Persuading existing card company to give 0% BT offer

fastwaffle

Hi everyone

My first post here, so hopefully it's in the right area. Looking for some advice....

Currently moving balances around to 0% cards when I can get them, but have also been looking at existing cards I have with £0 balance and seeing if I can get some kind of deal out of them as an existing customer rather than applying for more new credit (which I really don't want to do)

I have a very reasonable credit limit with Lloyds TSB and nothing on the card so in a prime position for a BT, but the best they'll offer me as an existing customer is 4.9% for 6 months, which although temporarily better than keeping my MBNA balance at 15.9%, isn't exactly a market leading offer.

I asked them if they'd be able to offer 4.9% for longer, or any 0% deals but they refused. They said unless I had an offer code I'd received in the post from them (which does often offer existing customers 0%), they can't do anything.

The annoying thing is that I always used to receive them in the post but didn't pay any attention as I wasnt interested in a BT at the time. I can only find 1 such offer that I've filed away but it's expired now.

Does anyone have any tips for getting them to offer me something better? Maybe I haven't tried the right tact yet. The thing is I am very uncomfortable in asking to close the account in the hope they might then offer me 0% because I'd really rather have the account than have to apply for another credit card.

I may have answered my own question.....in that it's better to take what they've offered, but thought I'd check with the experts on here if there was anything else I should try

Thanks in advance

CannyJock

Clariman put a link to a very well written article on: http://www.makesenseofmoney.co.uk/a_extend.html

This gives you tips, but basically unless you're willing to push them to cancel it they might not be interested - why would they unless they have to?

Follow the tips in the article and hopefully you'll get a better result - if not then you'd be as well cancelling the card, waiting a few months then reapplying as a new customer and getting their new customer deals

fastwaffle

Thanks - that was useful. I definitely didn't get through to customer retentions. It was the same guy I was talking to throughout, but I didn't indicate that I was prepared to close the account which may be why. I think I'll call back and give a better indication that I was thinking of closing the account without actually asking it to be done. I guess if they call my bluff, I can always say that I'm going to think about it overnight which gives me a get out so I can re-consider my options

Thanks again!

bandraoi

Funny I was thinking of doing exactly the same thing with Lloyds now.

They have annoyed me lately by messing up my account during their transfer from Visa card to Mastercard. I want to close the account anyway, but I do have a stooze balance I could transfer if they offer me the right deal.

Has anyone had any success with Lloyds or other banks?

slowlinda60

hi there
I had success with Lloyds about a month ago. Hadnt used my card in a while and had a small balance on it. Called customer services and asked if they had any deals for existing customers for a life of balance transfer. The lady was very nice and said they had no LOB deals at the moment but could offer me 0% for 9 months. I tranfered over a smaller amount than I was going to, but I still feel it was a success as I was paying about 18.9% on the other card. She gave me the impression that they could offer any deal that was currently on for new customers. So check their website and see whats on offer and go from there. Good Luck!!!

fastwaffle

Just thought I'd post an update here as people were kind enough to give advice and experiences.

I tried this today with Lloyds - I read through the guide CannyJock posted and prepared for the call properly and called during business hours.

Initially got through to customer services and said that I'd like to cancel my card. They asked why and I said it wasn't really working out for me - nice credit limit but not a great APR and plenty of better deals in the marketplace and that this credit limit is affecting me getting credit elsewhere, so I need to close it to free some up. I thought that was fair and I had a distinct tone in my voice that all was not lost if they could tempt me.

The lady in customer services said that the best she could offer was 4.9% 6 months with 3% fee which is what everyone I've spoken to there has offered and I pointed out it wasn't competitive enough to make me stay with all the 0% deals around elsewhere.

As hoped she said I'll put you through to "card cancellations" and said that they have more power to potentially offer me something better but if I still wanted to cancel, they could do it for me

I was connected and rather surprised at the tone and attitude of the agent I spoke to. She said that she understood I wanted to cancel my card. I said that was correct but that the customer service team had said that they'd put me through here as she may be able to offer a better deal than 4.9% for 6 months which is the best they'd offered and not suitable for me.

She just curtly replied something along the lines of "no deals available, so do you want to cancel?". I queried it again and said that the customer service lady had specifically said that I'd been put through here to see what they could offer me to stay. She effectively just repeated herself and again said "so do you want to cancel or not?". I was a bit perplexed and shocked at this point, so just said no, I'll call customer services back.

I felt like I left with a flea in my ear - if that was really the customer rententions team then I'm shocked. She didn't say anything bad, it was just the attitude and curtness and the fact that I'd be led to believe by customer services that I wasn't going through to have it cancelled but that there would be some kind of discussion about it.

I'm quite a placid, non-aggressive person so doubt I said anything to aggravate them (and even if I wasn't placid, I'm still a customer).

What do people think? Did I catch someone on a bad day or be put through to the wrong team or was I asking for something unreasonable here!?

I actually feel scared to call back - not really a good state of affairs.

YorkshireBoy

fastwaffle wrote: »

What do people think? Did I catch someone on a bad day or be put through to the wrong team or was I asking for something unreasonable here!?

None of the above! If the offers aren't there, they won't give them to you.

I've had 5 repeat 0% fee-free offers from LTSB over the last 2 years or so. The longest I've gone is 4 months, and the shortest time between deals was 24 hours.

Be patient, and if you've a good enough 'rating' with them the offers will come.

Just out of interest, you'll find the direct dial number for LTSB (and other providers') retentions department here:

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1203159378

MissEyre

I had a similar experience with Morgan Stanley a few months back-I thought I would see if I could get a good BT deal, and ended up closing the account as the customer 'retentions' woman was so abrupt with me! Came as a bit of a surprise, as MS have been rolling over themselves to get to borrow more money with them ever since I've had the card