Balance Transfer Fees – Misinformed by customer service?

JAB_3

Following your listing of the Alliance and Leicester credit card as offering fee free super balance transfers, I applied for an Alliance and Leicester Credit card (after you listed them as offering this facility) by going into a branch (Golders Green, London). The staff were supremely ignorant and only had knowledge of a 0% for 6 months offer and had never heard of balance transfers into a current account and didn't think this possible. They told me I should apply for the card and then sort all this out. Wary of doing this, I asked them to ring (they said MBNA would know all the answers) and they finally confirmed with me that SBT's were possible. They had no idea whether any fees were applicable or not. I signed the application form which again said 6 months but I was told in the branch that the offer was for 9 months and that their form was old. I was told I would receive the 0% offer for 9 months but when I tried to change their form to show this I was told not to. Finally, over two weeks later, I have tonight received a phone call from MBNA to say they've approved the credit card. The terms are: 6 months 0% balance transfers, and a 2% charge for them.

I would really like to know how to go about getting the card with the terms which are listed on this site. It seems impossible. I can understand that the info on this site may come from the top brass, but when nobody further down the food chain knows about it, the offer counts for little. And with Alliance and Leicester the free free transfer is only by branch application (allegedly) so there's no possibility to keep phoning until you get someone who knows what's what.

Any ideas?! And was this really my only chance for a fee free SBT?
JAB

Wireman_3

I have just linked from MSE Longest 0% Deals on the Market Chart to Lloyds/TSB Platinum Card and read the terms and conditions. It states in condition 9.1"We charge 2% of the amount of each Balance Transfer.......unless we tell you that a charge is not payable." I can't see anything in the rest of the info on their Platinum Card page to say there is no Transfer Fee. Any chance of a clarification.
Regards, Frank

sce37

Wireman wrote:

I have just linked from MSE Longest 0% Deals on the Market Chart to Lloyds/TSB Platinum Card and read the terms and conditions. It states in condition 9.1"We charge 2% of the amount of each Balance Transfer.......unless we tell you that a charge is not payable." I can't see anything in the rest of the info on their Platinum Card page to say there is no Transfer Fee. Any chance of a clarification.
Regards, Frank

Coincidentally I was just about to post the same request for clarification. My credit card agreement (CCA) makes no mention of a 2% balance transfer charge at all. But lost in the terms and conditions booklet that came with the CCA it states the above as mentioned by Wireman. I can only conclude that there is a charge but it hasn't been made explicit in the CCA (seems a bit sneaky) I am therefore now very wary of signing up for this one.

DaveK

Just to help reassure people I've had my Virgin card for 8 months now, just done a SBT for no fee at 0% for another month by which time I'll be switch it over to another card and using my SBT money to pay off the min 2%.

As has been said before ALWAYS phone Virgin and say you're "interested in doing a balance transfer is there a fee?" I've always had a "hang on a minute sir, ......no there isn't".

I love this stoozing.

YorkshireBoy

sce37 wrote:

My (LTSB*) credit card agreement (CCA) makes no mention of a 2% balance transfer charge at all. But lost in the terms and conditions booklet that came with the CCA it states the above as mentioned by Wireman.

I applied via paper application form for the LTSB Platinum card earlier this year, and was not charged a fee. The only reference to the "6 week fee-free BT" was...

1. In the booklet you refer to (bottom of page 1 - inside front cover).

2. On the loose leaf "plain and simple facts" flyer (containing the summary box).

3. On the reverse of my signed application form (which also contained the words "credit agreement regulated by the consumer credit act 1974").


I have studied the current website T&C's in depth and, in my opinion, they appear identical to the ones that were in operation when I applied earlier this year. However, to put your mind at ease, you could always ring and ask for clarification. Record the name, extension number, date & time of your call and use this if they subsequently apply a fee.

* My emphasis (for clarity)

zogster

Hi everyone!

This is my first post so be gentle with me!

I have looked around for a thread specifically on this but can't find one.

Going back to YorkshireBoy's reply to pacajam - he mentions that you can only balance transfer 95% of your credit limit - is this right? I have just got my Intelligent Finance credit card with a £4900 credit limit, rang today to transfer £4900 from another card and was told could only transfer 90% of limit but this was not mentioned on their website when I applied or on the credit agreement. I also couldn't find anything in Martin's articles about it. Can anyone help?

YorkshireBoy

zogster wrote:

Going back to YorkshireBoy's reply to pacajam - he mentions that you can only balance transfer 95% of your credit limit - is this right?

My reply to 'pacajam' related specifically to the Virgin card.

zogster wrote:

I have just got my Intelligent Finance credit card with a £4900 credit limit, rang today to transfer £4900 from another card and was told could only transfer 90% of limit but this was not mentioned on their website when I applied or on the credit agreement. I also couldn't find anything in Martin's articles about it. Can anyone help?

I can't help here, except to say that I've done a 100% BT to the IF card. However, I am aware that they've just stopped offering 0% (I think it's 8.9% now?) so maybe there's a "crossover" in T&C's? This is something you'll have to take up with IF.

droopsnout

I took a Virgin credit card a while back, and used the 0% BT, though I was charged the 2% fee. Due to a !!!!-up in family communications, my first payment to them was late, and I copped for a £25 late payment fee. Tough cheese for me! However, a month later, and the next statement arrives, and they've now charged me £16 interest!!

Question (cos I can't find an answer in my Ts & Cs): is this a one-off interest charge, or have I totally blown it, with the consequence that there will be an interest charge every month? Or should they not have made an interest charge at all?

Stupid thing is that I could simply have paid this all off with a transfer from a savings account, so this is a real waste of my dosh.

YorkshireBoy

droopsnout wrote:

Question (cos I can't find an answer in my Ts & Cs): is this a one-off interest charge, or have I totally blown it, with the consequence that there will be an interest charge every month? Or should they not have made an interest charge at all?

You've blown it I'm afraid.

You've not helped yourself by not addressing it earlier, as some people on here have reported that they've managed to get the 0% reinstated (and in some cases have even had the fine removed) when they've made a debit card payment over the phone as soon as they've realised their mistake.

Here is the relevant detail from the Virgin T&C's...

"2 Other financial information
2b The interest we will charge on transactions, including for introductory promotions, will be as set out below. Note that we will not increase any promotional rate during the promotional period, unless you do not keep to the terms and conditions. If you do not keep to the terms and conditions, we may totally withdraw any promotional rates which apply to your account and apply the standard rates shown below."

https://wwwa.applyonlinenow.com/UKCCapp/Ctl/validate?eid=6EC24DD

droopsnout

OK, thanks, YorkshireBoy.

Looks like I'll have to transfer the balance elsewhere, or simply pay it off from savings.

May just try a phone call to them to see if I can avoid that!