First Direct Gold Card - Misleading Conditions

gotosteveg

As consumers, what tools do we have to win back unjust charges brought about by misleading Credit Card conditions.

Example, from the First Direct Gold Card web page..

"0% p.a. on purchases for 12 months and 4.9% on balance transfers (excluding HSBC, HFC and M&S Money) for 60 months providing minimum balance transfer of £100 made within 2 months of account opening (this promotion only available to new first direct credit card customers)"

I understood this statement as; As long as I transfer £100 from another card within 2 months, I will receive 0% interest on purchases from when I opened the account.

I now find out, it the conditions start only after the transfer has been made.

Very frustrating!!

Any suggestions would be welcomed or should I just accept these charges and move on?

YorkshireBoy

[STRIKE]Try this...

"0% p.a. on purchases for 12 months

and

4.9% on balance transfers (excluding HSBC, HFC and M&S Money) for 60 months providing minimum balance transfer of £100 made within 2 months of account opening

ie, the BT within 2 months relates only to the BT. The purchases introductory offer is available whatever you do with the BT.

Feel better? [/STRIKE]

Please ignore!

sofa_surfer

The reply from FD - after accepting my application:

To: sofa_surfer
Re: Balance Transfer Offer
Thank you for your message dated 27-Nov-2007.
You will qualify for the offer described under those conditions. Please be aware that if you make any purchases
prior to the balance transfer, they will not qualify for the 0%.
Please contact us if you require anything further.
Regards
Deborah Nelson
Card Services

To YB: if your post means that you will get the 12m 0% on purchases irrespective of the £100 BT, that is not correct.

YorkshireBoy

sofa_surfer wrote: »

To YB: if your post means that you will get the 12m 0% on purchases irrespective of the £100 BT, that is not correct.

You're quite correct sofa_surfer. My sincere apologies for my earlier incorrect post. From the summary box...

The balance transfer offer for 60 months and purchase offer for 12 months is applicable upon making your first Balance Transfer from a competitor card, of minimum £100 and within two months of your card account being opened.

http://www.firstdirect.com/creditcards/gold_card_summary.shtml

That's the sneakiest condition I've seen for a while.

sofa_surfer

YorkshireBoy wrote: »

[snip]..That's the sneakiest condition I've seen for a while.

That might be so, but the offer had its advantages:
-my guess was right and being pre-approved for the card as an existing FD current account holder - they haven't registered additional credit search on either Experian or Equifax;
-and paying £102.55 on the next day after the BT came through meant I wasn't even charged a single penny interest
So after my first statement I've nicely slipped in 10 months [12 - 1 (at the beginning just to make sure everything was paid off on the 1st statement) - 1 (clearing the balance in full after the 11th statement at the end to avoid residual interest] slow stooze.
I believe FD were also giving one free case of Laithwaites wine in Jan but I've missed it:rolleyes: .
To the OP - it won't hurt to try getting your charges re-imbursed, but don't put too much faith in it: From their website:'... The rate commences from the date of the first competitor balance transfer of £100 or more...'

YorkshireBoy

Hi sofa_surfer,

Had I not been given a couple of pre-approved cards recently from Halifax, I'd have gone for this card with my recent FD (£200 incentive) current account application.

As it was, I turned down the option of a bundled credit card...and I'm glad I did now because I fear I may have missed the condition (as I did above).

watcherman

It is very sneaky, I have one and so does my wife, and when I first got mine I almost missed it, I had to re-read it a couple of times before working out that I had to BT the £100 first!

MrGreen

sofa_surfer wrote: »

That might be so, but the offer had its advantages:
-my guess was right and being pre-approved for the card as an existing FD current account holder - they haven't registered additional credit search on either Experian or Equifax;
-and paying £102.55 on the next day after the BT came through meant I wasn't even charged a single penny interest
So after my first statement I've nicely slipped in 10 months [12 - 1 (at the beginning just to make sure everything was paid off on the 1st statement) - 1 (clearing the balance in full after the 11th statement at the end to avoid residual interest] slow stooze.
I believe FD were also giving one free case of Laithwaites wine in Jan but I've missed it:rolleyes: .
To the OP - it won't hurt to try getting your charges re-imbursed, but don't put too much faith in it: From their website:'... The rate commences from the date of the first competitor balance transfer of £100 or more...'

I've just taken out the fd gold card for the 0% for 12 months, and after speaking the the person on the phone, she confirmed that I will have to do the £100+ balance transfer to get the 0% on purchases, but one good thing is that I have two months to do the transfer and have also thought of doing the transfer and paying off the balance before I start spending on it.

sofa_surfer could you let us know if you've received a statement since paying off the balance transfer and if you have started spending on it and whether you've been charged any interest.

YorkshireBoy

MrGreen wrote: »

sofa_surfer could you let us know if you've received a statement since paying off the balance transfer and if you have started spending on it and whether you've been charged any interest.

Because BT's attract interest from day one, you'll normally need to clear two statement balances in full to stop the interest.

An alternative approach would be to overpay slightly (and create a small positive balance) in order to stop the interest (for the time between you sending the payment and them applying it to your account) accruing. That way, you can start to make use of your 0% on purchases sooner.

YorkshireBoy

sofa_surfer wrote: »

I was thinking along the lines of YB's post #9 on this thread. However, on the day the £100 BT (+£2.50 fee) displayed on the FD internet banking, I've made a payment of £102.55. My first statement had : 'balance at statement date£0.05CR'
and no minimum payment/interest charged . Had to call them twice to make sure there is no mistake, offering to pay whatever is due on my part, but was assured there's nothing to pay and no interest was/will be charged (the CS reps did not strike me as very confident and knowledgeable on the topic though).
I was a bit wary of me breaching the T&C that stipulate that I shouldn't bring my account in credit and thus invalidating the introductory offer, but they didn't seem to mind the 5p;) .

Complicated innit?

steve222_2

how much do you need to earn to get first direct gold card i am with firstdirect but get 5000 a year cheers guys