Balance Transfer Fees – Misinformed by customer service?

YorkshireBoy

MBNA promotional offers ALWAYS end on a statement date, not a payment due date.

It's always best to ask a provider for the end date when taking advantage of a promotional rate, and make a note of the call, CSA name, etc.

Money_saving_Diva_2

This is my first post, but I wanted to share the fact that I transferred a balance to my NatWest card and when asking how much it would cost me (they insisted there was a fee and as I didn't know any better, I didn't argue!), and she said, 'Oh.. about £3 or £4.'

I duly swapped my balance and then of course weeks later I get my statement and it was £9... My fault for not working out what 3% of my balance was and trusting her to tell me what it was...*sighs*

Anyway, since I discovered this fantastic site, I certainly won't be making that mistake again!

Posted this as a salutary note to myself as much as anything!!:rotfl:

gwapenut

keeperone wrote: »

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?

This is a common way of catching people out. It is cunning, but within the terms.

They promised you free credit until your statement (date). You get that statement on that date, whereupon the freed credit ends. You pay off that statement 20 days later ... but pay 20 days interest because your free credit ended on the statement date.

They are within their agreement - they promised you free credit until you statement. Not until your statement payment due date.

gwapenut

YorkshireBoy wrote: »

MBNA promotional offers ALWAYS end on a statement date, not a payment due date.

It's always best to ask a provider for the end date when taking advantage of a promotional rate, and make a note of the call, CSA name, etc.

It's also crystal clear if you log on to their internet account servicing site.

Not crystal clear if you only read paper statements!