Balance Transfer Fees – Misinformed by customer service?

Taadaa

I have just closed a platinum cc. I don't need it anymore, although I have another balance on another cc. They offered me a BT, but it would not have been the first time I would have used it. I said that unless they could do something about the BT fee, there was no point as other card is on a low int deal already and will be cleared in 3-4 months. She said okay then I will close it, just like that, after 12 years of having a cc with them. Maybe I should have called back again. Oh well. Good ridance I think.

King_Weasel

Spoken like a true tart. Luv 'em and leave 'em, Taadaa!

joe_70

hello there friends,

I am very sorry if this question has been asked before, but I am not sure I understand how a balance transfer works. I am always careful with my money (or I try to) but I have had to overextend myself a little lately and what I have done is to take out a "Halifax - One Card MasterCard - 12 months".

The plan is to transfer my outstanding balance on my current card (£1000) to this new one and then pay a little bit every month by DDebit and clear it in 12 months. I don't plan to use this card at all.

What I don't understand is the following:

details of Balance Transfer Details:
*Fee Percentage 3.00%
*Minimum Fee £3.00
*Maximum Fee Unlimited
*Introductory Fee Percentage 3.00%
*Introductory Minimum Fee Cost £3.00
*Introductory Maximum Fee Cost Unlimited

(taken from: http://www.moneyexpert.com/Credit-Cards/ProductDetails.aspx?affiliateID=77&provider=Halifax&productID=172116&productTypeID=1)

So, if I transfer £1000 to this new card ...

what are the fees? £30? £60? (3% fee percentage + 3%Introductory Fee Percentage).

what is confusing me is "Fee Percentage 3.00%" and "Introductory Fee Percentage 3.00%". Are they two different fees?

I will be very grateful if any of you can explain what all this means.

Thank you

joe

chezbro

i have just recieved my statement from natwest saying i owe then £100 on a balance transfer which i thought was free as her in customer service didnt advise me now i have paid off my cc as i have come into somwe money but have this £100 on my bill which other wise should have been cleared. phone them up and the girl apologised but i still have to qwrite to then the try and get it back evebn though shes amitted she may not have explained it 2 well any thoughts please

gordylad

Hello

Just wondering if anyone has a list of providers who offer a 0% balance transfer with a minimum of 2% payback each month?

Thanks

YorkshireBoy

gordylad wrote: »

Just wondering if anyone has a list of providers who offer a 0% balance transfer with a minimum of 2% payback each month?

http://www.stoozing.com/0fees.htm

Click the 'min pay' column header to sort.

SCRIBES

I took at a CC with Morgan Stanley May 07 on what I thought was a 12 months interest balance transfer rate. They are now telling me that the period was for 9 months and not 12 months! I am 100% certain that it is 12 months. Having looked on my original agreement it does actually say in the small print 9 mths - I've failed to check it when I got it. It has taken me 2 weeks for them to find the original agreement and they are saying that in very small print it says 9 mths and will have to incur the interest. I want to write and complain, phoned them but didn't get anywhere.
Can anyone help? Has anyone else taken out a card with them May last year? Can the Forum help - do you have anyone old records?

YorkshireBoy

SCRIBES wrote: »

Can the Forum help

I'll stick my neck out and say this card has never (at least not last May, because I had it then) had a 12 month BT offer.

I don't think you'll get anywhere with your complaint because...

1. Your (presumably signed) paper work said 9 months, and

2. You were notified on your penultimate introductory period statement that the 0% rate was about to end on xx/xx/xx (I know I was).

Put it down to experience and resolve to be more careful with the next card...would be my advice.

SCRIBES

Yep, your right. Been doing BTs for about 5 years now and first time I've cocked up. Put 12 months in my spreadsheet - should have been 9 months and then didn't check the statement for the reminder that the interest free period ends - double whammy. Lesson learnt. Thanks for confirming:o


Put it down to experience and resolve to be more careful with the next card...would be my advice.[/quote]

keeperone

Possibly a cautionary tale for every one out there.

I had a BT promotional offer from Abbey "until my March 08" statement.
when the March statement appeared, I paid off the sum in full and thought I had successfully taken advantage of the 0% BT rate

the statement also showed "EST interest - next statement" but this I thought applied if I did not pay the balance off in full

Looking online I saw my April statement has an interest fee showing, despite me paying off the outstanding balance in full before the payment due date.

On querying this by telephone the customer service representative informed me that actually the interest was being charged on the outstanding balance from the date of the statement and the interest was on the difference between the statement date and the date they received the money

when I asked where this condition was listed she went away and came back and told me they would refund the interest on my account.

SO I am still a bit baffled - if this is something they were doing under their terms and conditions I had not spotted it - They are going to send me full terms and conditions so I can try and find it - but this has never happened to me before and I don't want to be caught out next time!

If it is not in the conditions then they are pulling a fast one?