late payment charge on 0% balance transfer card

cnicholas

Hi,

Got a late payment charge on a 0% balance transfer card (silly, I know, but overlooked it and have now set up a regular payment). Now the statements showing an 'estimated interest' for the next payment. Am I now going to be charged interest for the term of the card?

Joyful

I had a problem with the same. I had set up a Standing Order but with a holiday weekend it arrived 2 days late so was taken off interest free and was going to be charged £53 interest. The call centre was useless but I got the number of the retention team who were very reasonable( it was my first payment) and removed the charges- including the late charge. I have now set up DD for the minimum amount and my Standing Order for the extra pyts. Try to take it further is my advice.

loobylee

I was told by Barclaycard that if I made any payments late the 0% interest period would be revoked and I would go back on their standard rate & in no circumstances would I be put back on 0% no matter what excuse I used.

nzseries1

cnicholas wrote: »

Hi,

Got a late payment charge on a 0% balance transfer card (silly, I know, but overlooked it and have now set up a regular payment). Now the statements showing an 'estimated interest' for the next payment. Am I now going to be charged interest for the term of the card?

That's pretty much it. Miss a payment on most 0% BT cards, and you lose the 0% privilege.

As you can see from the other posts, some people are lucky enough to get them to reverse the decision and some are not. It's worth a try.

YorkshireBoy

I think Virgin (and therefore possibly all MBNA run cards) are gearing up to address this issue once and for all.

I received a notice of variation to my Virgin T&C's earlier this year. Out went "we may remove the promotional rate" and in comes "we will remove the promotional rate".

Joyful

I'm with Virgin.

DestroyingAngel_2

loobylee wrote: »

I was told by Barclaycard that if I made any payments late the 0% interest period would be revoked and I would go back on their standard rate & in no circumstances would I be put back on 0% no matter what excuse I used.

Time to change cc company, methinks! Bit inflexible, isn't it, of Barclaycard to refuse to reinstate your promotional rate?

ScoobieGirl

Seems to be on a very individual basis. I too missed my first payment to Virgin by a quite a while. Completely slipped my mind as all my other payments come out by DD and forgot that when I set up the credit card they said they couldn't set up the DD I had to do it later. All that to say I called them when I got the bill with the interest and explained the above. I think I had to pay that month, but then they returned the rate back to 0%, which I did think was quite nice as it did say clearly I would forfeit the 0% rate if I missed any payments.

mookybargirl

Virgin told me this when I opened my card up. Miss a payment and you'll lose the 0%. I'd ring them anyway and see if you can't get them to sort it out. Worth a phone call.

DestroyingAngel_2

cnicholas wrote: »

Hi,

Got a late payment charge on a 0% balance transfer card (silly, I know, but overlooked it and have now set up a regular payment). Now the statements showing an 'estimated interest' for the next payment. Am I now going to be charged interest for the term of the card?

If your statement shows an estimated interest that's NOT 0, then yes, you're going to be charged interest for the life of the balance. What's probably happened is that because you were late, your 0% promotion was turned off so now you're back on the standard rate. You would've been advised of this scenario when you did the BT.

Ring in, find out if this is indeed what's happened. Say it was an oversight which you've now rectified by setting up a DD or standing order. Ask if they could kindly please reinstate your 0% and that you'll be a good boy/girl from now on :A , and I'm sure they'll humour your request. If they don't, well then it's time to switch cards to another provider.