Beware Sainsburys

HoolyNI

Hello all, 
I had a couple of credit cards from these shysters to manage balance transfers and cleared them both on the 12th statement within the 12 month deal or so I thought. Turns out they charge interest from the date the account was set up but neglect to point that out on the statement, so I've ended up being stung for interest charges of £48 & £47 respectively. On one of the cards I attempted four times to clear the card early rather than have the money sitting in my current account but kept running into "technical difficulties". I can see why now but thought nothing of it at the time.
Avoid.

MattMattMattUK

HoolyNI said:

Hello all, 
I had a couple of credit cards from these shysters to manage balance transfers and cleared them both on the 12th statement within the 12 month deal or so I thought. Turns out they charge interest from the date the account was set up but neglect to point that out on the statement, so I've ended up being stung for interest charges of £48 & £47 respectively. On one of the cards I attempted four times to clear the card early rather than have the money sitting in my current account but kept running into "technical difficulties". I can see why now but thought nothing of it at the time.
Avoid.

The interest charges are detailed in the terms and conditions as well as the account summary, it is your choice to read them, or to ignore them.

HoolyNI

MattMattMattUK said:

HoolyNI said:

Hello all, 
I had a couple of credit cards from these shysters to manage balance transfers and cleared them both on the 12th statement within the 12 month deal or so I thought. Turns out they charge interest from the date the account was set up but neglect to point that out on the statement, so I've ended up being stung for interest charges of £48 & £47 respectively. On one of the cards I attempted four times to clear the card early rather than have the money sitting in my current account but kept running into "technical difficulties". I can see why now but thought nothing of it at the time.
Avoid.

The interest charges are detailed in the terms and conditions as well as the account summary, it is your choice to read them, or to ignore them.

Shouldn't they be detailed in the "estimated interest" column too? Mine read £0.00 for estimated interest. It's not a mistake I will be making again. Underhand.

maisie_cat

We had the same thing with a Tesco card a few years ago, you need to clear the balance a full month ahead or something and we were stung for £7. We fell for the same "estimated interest" line but it only happens once.
Our Sainsburys 0% ended 4th March but the payment would have been 15th, triggering an interest charge, so we paid it off in early February and no interest was charged.
They all do it, but £90 is not that much for 2 years borrowing.

HoolyNI

maisie_cat said:

We had the same thing with a Tesco card a few years ago, you need to clear the balance a full month ahead or something and we were stung for £7. We fell for the same "estimated interest" line but it only happens once.
Our Sainsburys 0% ended 4th March but the payment would have been 15th, triggering an interest charge, so we paid it off in early February and no interest was charged.
They all do it, but £90 is not that much for 2 years borrowing.

My deal was only for 12 months so £95 is steep enough. I have had maybe half a dozen balance transfer cards over the years and have never paid a penny in interest on any of them. My deal ended on the 12th March and the first card wasn't cleared until the due date of 9th April, the 2nd card I attempted several times to clear it early via online banking but was prevented from doing so, rather than wasting time in a phone queue I let it run thinking no interest would be charged until after the due date.

[Deleted User]

It is well established that if you don't clear the balance in full every month that you get charged interest on the whole balance, not the remainder, it is logical that this might well apply for the transfer if not cleared in full before the end date.

They are not shysters for following the terms and conditions you agreed to when you applied
https://www.sainsburysbank.co.uk/credit-cards/summary-box/cca-summary-box-nectar-bt28

HoolyNI

Deleted_User said:

It is well established that if you don't clear the balance in full every month that you get charged interest on the whole balance, not the remainder, it is logical that this might well apply for the transfer if not cleared in full before the end date.

They are not shysters for following the terms and conditions you agreed to when you applied
https://www.sainsburysbank./credit-cards/summary-box/cca-summary-box-nectar-bt28

Am well aware of how interest works, have used a card for 90% of my spending for at least 15 years and clear it every month by the due date with never a penny of interest. As the previous poster stated I should have paid it off a month early.
It is an underhand way to sneak a bit of interest from customers who should probably have been paying more attention.
{Text removed by Forum Team}

[Deleted User]

HoolyNI said:

Deleted_User said:

It is well established that if you don't clear the balance in full every month that you get charged interest on the whole balance, not the remainder, it is logical that this might well apply for the transfer if not cleared in full before the end date.

They are not shysters for following the terms and conditions you agreed to when you applied
https://www.sainsburysbank./credit-cards/summary-box/cca-summary-box-nectar-bt28

Am well aware of how interest works, have used a card for 90% of my spending for at least 15 years and clear it every month by the due date with never a penny of interest. As the previous poster stated I should have paid it off a month early.
It is an underhand way to sneak a bit of interest from customers who should probably have been paying more attention.

{Text removed by Forum Team}

.

Again, claiming a bank are shysters for enforcing terms and conditions you agreed to is incorrect.
Thread and user reported for using a label implying the bank is unscrupulous, fraudulent or deceptive

SuperAllyB

HoolyNI said:

maisie_cat said:

We had the same thing with a Tesco card a few years ago, you need to clear the balance a full month ahead or something and we were stung for £7. We fell for the same "estimated interest" line but it only happens once.
Our Sainsburys 0% ended 4th March but the payment would have been 15th, triggering an interest charge, so we paid it off in early February and no interest was charged.
They all do it, but £90 is not that much for 2 years borrowing.

My deal was only for 12 months so £95 is steep enough. I have had maybe half a dozen balance transfer cards over the years and have never paid a penny in interest on any of them. My deal ended on the 12th March and the first card wasn't cleared until the due date of 9th April, the 2nd card I attempted several times to clear it early via online banking but was prevented from doing so, rather than wasting time in a phone queue I let it run thinking no interest would be charged until after the due date.

If the deal ended on 12th March then you should have cleared it by then rather than waiting for the following due date. Obviously you'll be charged interest from then on. You're nowhere near as smart as you think you are.

HoolyNI

Deleted_User said:

HoolyNI said:

Deleted_User said:

It is well established that if you don't clear the balance in full every month that you get charged interest on the whole balance, not the remainder, it is logical that this might well apply for the transfer if not cleared in full before the end date.

They are not shysters for following the terms and conditions you agreed to when you applied
https://www.sainsburysbank.co.uk/credit-cards/summary-box/cca-summary-box-nectar-bt28

Am well aware of how interest works, have used a card for 90% of my spending for at least 15 years and clear it every month by the due date with never a penny of interest. As the previous poster stated I should have paid it off a month early.
It is an underhand way to sneak a bit of interest from customers who should probably have been paying more attention.
Shysters.

Again, claiming a bank are shysters for enforcing terms and conditions you agreed to is incorrect.
Thread and user reported for using a label implying the bank is unscrupulous, fraudulent or deceptive

Knock yourself out.

HoolyNI

SuperAllyB said:

HoolyNI said:

maisie_cat said:

We had the same thing with a Tesco card a few years ago, you need to clear the balance a full month ahead or something and we were stung for £7. We fell for the same "estimated interest" line but it only happens once.
Our Sainsburys 0% ended 4th March but the payment would have been 15th, triggering an interest charge, so we paid it off in early February and no interest was charged.
They all do it, but £90 is not that much for 2 years borrowing.

My deal was only for 12 months so £95 is steep enough. I have had maybe half a dozen balance transfer cards over the years and have never paid a penny in interest on any of them. My deal ended on the 12th March and the first card wasn't cleared until the due date of 9th April, the 2nd card I attempted several times to clear it early via online banking but was prevented from doing so, rather than wasting time in a phone queue I let it run thinking no interest would be charged until after the due date.

If the deal ended on 12th March then you should have cleared it by then rather than waiting for the following due date. Obviously you'll be charged interest from then on. You're nowhere near as smart as you think you are.

Maybe I could take tips on being a smart-!!!!!! from you?
If my post stops even one person from making the same mistake I did then it will have been worth it.