Cashplus won’t allow balance transfer

smc_116

I have a cashplus credit card, the balance of which I have tried to transfer to a 0% balance transfer card. NatWest have no problem with taking this balance, but Cashplus won’t allow it as it’s not in their remit. I find this very frustrating and have never heard of this before. Has anyone else and do you know why? Thanks 

[Deleted User]

What do you mean by 'it's not in their remit'?

A BT is just a payment to the other card. Is it a regular 16 digit number?

smc_116

Yes. It’s just a mastercard

smc_116

NatWest haven’t encountered this before 

Stuart_W

I wasn't aware a balance transfer could be refused by the party receiving the payment. The sending party can refuse in some instances but never known it this way round. Sounds unusual. Never experienced this before. 

MrFrugalFever

Perhaps try a money transfer option if available to you and bank transfer the funds from your account once received money transfer?

smc_116

I’m thinking of taking this to the Financial Ombudsman. I don’t know if they’ll be able to take this further, but it’s worth a shot.

born_again

https://www.cashplus.com/media/2421/b2k-credit-card-summary-box-marcretct36140320-short-dm-customers.pdf

Note balance transfer part.

Same as there are banks that will not take balance transfers from other CC's.

It's entirely down to either party. FOS can not force them to do anything if it is their procedure.

[Deleted User]

smc_116 said:

I’m thinking of taking this to the Financial Ombudsman. I don’t know if they’ll be able to take this further, but it’s worth a shot.

No, it's not.

As above, if you can't BT, go via a money transfer.

smc_116

Money transfers are subject to a fee and not eligible for 0% as with a BT, so not useful to me in my situation. Thanks for the suggestion 

Ebe_Scrooge

smc_116 said:

Money transfers are subject to a fee and not eligible for 0% as with a BT, so not useful to me in my situation. Thanks for the suggestion 

Most BTs charge a fee as well (admittedly there are some fee-free offers around, but they tend to be in the minority).

If you can't BT and you can't get a MT offer, then your best bet is to go all-out to repay the debt as fast as possible.  Even if that means cutting back on other spending and making a few sacrifices, it'll be worth it overall.