Balance Transfer Fees – Misinformed by customer service?

peterbaker

I just got a Balance Transfer promotion email from MBNA. Headline rate 4.9%.

Small print includes:

MBNA wrote:

You will be charged a handling fee for balance transfer, money transfer, cash and credit card cheque transactions, unless we have told you otherwise, of up to 3% of the transaction (minimum up to £3).

MINIMUM UP TO £3 ??? What kind of English is that other than English deliberately barstewardised to mislead? Weed out your crooked marketeers, MBNA !

JoeHel

In a few months' time, when I've been at this address over a year, I'm going to apply for a 0% card to transfer some CC balances onto (hopefully all of my Barclaycard balance)

Can I just ask - surely, even with a BT fee, it'll still work out cheaper for me overall, considering I'm paying 22.9% on purchases and 27.9% on cash advances at the moment?!

Lou_Lou_KK

I had a letter in from virgin offering 0% BT till July 08. it said a 2.5% fee would apply, but actually I have received my statement and it is more like 2.9798%, this means I am being charge £30 more than I should be.

purplefiona

Hi- I went for the 0% balance transfer on Barclays Platinum only to find that when I rang up and asked about transferring the balance that the offer had suddenly irrevocably changed to 5.9%, and was only 0% on new spending. I have asked to speak to a manager and they are calling mew back within the hour. The CSA on the line kept insisting that I had applied for the wrong card- but I did it through the MSE link and I did check that it was with Barclays (ie, on https://www.barclays.co.uk)

Help!!!

Should I apply elsewhere?
Cancel this card and start again? I've already made one balance transfer and aparrently that means I've accepted their second-rate offer.

F

shepins

MSE_Martin wrote: »

Balance Transfer Fees – Misinformed by customer service?

In the Balance Transfers article on this site, my top pick cards are those which offer long 0% transfer offers without charging a hideous fee for the privilege, namely RBS , Natwest and Lloyds Platinum.

However, I get numerous emails, and see a lot of forum comments from people who have been told by customer services at the above banks that a 2% fee will be charged for any balance transfer.

Therefore, I thought I’d put this note together about it (it’s primarily just me publicising the general advice given in this forum about this issue, as I think it’s spot on).

First thing to know - I'm right, they're wrong

This isn't a trite statement, I've been 100% personally reassured by the senior powers at the various banks that no BT fee will be charged when you use these cards during the 9 month intro period.

What if they tell you differently

So, when you call up to arrange your transfer, ask the person you’re dealing with whether a fee will apply.

If they tell you that it will, politely end the call, and dial up again. Do this again, and again, until you get the right answer! Make sure you get the name of the wonderful representative who gave you the happy news, and go through with your fee free transfer.

In case you’re wondering why this happens, it’s simply the case that, on occasion, customer service representatives aren't briefed properly. They're often working in a call centre on various different products and most customers are so ill informed, they take what they're given.

If that still doesn't work

Escalate. Ask to speak to someone senior and get absolute clarification, tell them about this website and that the info comes direct from their senior management.

One thing not to confuse it with

We're talking about balance transfer fees here. However you may be charged for doing a super-balance transfer in some circumstances and that is legitimate.

I have just got a letter from Abbey Credi Card (the one they don't partner with anymore MBNA) I didn't know that either, because Abbey have just launched THEIR new credit card - very confusing.

I only knew that as I was in Abbey on Saturday and paid £700 off my credit card (I couldn't really remember the exact balance but thought it was about that) and seeing as I was spending didn't want to get out of control.I had already spent about £320 on pressies.

Anyway the letter said they are giving 0% on all purchases until May 2008 so I though well I will do some spending on this for christmas and have until may to pay for it. WRONG!!

I rang this morning and they said £360 odd of that was for these NEW 0% purchases. and although the balance was actually 741.89 originally they say that next months interest will be about £12 odd. So in my mind for the 41.89 left from the 700 I will be paying £12 odd interest.

HOW CAN THAT BE FAIR !!

I think you should warn people that unless the start balance of this card is ZERO they will not be getting this 0%.

Thank you

Sheila
(angry and confused)

Realisticangel

Hi Everyone,

I contacted Uster Bank yesterday in relation to the no transfer fee for six months. I was told that this was not the case and this would be charged in the first statement. They also went on to say that no banks were offering such a deal, including themselves... Realistic Angel

Realisticangel

Hi Everyone,

I contacted Ulster Bank yesterday in relation to the no transfer fee for six months. I was told that this was not the case and this would be charged in the first statement. They also went on to say that no banks were offering such a deal, including themselves... Realistic Angel

PUMKING

Hello Realisticangel
This is my first login for ages so hope I get it right!
Just received my new Ulster Bank Card yesterday T's and C's state clearly 0% on purchases and BT for six months. When I rang to transfer a balance the operator confirmed this. I applied online after reading Martin's advice, they were very quick to respond and although the first card got lost in the Xmas post, it was speedily replaced. Could it be your credit rating? just a thought. Try online. Good Luck:j

PUMKING

Forgot to add no transfer fee confirmed as well.:j

Pinzy

Like a lot of things, it seems to depend on who you speak to. Don't do the BT online, but phone up afterwards

See this quote from Martin:

What if they tell you differently

So, when you call up to arrange your transfer, ask the person you’re dealing with whether a fee will apply.

If they tell you that it will, politely end the call, and dial up again. Do this again, and again, until you get the right answer! Make sure you get the name of the wonderful representative who gave you the happy news, and go through with your fee free transfer.

In case you’re wondering why this happens, it’s simply the case that, on occasion, customer service representatives aren't briefed properly. They're often working in a call centre on various different products and most customers are so ill informed, they take what they're given.

If that still doesn't work

Escalate. Ask to speak to someone senior and get absolute clarification, tell them about this website and that the info comes direct from their senior management.

I remember trying to arrange a train to Cornwall for me & my little sis, kept trying the same number; 1st phone call - £230+, 2nd phone call, £180, 3rd phone call - £90 including 1st class travel between Penzance and Plymouth! Just an example.