Sainsburys Credit Card, Urgent Help Needed!!

Jo4

Barclaycard offered my friends a lob rate of 6.9% with no transfer fee until the balance has been repaid. My friends owed money to two credit cards, Sainsburys and Bank of Ireland. They done a balance transfer with Barclaycard to Sainsburys but when they attempted to transfer a balance from their Bank of Ireland credit card to their Barclaycard it was refused. They decided to contact Sainsburys and asked if they had a credit balance how could they access the surplus cash in their account and were told that Sainsburys would post it to them in the form of a cheque. Therefore my friends telephoned Barclaycard again and asked them to transfer the money they owed to their Bank of Ireland card to Sainsburys which was successful.

The balance was credited to their Sainsburys card but when they telephoned to request the credit balance they were told they needed to spend the money because Sainsburys would not forward them a cheque but return the money to Barclaycard. My friends asked if they were to withdraw the money at an atm would they incur any fees and were told they would incur a 3% withdrawal fee and 19.95% pa for withdrawing the cash even though they have a credit balance. My friends want the cash to pay their Bank of Ireland account, is there anyway they can get it without incurring fees?

I was wondering if they set up a paypal account and sent the money to me would they get their cash without any fees or would Sainsburys see this as a withdrawal or spending?

YorkshireBoy

Jo4 wrote: »

They decided to contact Sainsburys and asked if they had a credit balance how could they access the surplus cash in their account and were told that Sainsburys would post it to them in the form of a cheque.

Maybe they didn't realise your friend meant a 'substantial' balance?...because the Sainsbury's T&C's specifically forbid such positive balances...

7.6 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent.

http://www.sainsburysbank.co.uk/credit_cards/cca_importantinfo_sbcc_orp.shtml

How much are we talking?

NickX

Jo4 wrote: »

My friends asked if they were to withdraw the money at an atm would they incur any fees and were told they would incur a 3% withdrawal fee and 19.95% pa for withdrawing the cash even though they have a credit balance

If the Balance remains positive, then I don't think you will pay the 19.95% pa on the cash advance, just the 3% withdrawal fee.

Jo4

YorkshireBoy wrote: »

Maybe they didn't realise your friend meant a 'sunstantial' balance?...because the Sainsbury's T&C's specifically forbid such positive balances...How much are we talking?

£1,100......

Jo4

NickX wrote: »

If the Balance remains positive, then I don't think you will pay the 19.95% pa on the cash advance, just the 3% withdrawal fee.

According to the person they spoke to on the phone they would incur both fees.

YorkshireBoy

Three options...

1. Try again with a different CSA/manager.

2. Request a balance transfer from the BOI card (a BT fee may be automatically applied?).

3. Close the account.

Options 2 & 3 may result in them sending the balance back to Barclays. Pretty costly if your friend paid a BT fee to Barclays.

They can't charge interest when your friend won't be creating a negative balance...so the information they were given in that respect was incorrect.

NickX

Jo4 wrote: »

According to the person they spoke to on the phone they would incur both fees.

Customer Services reps are not always correct :mad:

Personally I don't make cash withdrawals on credit cards due to the punitive charges incurred. However, I don't believe that they can charge interest if the customer is not going into debt, and if the balance remains positive then there is no debt.

Therefore I disagree with the Customer Services rep and would say that they cannot apply the interest charge, just the 3% cash advance fee.

Jo4

Would my suggestion work, if they set up a paypal account and sent the money to me would they get their cash without any fees or would Sainsburys see this as a withdrawal or spending?

NickX

Jo4 wrote: »

Would my suggestion work, if they set up a paypal account and sent the money to me would they get their cash without any fees or would Sainsburys see this as a withdrawal or spending?

I don't actually know the answer to this for sure, but I think they will treat the transfer to paypal as a cash withdrawal which will be treated in the same way as taking it out of an ATM.

As discussed above this will incur the 3% cash advance fee, but provided the account does not go negative there will be no interest payable - YorkshireBoy has confirmed this aswell and I would take his word over any Customer Services rep.

YorkshireBoy

Maybe the e-bay board is the best place to ask that question?

One thing's for sure though...someone will pay. Whether it's your friend or yourself I'm not sure, having never used PayPal (or e-bay).

Jo4

YorkshireBoy wrote: »

Maybe the e-bay board is the best place to ask that question?

One thing's for sure though...someone will pay. Whether it's your friend or yourself I'm not sure, having never used PayPal (or e-bay).

I am just after telephoning them and I stated what was said here, so they are going to try and withdraw the cash from the atm. They said to say a huge thankyou for the help!!