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  • FIRST POST
    • pennypincher3562
    • By pennypincher3562 23rd Oct 17, 9:02 PM
    • 2,154Posts
    • 3,405Thanks
    pennypincher3562
    Balance Transfer - FAIL
    • #1
    • 23rd Oct 17, 9:02 PM
    Balance Transfer - FAIL 23rd Oct 17 at 9:02 PM
    Hi

    I applied for a Halifax credit card last week, which I've apparently been accepted for, and should receive shortly.

    During the application process, I was asked if I wanted to do a balance transfer from my existing credit card (for a smallish amount.) I said yes, that I would like to do a balance transfer, and provided the details of my existing card.

    Anyway, I've just received an email from the Halifax, and it says Balance Transfer - FAIL. The email does not even explain why, and suggests that I should try again once I receive my new card from them.

    Anyone else seen this, and what are the causes?

    Thanks in advance.
Page 2
    • pursuitofmoney
    • By pursuitofmoney 8th Jan 19, 11:00 PM
    • 51 Posts
    • 9 Thanks
    pursuitofmoney
    I have never had this problem as I prefer to do B/T once the new card has arrived and I've set everything up like DD, contact detail and an online login.


    Could just be me but if I want to B/T a large amount I don't want it getting knocked back at application stage, I prefer to see what limit I get and then work with that.


    Wife just applied for Virgin card was given 8800 limit which was perfect as I only wanted to move 5K, I think that's the best way IMO, apply, get it, find out limit, set it all up online THEN do B/T, majority of card providers give you 90 days to make the transfer so what's the rush?
    Originally posted by onlyfoolsandparking

    I got given the limit when I made my application.

    Thinking back at it I may know what caused it to fail.
    Max I could transfer was 95% of my limit
    I transferred the max I could from the two cards to Halifax.
    I presume when the first card balance transfer went through and the fee got charged.
    the original amount I set up for the 2nd balance transfer would have taken me over the limit of 95% which caused it to fail.
    • onlyfoolsandparking
    • By onlyfoolsandparking 8th Jan 19, 11:09 PM
    • 827 Posts
    • 1,125 Thanks
    onlyfoolsandparking
    I got given the limit when I made my application.

    Thinking back at it I may know what caused it to fail.
    Max I could transfer was 95% of my limit
    I transferred the max I could from the two cards to Halifax.
    I presume when the first card balance transfer went through and the fee got charged.
    the original amount I set up for the 2nd balance transfer would have taken me over the limit of 95% which caused it to fail.
    Originally posted by pursuitofmoney

    Yeah that would do it, some cards only go up to 90% limit too so that's something to be aware of in the future.
    The real meaning of life is the pursuit of happiness and avoidance of pain
    • Baahnz
    • By Baahnz 24th Jan 19, 8:44 PM
    • 2 Posts
    • 0 Thanks
    Baahnz
    Did anyone from Lloyd's get a successful transfer recently? Had the same today.. thanks
    • pursuitofmoney
    • By pursuitofmoney 24th Jan 19, 10:09 PM
    • 51 Posts
    • 9 Thanks
    pursuitofmoney
    Hi, I successfully balance trasnfered from Lloyds to Halifax.
    • Baahnz
    • By Baahnz 25th Jan 19, 1:35 PM
    • 2 Posts
    • 0 Thanks
    Baahnz
    Thank you very much for the quick response fingers crossed it will all go through when the card arrives!
    • MABLE
    • By MABLE 25th Jan 19, 7:02 PM
    • 3,905 Posts
    • 2,056 Thanks
    MABLE
    We managed to get a swap with Lloyds and a credit limit of 13,000. We needed to finance our new car and needed 10,000 to make up the shortfall.
    So we transferred from our MBNA card 10,000 at 3.9 percent to our bank account and the next day did a transfer for the same amount from Lloyds to pay off MBNA. We ended up paying about 1.00 in interest charges and now have 10,000 cash at zero percent for 10 months.
    • kpstone123
    • By kpstone123 18th Oct 19, 5:22 PM
    • 4 Posts
    • 0 Thanks
    kpstone123
    We managed to get a swap with Lloyds and a credit limit of 13,000. We needed to finance our new car and needed 10,000 to make up the shortfall.
    So we transferred from our MBNA card 10,000 at 3.9 percent to our bank account and the next day did a transfer for the same amount from Lloyds to pay off MBNA. We ended up paying about 1.00 in interest charges and now have 10,000 cash at zero percent for 10 months.
    Originally posted by MABLE
    Be careful with this method, especially if you're already stretched. It's very easy to think "I'll just get another balance transfer card"...until your card application is declined for one reason or another.

    Then your next move would be a loan, except you can't get one due to your high credit card balance (loan debt is more favourable than credit card debt when making applications for credit). Or at best you have to take an offer with higher interest.

    Nowadays it's hard to get balance transfers for less than a 3% fee. So every 9 months getting a balance transfer on 10k for 3 years is around 1200 in fees.

    Personally I wouldn't go for any balance transfer offer less than 18 months, which gives plenty of time to regroup/have an exit strategy.
    • Ben8282
    • By Ben8282 18th Oct 19, 5:30 PM
    • 4,008 Posts
    • 2,202 Thanks
    Ben8282
    It is not unknown for balance transfers requested at the time of application to somehow 'fail' and not go through.
    When tried again after the card is received they go through fine.
    Don't know why.
    Try the balance transfer again now that you have your card and see what happens. Obviously double check card number, amount etc in case.
    Last edited by Ben8282; 18-10-2019 at 5:55 PM.
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