Best Balance Transfers Discussion Area

MrGrumpy1964

Does anyone have a copy of marketing letters that Capital One sent out last year offering existing customers balance transfer rates for life e.g. "6.9% for the life of the balance transfer" - especially those from around July/August 2008 ?

They now seem to be claiming they never made such offers to customers who have had their rates increased 100% or more in the last few months/weeks. They seem to have put everyone who took up those offers onto what they now call in their systems Standard Balance Transfer Interest Rates - despite the fact their marketing material offered a rate for life. This seems to be their way round justifying the rate increase - as their system says so.

They are asking people to produce copies of any letters they may have received over a year ago if they disagree with their system. Not many people will have kept promotional letters for that long, but if anyone has one it will help prove they were making such offers at the time.

Let me know if anyone has useful information. In the US a class action has been taken against Capital One for similar sharp practices on increasing interest rates. Your help is much appreciated.

See new thread about this subject:

Capital One rate increases - can anyone help ?

Moggles_2

MrGrumpy1964 wrote: »

Does anyone have a copy of marketing letters that Capital One sent out last year offering existing customers balance transfer rates for life e.g. "6.9% for the life of the balance transfer" - especially those from around July/August 2008? ,,, They seem to have put everyone who took up those offers onto what they now call in their systems Standard Balance Transfer Interest Rates - despite the fact their marketing material offered a rate for life. They are asking people to produce copies of any letters they may have received over a year ago if they disagree with their system.

Have you checked your monthly statements? These would at least provide you with written confirmation of your promotional interest rate (though not the duration) and your previous standard rate before the interest rate hike.

I'd also consider making a subject access request [SAR], details and template letter here:

http://forums.moneysavingexpert.com/showthread.html?t=1475553

bgarnish

Getting back to another issue i have. Which is a loan, i took this out about just over a year ago with Lloyds, £5000 over 5 years paying back £126 a month. I also didn't realise that they had put on the PPI which i don't need, but i can not cancel the PPI without cancelling the loan. I was thinking, and believe you and me it hurts sometimes, that i can switch this loan over to a credit card with a long term %, like the Barclays card at 6.3% over 3 years, making the repayments around the same amount but a smaller % and also i will have paid off the 'loan' in 36 months instead of the 47 months remaining plus the extra interest %.
Do you think this is a wise descition? I would need to borrow £4,450 (roughly).

Thanks
B

Moggles_2

bgarnish wrote: »

I was thinking, and believe you me it hurts sometimes, that i can switch this loan over to a credit card with a long term %, like Barclaycard at 6.3% over 3 years, making the repayments around the same amount but a smaller % and also i will have paid off the 'loan' in 36 months instead of the 47 months remaining plus the extra interest %. I would need to borrow £4,450 (roughly).

Barclaycard does not have this capability, at least not directly.

What you can do is transfer an overdraft to your new Virgin card, in other words shift cash from the credit card to your bank account. A 4% handling fee applies, but there are no other charges for the first 16 months. You then have funds in your current account with which to pay off the loan.

Your other option would be to transfer the resulting balance from Virgin to Barclaycard but, depending on B'card's BT terms, this may entail two handling fees to shift the same sum of money, so check B'card's Ts & Cs carefully

bgarnish

@Moggles.

Thanks for getting back to me on this one. Yeah i was thinking of the Virgin card, but im planning on using this for the overdraft that i have not the loan. Maybe i should just do one thing at a time. Do the overdraft one as this is much higher interest than the loan is and im used to paying this off at the moment. Then once that has been cleared and i start paying back the Virgin card for this, look into getting the loan repayments either cheaper or to pay it off in a shorter time frame. Patience is probably the key here

B

Moggles_2

bgarnish wrote: »

Thanks for getting back to me on this one. Yeah, I was thinking of the Virgin card, but I'm planning on using this for the overdraft that I have, not the loan. Maybe I should just do one thing at a time. Do the overdraft one as this is much higher interest than the loan is and I'm used to paying this off at the moment. Then, once that has been cleared and I start paying back the Virgin card for this, look into getting the loan repayments either cheaper or to pay it off in a shorter time frame. Patience is probably the key here.

Yes, sounds like a plan

I'd wait though until you have received both credit cards, Virgin and Barclaycard, and know your credit limits, before making a final decision.

Very best
M

carolann215

Hi Everyone,

I hope someone can help with a quick question.

OH applied online for a Virgin cc and instead of getting an instant decision the screen said we may need further details fom you and you will get a decision in 7-10 days.
He already has an MBNA credit card with £5400 outstanding and reading back through this thread someone else was turned down for this reason. I wish now I'd checked this thread first!
Does it sound like the applications going to be rejected because of this?

We were planning to transfer one of my credit cards that has just finished its 0% deal to it and then move his MBNA on to another of my cards when I get another 0% offer through.
I'm just wondering if we should wait for Virgins decision or just apply somewhere else. He has no searches on his record in the last 12 months.
Thanks

bgarnish

carolann215 wrote: »

I'm just wondering if we should wait for Virgins decision or just apply somewhere else. He has no searches on his record in the last 12 months.
Thanks

I phoned Virgin's number recently and due to a high number of applicants their now taking up to 21 days to come to a decision. So i wouldn't threat that you haven't had a reply yet.

techmob

Hi everyone

i don't own a credit card and never have. But recently i have been stung for £456 because i paid with a debit card my bank can do nothing about it

so i am going to get a credit card to pay for purchases, and then pay directly from my bank account to pay this off

i would just be using the credit card for protection and immediatley transfering the money from my bank account to the credit card

what is the best deal for me to go for at the moment?

thanks

Moggles_2

techmob wrote: »

i don't own a credit card and never have. But recently i have been stung for £456 because i paid with a debit card my bank can do nothing about it, so i am going to get a credit card to pay for purchases, and then pay directly from my bank account to pay this off. I would just be using the credit card for protection and immediatley transferring the money from my bank account to the credit card. What is the best deal for me to go for at the moment?

What other credit facilities are held in your name?

If this would be your first credit card, you may have a limited credit history, so from the lender's perspective you're something of an unknown quantity. They are likely to see your lack of a payment history as too great a risk. You probably need to be more concerned about actually getting a credit card, rather than looking for the best cards to meet your present circumstances. The bank that holds your main current account may be the best place to start.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

This is not a best balance transfer issue and you may get replies more quickly, if you post again on the main credit card board