interest charges on 0% balance transfers

terrydadd

Hi I have recently taken out a credit card to transfer over balances where I am being charged interest on two other credit cards. I paid the balances by automated phone options and the balance was put onto my new card, but my new card provider has started charging me monthly even though it was a zero percentage card. I rang them to ask why and they said its because its down as a "purchase" rather than a "balance transfer". They wont accept that it was credit card transfers even though they were M&S Bank and Ikano. Any ideas of what I can do?. I am looking to close the account shortly but have been charged £20 interest every month or the past 4 months and want to try and claim it back if possible.

[Deleted User]

You're reliant on their goodwill, as you didn't do a balance transfer.

If you don't get anywhere with them, consider doing new BTs elsewhere, but make sure you actually do it as a BT, not a payment.

RG2015

Don't know which bank your 0% card is with but my two have very specific balance transfer procedures. These must be initiated from the 0% bank using their balance transfer methods.

In Virgin Money and Nationwide credit cards online banking I clicked on balance transfer and entered my transfer from credit card numbers and the amount to transfer and the new bank did the rest.

molerat

If you phoned M&S & Ikano and "paid" the balances with the credit card then that is not a balance transfer, it is at best a purchase and at worst a cash transaction. To BT you have to "pay" the old cards from the BT card using their specified method.