Balance transfer card turns out to be the same banking group

daveyrussell

HI
I have been approved for a 0% card, but after the credit check had already been done it stated that i cannot transfer from a card within their group which makes the card pointless to me as i didn't realise they were in the same group. 

Any ideas what i can do as i dont want another application on my credit score.
Thanks

[Deleted User]

Another search is not a major issue on a well managed file. Your score may not like a search but your score doesn't matter.

If you don't want the account, you can withdraw within the first 14 days, leaving only the search.

daveyrussell

Deleted_User said:

Another search is not a major issue on a well managed file. Your score may not like a search but your score doesn't matter.

If you don't want the account, you can withdraw within the first 14 days, leaving only the search.

Cheers, is there any point in contacting the bank to see if there is anything they can do or is it a no no they wont help?

EarthBoy

daveyrussell said:

Deleted_User said:

Another search is not a major issue on a well managed file. Your score may not like a search but your score doesn't matter.

If you don't want the account, you can withdraw within the first 14 days, leaving only the search.

Cheers, is there any point in contacting the bank to see if there is anything they can do or is it a no no they wont help?

If you're wanting them to change their decision, forget it.  All banks will refuse to do a balance transfer from other cards in the same group.

Brie

Best thing may be to post what card you already have and others can advise which to apply for.  Unless there's an easy way to google that.  Not sure how you find out what some of the "store" banks are - like Tesco CC?  Which bank is that?  But I would guess that perhaps Tesco and Sainsburys use different banks (I could be wrong) so if you have one apply for the other.

WillPS

Tesco Bank and Sainsburys Bank are entirely independent (they were previously associated with RBS and HBOS/LBG, but that's irrelevant in 2022).

The groups to watch out for with regards to Balance Transfers are:

LBG - who trade under the Lloyds, Halifax, Bank of Scotland and MBNA brands (I think they let you transfer from other group brands but do check!)

HSBC - who additionally trade under the John Lewis Personal Finance, M&S Bank and first direct names

Natwest Group - who additionally trade under the Ulster Bank and Royal Bank of Scotland brands

SiliconChip

Brie said:

Unless there's an easy way to google that.  Not sure how you find out what some of the "store" banks are - like Tesco CC?  Which bank is that? 

Try this. https://www.which.co.uk/static/tools/new-reviews/who-owns-who-banking/who-owns-who.html

WillPS

SiliconChip said:

Brie said:

Unless there's an easy way to google that.  Not sure how you find out what some of the "store" banks are - like Tesco CC?  Which bank is that? 

Try this. https://www.which.co.uk/static/tools/new-reviews/who-owns-who-banking/who-owns-who.html

That's not intended for this purpose, it's intended to help consumers determine how they can protect their savings which depends on banking license rather than group structure.

daveyrussell

Thanks for the replies. Here is what I am thinking (apologies I have never done a card balance transfer before). If I search and apply for a new card that's outside of the NatWest group that has a very low transfer rate, move my NatWest card debt to that card and then transfer it to the 0% no fee 24 month NatWest card I have just been given. Does that sound like I would be allowed to do that?

[Deleted User]

You're allowed to, but it's convoluted.  I would just get a a decent BT card from elsewhere.

daveyrussell

Deleted_User said:

You're allowed to, but it's convoluted.  I would just get a a decent BT card from elsewhere.

Problem is, I have not seen a card outside the Natwest group that has a long 0% that I stand a chance of getting. So if I can get a zero fee, or very low fee, then I can move it to them, and then back to Natwest which is a free trans fee and 24 months at 0%