Unoffical Existing Customer Balance Transfers
Comments
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Yesterday I managed to get 2.9% (3% fee) from MBNA, just by phoning up and asking. Finding shuffling increasingly hard. despite my borrowings coming down, my limits are getting slashed. Had a barclaycard for ages and have often taken advantage of it's 6.9% for life offer. However, I've had £2500 taken off the limit this week, leaving me only about £40 from the new maximum allowed. bit worried HSBC might do the same and be unable to transfer the remaining amount back off the MBNA card in October if necessary.0
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Yesterday I managed to get 2.9% (3% fee) from MBNA, just by phoning up and asking. Finding shuffling increasingly hard. despite my borrowings coming down, my limits are getting slashed. Had a barclaycard for ages and have often taken advantage of it's 6.9% for life offer. However, I've had £2500 taken off the limit this week, leaving me only about £40 from the new maximum allowed. bit worried HSBC might do the same and be unable to transfer the remaining amount back off the MBNA card in October if necessary.
Did you have an existing balance on there or was the deal because it was empty and you were transferring another card onto it?0 -
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I already had a balance of around £2K on a life of balance rate of 4.9 % Been assured that this is not affected (I was very careful about checking this).
Better Watch out for one thing. Your current BT is never affected. What matters is -- if you have 2 different BTs running together which one finishes first.
i.e. lets say you have an existing 4.9% Bt running upto June 09 and you get a new one which runs upto Dec 09 with a lesser interest rate i.e 2.9%.
The payments you make will be adjusted against the balance which incurs the lower interest rate. In this case it would be the 0%. SO when June 09 approaches you will notice that any payments you make will reduce the 0% and teh 4.9% stays put. and after June 09 your 4.9% will attract standard rate of interest whatever that may be in your case. (normally around 16% but could be as high as 34%)
This is the way the lenders make money out of innocent borrowers. In June 09, the only way you will be able to get out of the high rate of interest would be if you repay all the money on the card!!!.
That is one of the reasons that lots of lenders offer promotional interest rates for new customers where the purchase promotions period is shorter than the BT promotion period (e.g. Purchases at 0% for 3 months whilst BT 0% for 9 months):beer::beer::beer:0 -
Snikdho
Reported for link in sig. Not allowed pure filth you rotten cabbage you:(0 -
Ulster finally came up trumps in my eleventh hour and not only offered me 0% BT for 12 mths but also an increased credit limit, all with just a 1% BT fee, reduced from 3% :T :dance:“You can please some of the people some of the time, all of the people some of the time, some of the people all of the time, but you can never please all of the people all of the time.”0
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Between Sept/Oct 2007 Barclaycard gave out an offer of a balance transfer of 6.9% for life with a cashback of 5% if you maintained a balance until Jan 2009. This chashback would then appear on the Feb 2009 statement. You could transfer any amount but the max qualifying for the cashback was £3000.00p. And there was no fee which made it a very good offer.
However, no cashback was on the Feb statement, nor on the March statement. Barclaycard say that they are having major problems with the cashback department and that they can give no date for when this will be resolved. I should have had £150 cashback plus less interest on two statements. This would effectively have been about 0% for 14 months with no fee.
As there are penalty clauses which stop the cashback this is now effectively stopping me from moving the balance on. Could anyone help with any suggestions, or have you heard of this from anyone else. Thanks.0 -
Has anyone got any thoughts on this before the Forum closes for the weekend.Thanks0
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Between Sept/Oct 2007 Barclaycard gave out an offer of a balance transfer of 6.9% for life with a cashback of 5% if you maintained a balance until Jan 2009. This cashback would then appear on the Feb 2009 statement. You could transfer any amount, but the max qualifying for the cashback was £3000 and there was no fee, which made it a very good offer. However, no cashback was on the Feb statement, nor on the March statement. Barclaycard say that they are having major problems with the cashback department and that they can give no date for when this will be resolved. I should have had £150 cashback plus less interest on two statements. This would effectively have been about 0% for 14 months with no fee. As there are penalty clauses which stop the cashback, this is now effectively stopping me from moving the balance on. Could anyone help with any suggestions or have you heard of this from anyone else?
No experience of this personally but, if you feel you have grounds for complaint against Barclaycard, I would request a copy of its complaints procedure.(You can do this over the phone) This sets out the time limits allowed for dealing with your complaint. The bank is also obliged to confirm the result of your complaint in writing.
You have the right to take your complaint to the Financial Ombudsman if you are not satisfied with the outcome.
If you ring Barclaycard Card Services on 0800 068 4899 and hold, then select 0 from the menu to speak to an adviser, you'll avoid the overseas call centre and the perishing 0870 numbers
People who don't know their rights, don't actually have those rights.0 -
Cheers, thanks for that. I was hoping that others had experienced this deal but we shall wait and see.0
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