Santander balance transfer.

nats54

My husband applied for the card for a balance transfer, was accepted on the same day, set up a direct debit and everything. Received the card and paperwork, only to find out they had not offered enough to cover the balance transfer. He called and was informed that the limits were subject to status. He has a very good income. And it was made clear on application the required amount. I think they are a bit sneaky. Anyway he told them he didn't want it as it was no use and they said their system was down so they couldn't do anything about it then so he would have to call back. :mad:

eskbanker

He should have read everything in more detail.

While BT card applications often do ask for the amount to be transferred, they in no way commit to offering a credit limit large enough to accommodate that, and, as he's belatedly found out, they'll only decide on the credit limit (independently of what's "required") after doing the credit check.

Once that search is on his file, it seems wasteful to reject the card, so he might as well take it, transfer part of the debt, and apply for another card in the hope that he'll get enough of a limit for the rest. He should check his credit files and also use eligibility checkers to optimise what he applies for....

[Deleted User]

At least transfer off what you can onto that card and then work on clearing the rest either by paying it off or applying for another BT card elsewhere.

Just because you request an amount of XXXX doesn't mean you'll get XXXX.

[Deleted User]

nats54 wrote: »

Anyway he told them he didn't want it as it was no use and they said their system was down so they couldn't do anything about it then so he would have to call back. :mad:

That was a lucky break! Now he can transfer what he can and start saving some money.

nats54

eskbanker wrote: »

He should check his credit files and also use eligibility checkers to optimise what he applies for....

His credit score is excellent he used the eligibility checker and got the card accepted within minutes of completing the application. After expecting to wait a couple of days. I just find it odd and slightly annoying as to why they wouldn't cover the transfer. Oh well never mind. I did say it might be worth doing the half they offered but he's gotten a bit bitter about it now!

[Deleted User]

Unfortunately, his credit score isn't a factor in lending. He needs to meet the lender's risk criteria.

He's going to be a whole lot more bitter when he gets offered less on subsequent applications due to the existing search. If he really wants to pay less interest, tell him to accept it.

If he has more money than he knows what to do with, let him cancel it.