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  • FIRST POST
    • Fingerbobs
    • By Fingerbobs 31st Mar 18, 10:48 AM
    • 373Posts
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    Fingerbobs
    Santander Balance Transfer Speed?
    • #1
    • 31st Mar 18, 10:48 AM
    Santander Balance Transfer Speed? 31st Mar 18 at 10:48 AM
    How quickly do Santander execute Balance Transfers when opening a new credit card?

    I've built up an unusually high balance on my Barclaycard this month, and rather than just let the Direct Debit clear the balance I'd like to transfer it onto a Santander 0%/no-fee card and make a bit of free money out of it.

    The DD is due to be taken on 9th April. Is there a chance the BT would be completed in time, if I were to apply for the Santander card tomorrow (1st April)?

    I know there are published time limits but I'm just after people's experiences on how long Santander takes to execute BTs in practice. I don't want to "waste" a credit search if there's no chance of the BT going through in time to beat the DD.

    I already have a Santander credit card, but it's my understanding that they allow multiple cards, and will honour the introductory offer on the new card.

    Barclaycard stops or reduces the DD if interim payments are made - I've done it many times.

    I know I should have planned further in advance, but I've only just thought of it :-)

    Thanks.
    2018 Wombling Contestant 11: £5.30 (27/03/18)
Page 1
    • msallen
    • By msallen 31st Mar 18, 11:04 AM
    • 776 Posts
    • 842 Thanks
    msallen
    • #2
    • 31st Mar 18, 11:04 AM
    • #2
    • 31st Mar 18, 11:04 AM
    Barclays will probably only stop/reduce the DD if a payment is made 3 or more working days before it is due, so I don't think there's any chance of this working unfortunately.
    • Somerset La La La
    • By Somerset La La La 31st Mar 18, 11:33 AM
    • 532 Posts
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    Somerset La La La
    • #3
    • 31st Mar 18, 11:33 AM
    • #3
    • 31st Mar 18, 11:33 AM
    Could the OP not use their right to cancel the direct debit right up until Friday night? (or later?? Depending on their banks cut off time)

    Assuming the BT hits the Barclaycard on/before 9th April (or whenever the contracted payment is actually due - on some of my cards its later than DD Collection Date) then it would be OK in terms of an on time payment.

    Barclaycard would apply for a direct debit of the full balance, but it'd get rejected by the bank on 9th as cancelled by customer.

    I don't think Barclaycard would charge for the cancelled DD - but even IF they did, OP could just refer to the fact that payment was made in full (by Santander transfer) - thus letting the DD be taken would have put the account significantly into credit, against the T&Cs.

    Of course all that assumes you're accepted for the card and they process the transfer quickly. But you should be able to see the transfer leave the new card (assuming you have a current account with Santander, the card will show on your online banking). Barclaycard should show the pending incoming payment too?

    If you can't see transfer by Friday night/your banks DD cutoff time, I wouldn't cancel it just to be safe. Can always request a refund of the credit balance afterwards
    Last edited by Somerset La La La; 31-03-2018 at 11:36 AM.
    • Fingerbobs
    • By Fingerbobs 31st Mar 18, 12:58 PM
    • 373 Posts
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    Fingerbobs
    • #4
    • 31st Mar 18, 12:58 PM
    • #4
    • 31st Mar 18, 12:58 PM
    Thanks for the replies. Food for thought there.

    I don't want to go down the route of cancelling the direct debit, but I'm tempted to just go for the transfer to Santander and hope for the best.

    Worst case scanario: Barclaycard decide to reverse the Balance Transfer, and I end up with an empty Santander card, which is still potentially useful as I can transfer all my future spending each month.

    Most likely scenario: Both DD and BT go through, and I have to plead with Barclaycard to return the overpayment to my bank account.
    2018 Wombling Contestant 11: £5.30 (27/03/18)
    • Ben8282
    • By Ben8282 1st Apr 18, 2:20 AM
    • 2,218 Posts
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    Ben8282
    • #5
    • 1st Apr 18, 2:20 AM
    • #5
    • 1st Apr 18, 2:20 AM
    You have known for some time that the direct debit will be taken to repay the Barclaycard on 9th April yet you have done nothing until half-way through the Easter holiday weekend when you suddenly decide you want to apply for a Santander card and transfer this balance.
    You may apply on Sunday 1st April but nothing will happen until Tuesday 3rd April which is the next working day after the bank holiday. By the time the necessary checks are completed and the account opened, I really don't believe that you will be able to complete this balance transfer on time. You really should have applied earlier; you have had long enough.
    Also. You assume that Santander will let you have a second card. You assume you will get a credit limit high enough to do this balance transfer. A lot of assumption.
    Last edited by Ben8282; 01-04-2018 at 2:24 AM.
    • Ballard
    • By Ballard 1st Apr 18, 7:01 AM
    • 1,778 Posts
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    Ballard
    • #6
    • 1st Apr 18, 7:01 AM
    • #6
    • 1st Apr 18, 7:01 AM
    Iíve applied for a Santander credit card solely for the balance transfer and received this message on one of their emails:

    If you've asked for a balance transfer, it will be completed automatically as soon as you activate your credit card.

    This would suggest a slight delay so your direct debit will go through before the transfer.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • Fingerbobs
    • By Fingerbobs 1st Apr 18, 9:55 AM
    • 373 Posts
    • 90 Thanks
    Fingerbobs
    • #7
    • 1st Apr 18, 9:55 AM
    • #7
    • 1st Apr 18, 9:55 AM
    You have known for some time that the direct debit will be taken to repay the Barclaycard on 9th April yet you have done nothing until half-way through the Easter holiday weekend when you suddenly decide you want to apply for a Santander card and transfer this balance.
    You may apply on Sunday 1st April but nothing will happen until Tuesday 3rd April which is the next working day after the bank holiday. By the time the necessary checks are completed and the account opened, I really don't believe that you will be able to complete this balance transfer on time. You really should have applied earlier; you have had long enough.
    Also. You assume that Santander will let you have a second card. You assume you will get a credit limit high enough to do this balance transfer. A lot of assumption.
    Originally posted by Ben8282
    Blimey.

    1. I acknowledged in my original post that I should have planned further ahead, and I have only just thought of transferring the balance. If I had thought of it three weeks ago, I wouldn't even needed to post here to ask the question.

    2. I did not assume that Santander will allow me to have a second card. I checked on the eligibility criteria on their web site, which says I can.

    3. I have not assumed I will get a credit limit high enough for the transfer. I didn't even mention credit limits. You have assumed that I have assumed that. I *hope* that I will get a big enough credit limit, but I've done enough Stoozing to know that this isn't guaranteed.

    No need to have a go at me just because I've realised too late that I could have transferred the balance. I've had a lot going on in my life lately and haven't had much opportunity to think about money-making schemes. It's hardly a big deal. I merely asked a question.
    2018 Wombling Contestant 11: £5.30 (27/03/18)
    • Fingerbobs
    • By Fingerbobs 1st Apr 18, 10:00 AM
    • 373 Posts
    • 90 Thanks
    Fingerbobs
    • #8
    • 1st Apr 18, 10:00 AM
    • #8
    • 1st Apr 18, 10:00 AM
    Iíve applied for a Santander credit card solely for the balance transfer and received this message on one of their emails:

    If you've asked for a balance transfer, it will be completed automatically as soon as you activate your credit card.

    This would suggest a slight delay so your direct debit will go through before the transfer.
    Originally posted by Ballard
    Ah, thank you. This is very helpful.
    As they wait until after the card is activated before executing the transfer, it's pointless me applying now.

    Thanks.
    2018 Wombling Contestant 11: £5.30 (27/03/18)
    • YorkshireBoy
    • By YorkshireBoy 1st Apr 18, 10:09 AM
    • 30,136 Posts
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    YorkshireBoy
    • #9
    • 1st Apr 18, 10:09 AM
    • #9
    • 1st Apr 18, 10:09 AM
    Although not recently, with the last Santander card I applied for (whilst already holding one as you are) the BT was completed in 3 working days. On checking my records I see that the application was made on a Saturday, and the funds hit the other card on the Wednesday.

    If they're still as quick then you'll have the BT completed on Thursday...but that will still be too late to cancel a DD due on the following Monday.

    If you did cancel the DD with your bank my understanding is Barclaycard would still charge you a returned DD fee, even though you paid on time.

    Maybe switch the Barclaycard DD to minimum payment, and be prepared to FP a payment on Friday if you don't get the BT done in time?
    • Superscrooge
    • By Superscrooge 1st Apr 18, 12:36 PM
    • 1,067 Posts
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    Superscrooge
    I opened my Santander CC two months ago, so quite recent.

    BT was completed 5 working days after account opened.

    You have probably left it too late?
    • Somerset La La La
    • By Somerset La La La 1st Apr 18, 12:59 PM
    • 532 Posts
    • 168 Thanks
    Somerset La La La
    My friend opened a Nationwide card and I'm sure she said it was transferred as soon as the app was approved.

    If you're still keen to try it, you may want to try another bank/BS that transfers when all risk checks have been completed, rather than when you actually activate the card. Nwide was only 12 months 0% mind.

    Fee free too, so even if your direct debit did come out, Barclaycard would refund to your current account and you'd have nothing to lose (they wouldn't reject the BT, they'd put the account into credit - I know people on here have purposely done that than asked for BACS transfer!). Fee free 'money transfer' albeit just for 12 months.
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