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    • terrydadd
    • By terrydadd 9th Sep 17, 3:59 PM
    • 1Posts
    • 0Thanks
    interest charges on 0% balance transfers
    • #1
    • 9th Sep 17, 3:59 PM
    interest charges on 0% balance transfers 9th Sep 17 at 3:59 PM
    Hi I have recently taken out a credit card to transfer over balances where I am being charged interest on two other credit cards. I paid the balances by automated phone options and the balance was put onto my new card, but my new card provider has started charging me monthly even though it was a zero percentage card. I rang them to ask why and they said its because its down as a "purchase" rather than a "balance transfer". They wont accept that it was credit card transfers even though they were M&S Bank and Ikano. Any ideas of what I can do?. I am looking to close the account shortly but have been charged 20 interest every month or the past 4 months and want to try and claim it back if possible.
Page 1
    • zx81
    • By zx81 9th Sep 17, 4:09 PM
    • 17,636 Posts
    • 18,780 Thanks
    • #2
    • 9th Sep 17, 4:09 PM
    • #2
    • 9th Sep 17, 4:09 PM
    You're reliant on their goodwill, as you didn't do a balance transfer.

    If you don't get anywhere with them, consider doing new BTs elsewhere, but make sure you actually do it as a BT, not a payment.
    • RG2015
    • By RG2015 9th Sep 17, 4:14 PM
    • 1,299 Posts
    • 762 Thanks
    • #3
    • 9th Sep 17, 4:14 PM
    • #3
    • 9th Sep 17, 4:14 PM
    Don't know which bank your 0% card is with but my two have very specific balance transfer procedures. These must be initiated from the 0% bank using their balance transfer methods.

    In Virgin Money and Nationwide credit cards online banking I clicked on balance transfer and entered my transfer from credit card numbers and the amount to transfer and the new bank did the rest.
    • molerat
    • By molerat 9th Sep 17, 4:21 PM
    • 18,913 Posts
    • 13,085 Thanks
    • #4
    • 9th Sep 17, 4:21 PM
    • #4
    • 9th Sep 17, 4:21 PM
    If you phoned M&S & Ikano and "paid" the balances with the credit card then that is not a balance transfer, it is at best a purchase and at worst a cash transaction. To BT you have to "pay" the old cards from the BT card using their specified method.
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