?

jonesMUFCforever

I would suggest contacting whoever runs Sainsbury's cards and complain.

(Unless RBOS group also run Sainsbury's cards then it would make sense that you cannot transfer betwen 2 companies in the same financial group.)

noh

Sounds like an excuse to me. Sainsburys or any other credit card provider have no way of "blocking" funds being paid into the account they don't know the source of the funds until after they are paid.
According to http://www.stoozing.com/purchases.htm Sainsburys card is operated by HBOS.

Nigel

Mary_Turner

I wanted to transfer a £6000 balance, this is the only credit card debt I have apart from a few £££ in 2 store cards and an Alliance & leic card which I pay off every month. I applied to Capital one to BT and was refused. I phoned them and they refused to tell me why. I have the usual mortgage and loan all paid up, I have asked for a copy of my credit report from Experian. Why won't these companies tell the reason why they refuse you??

MABLE

squizza wrote: »

I recently applied for and recieved a Nat West credit card with 13 months 0% on balance transfers. When I rang up to transfer from my Sainsbury's credit card it couldn't be done as Sainsbury's have blocked the process of making a balance transfer. The lady at Nat West said a few store cards also did this to stop the poaching of their business. Is this the end of the beginning or the beginning of the end for balance transfers?

Royal bank of Scotland own Natwest and Sainsburys card administered by RBS that why it cannot be done.

cm233lh

You can still do the trick with another credit card. Just takes 2 transfers instead of one. If you go via Egg money you can get it into your bank account and pay in cash, so even if they did block transfers there's still a way round it.

noh

As far as I can see the current Sainsburys card is administered by HBOS. Not surprising as Sainsburys is a 50:50 joint venture with HBOS. Was there a previous offering administered by RBS?

Nigel

ontheup_3

Your right noh ....


"Sainsbury's Bank plc is a joint venture with 50% of the share capital owned by the Bank of Scotland plc, a subsidiary of HBOS plc."