CC transfer fee interest - corporate robbery

stingrayj

I have never transferred CC debit to another card and seem to have come a cropper with interest charges. Transferred £7500 to Virgin, there was a fee of £222 involved for 14 months interest free. When I come back from 7 weeks work abroad, the transfer fee has not been added to the debt as I presumed, and there's 1st and 2nd statements, and interest of £91 has been added to the second statement, plus late fee of £12 course.

Is this perfectly legal? That they charge me huge interest when I've already secured 7500 interest free?

Anyone else tackled a similar problem?

CannyJock

You did set up a direct debit to make the minimum payments presumably?

Even though they allow a 0% balance transfer and charge a 2.98% fee, you still need to make the minimum repayments as per their t&c's.

On £ 7500 they would add £ 223.50 giving you a balance of £ 7723.50. Your first payment on this would be £ 231.71.

If you've not made the first payment then they have removed your 0% offer and you are now incurring interest on the full amount in addition to the late payment charges.

Your only hope is to phone their CS department, and basically plead with them to help you as you've made a mistake and didn't understand how it works. Others have had their 0% period reinstated - you'll see some other posts where the same thing has happened to others.

GeorgeUK

As CannyJock says, phone them up and request the 0% is reinstated. They do quite often if it is the first payment that has been late.

DestroyingAngel_2

Either the OP has not set up a DD to take care of his payments, or his DD has been set up to a fixed sum that was less than the minimum repayment. Or, he forgot he had to make any payments at all! In any case, if he's had a late fee imposed on him, then he's failed to meet the minimum payment requirement and therefore lost the promotion. It's not a bank error, it's the OP's own mistake.

stingrayj

it was my mistake, I have never done this before. however on DD now and back on 0 %