Balance transfer urgent problem

jmb1

So I applied for a credit card with HSBC and a balance transfer from my existing Virgin CC but at the end of the application it said there was a techincal issue and application couldnt be completed. I thought no more about it.

I then applied for a post office / capital one, also with balance transfer, got accepted.

In the meantime, a few days later HSBC came back out of the blue saying I'm approved!

So in theory I have two new credit cards both attempting to do a balance transfer from the same virgin credit card.

The HSBC is a much better 0% period (29 instead of 18 months) and I want to go with that so I've messaged capital one to try and cancel the "pending" balance transfer.

Will that work? Anything else I should do?? I'll keep both cards I guess? (as I'll be using lesser percentage of my available limit of both cards). As I say I want the balance transfer onto the better termed HSBC card.

EDIT: I've seen on captial one's site that they cant cancel a BT but suggest going back to the other CC and requesting it be reversed so will try that. One question though, what happens when HSBC try to transfer a balance but it's already pending (or already completed) and there isn't a balance to transfer? Will it just fail? Or are they (oh god) going to credit my virgin CC account? What a mess!

Brie

I suspect it means that you will end up with a credit on the virgin CC which will likely be automatically refunded to the source of the money. 

So if HSBC complete a BT first and then Capital complete one as well the money will go back to Capital.  Or if Capital completes the BT first, then HSBC the money will go back to HSBC.   You'll get charged a fee for both.  

I wouldn't panic just yet as you haven't actually received a card from either from the sounds of it.

vacheron

Most likely both will complete and you will end up with a positive balance on your Virgin card. But if your Virgin card transfers to the Capital One card, and somehow the HSBC transfer doesn't go through, simply instigate a new transfer with HSBC to transfer the Capital One balance to HSBC instead.

You usually have at least 30 days to complete as many balance transfers as you like after opening a new BT card. 

The only issue is if either (or both) of the new cards has a balance transfer fee, you would have to pay this twice. In which case, would these extra fees offset the the enhanced "benefits" of the HSBC card?

jmb1

Thanks for the comments. As Brie says, I haven't actually had either card yet. I did just receive an email from Post Office stating "If you've requested a balance transfer it won't be added to your account until you've activated your card." so I am hoping that's the case, however when I log into the new account it's certainly there pending.

I tried calling them to question it but was told their systems are down and try again tomorrow. So hoping my secure message requesting to cancel it is actioned before that.

Nasqueron

Some cards (HSBC for example), won't do the BT until the card is activated - the cap one card may well be the same, if you don't activate it, the BT won't happen

jmb1

Had reply from cap one theyve cancelled the transfer (phew) so yes all good. thanks all for allaying my fears somewhat!