credit card balance transfer

7 replies
Found 2nd Feb
Hi

I have a vanquis credit card. I got accepted for a tesco credit card which is lower interest so did a balance transfer (when I did the application for tesco) I have received the card today and set up mobile banking on the app, the amount has been taken off my credit limit on the tesco but no amount has come off my vanquis.

Is this normal?

7 Comments

Hi, it's normal check tomorrow should come off Vanquis card by end of play tomorrow or first thing Monday

Original Poster

fisco2001

Hi, it's normal check tomorrow should come off Vanquis card by end of … Hi, it's normal check tomorrow should come off Vanquis card by end of play tomorrow or first thing Monday



Thanks!

takes a few days normally

Yep. Up to 5 days...

I did this recently too to a Tesco credit card. Balance transfer doesn't happen until you phone up to activate your new card.

Be careful also to make sure you pay your first instalment / payment to Tesco on time and do not rely on them taking the money by direct debit in the first month. Even though I set up a direct debit mandate at inception with them they failed to take the payment required in the first month. Luckily I had already paid some money off what I owed them and that is not the reason why they didn't take the payment. I had had this previously with Virgin and was horrified to see they charged me interest on month 1. When I complained they said it's because the direct debit hadn't been received in time therefore negating any fixed periods for interest free. When I asked them who was responsible for the direct debit, i.e. taking of the payment they backed down.

Luckily I don't need credit cards anymore but always make sure if you move it from one company to another, set up an online account immediately and pay the minimum payment required via switch in month one as well as setting up a direct debit just to be safe. Happened to me twice and makes you wonder if it's done deliberately.
Edited by: "Smartguy1" 2nd Feb

Original Poster

shaneene1

I did this recently too to a Tesco credit card. Balance transfer doesn't … I did this recently too to a Tesco credit card. Balance transfer doesn't happen until you phone up to activate your new card.



I have activated it on the app
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