Balance Transfer - Balance showing on both accounts

luvleighr

Hi Guys, I'm in a bit of a pickle!

Last week (14th April) I transfered balances from my Virgin card (interest 29.9%!) and Asda card (19.9%) to my Halifax card who'd offered me 6.95% for the life of the balance.

They told me it would take 7 - 10 days to go through. Fine.

I've just checked my accounts to see if the transfer had gone through. My Halifax balance is showing the full amount transfered from each card so I called Asda to check my balance with them - reduced appropriately and I called Virgin - NOT reduced! I asked them how long it took for the system to be updated once a transaction had gone through and they told me immediately. Hmmm

I then called Halifax to ask why this £1600 was showing up on my account when it hadn't been taken from Virgin. The guy told me that I had been told that it would take 7 - 10 days and that, THAT is how balance transfers work.

I queried the fact that I'd be paying interest on both balances and that I was now in debt £3200 on paper. After doing a little calculation he told me that it was only 72p a day (or something) and it was hardly a huge amount of money! I've had no resolution and it just seems wrong wrong wrong!

Can somebody confirm for me that this is fair/right/normal or not & suggest what I should do?

Many, many thanks in advance!

woozywendy

Hi

When we had credit cards and did a balance transfer we were told in advance that the interest would take effect immediately onto the new card, also got told it could take up to 3 weeks.

YorkshireBoy

BACS transfers (the method employed to send payment) don't happen instantaneously.

As soon as Halifax send the money they charge you interest on your new debt. When the other provider receives the money (and processes/records the payment on your file) they stop charging interest...unless you had a revolving balance, in which case there will be a small amount of residual interest applied on your next statement.

luvleighr

Oh dear...so it is right then?! I'm shocked. I was told about the transfer fee but not about up to 10 days double interest...I think they should at least let you know!

Thanks loads for your prompt replies, I really appreciate it, I'd gotten in to a bit of a flap as I couldn't get sense from anywhere.

Richard019

luvleighr wrote: »

Oh dear...so it is right then?! I'm shocked. I was told about the transfer fee but not about up to 10 days double interest...I think they should at least let you know!

Thanks loads for your prompt replies, I really appreciate it, I'd gotten in to a bit of a flap as I couldn't get sense from anywhere.

What you're doing with a BT is paying off one card with another ahead of the payment due date. If you're payment is due on 5th of the month and you pay your bill in full using a debit card on 28th of the previous month the payment isn't received for 2 or 3 days so it's no different to that. It's only when you pay by DD that the payment leaves your bank and gets credited on the same day.

luvleighr

It just seems like an awfully long time when I know a bacs payment can be processed in far less time. I guess I'll just have to accept it though being as though it seems to be the done thing.

Thanks again.