Transferring a Balance between Credit cards query

[warrendublin]

Hi everyone.

I'm arranging to transfer a balance from one Credit card provider to another to avail of a 0% balance transfer offer that is available.

However, I've been told that it will take between 5 and 7 working days.

i'm a bit surprised tbh, given that it's an electronic transaction.

I'm just wondering is this normal time lag between banks?

Many thanks

 

[Willy Fogg]

Seems pretty standard terminology to me. It may not take that long.

Remember credit card accounts aren't standard bank accounts. Balance transfers may have to be manually applied etc when payments are recieved.

 

[warrendublin]

Hello again everyone.

OK - this is "interesting" (no pun intended)

Further to the above, I applied to balance transfer 5,000 from one CC to another to avail of a 0% balance transfer option.
This morning I checked my accounts.

1. the Account offering 0% for 6 months is now showing the balance transfer amount 5,000

2. the Account from where the money is being transferred is still showing the amount of 5,000 in this account.

So, at this moment, my debt has now doubled to 10,000.........(5,000 is showing on BOTH accounts)

Also, IMO, if the ICB ran a check on me at this moment, it would show me having debts to the tune of 10,000 instead of 5,000 as BOTH accounts are showing a balance of 5,000.

FWIW, I rang BOTH CC companies just now.

The 0% one said that the balance was sent from the other CC company on 24/9 and posted to my account on 25/9

The other company said it can take up to 3 working days for this to clear.

I've raised a query with them on this as I thought finance worked on the basis that "for every debit, there's a credit" (I know, I know, naieve old me...!!)

Am I getting the full story here?

PS - I should add that the balance being transferred arose from a cash withdrawal, on which daily interest applies.

 

[trasneoir]

Sounds pretty normal to me - any payment to a credit card seems to takes a few days to "clear" after the funds have actually arrived. It seems pretty nonsensical for electronic transactions, but it suits the card companies, and punters never read the small print.

Hello again everyone.

OK - this is "interesting" (no pun intended)

Further to the above, I applied to balance transfer 5,000 from one CC to another to avail of a 0% balance transfer option.
This morning I checked my accounts.

1. the Account offering 0% for 6 months is now showing the balance transfer amount 5,000

2. the Account from where the money is being transferred is still showing the amount of 5,000 in this account.

So, at this moment, my debt has now doubled to 10,000.........(5,000 is showing on BOTH accounts)

Also, IMO, if the ICB ran a check on me at this moment, it would show me having debts to the tune of 10,000 instead of 5,000 as BOTH accounts are showing a balance of 5,000.

FWIW, I rang BOTH CC companies just now.

The 0% one said that the balance was sent from the other CC company on 24/9 and posted to my account on 25/9

The other company said it can take up to 3 working days for this to clear.

I've raised a query with them on this as I thought finance worked on the basis that "for every debit, there's a credit" (I know, I know, naieve old me...!!)

Am I getting the full story here?

PS - I should add that the balance being transferred arose from a cash withdrawal, on which daily interest applies.

 

[warrendublin]

Sounds pretty normal to me - any payment to a credit card seems to takes a few days to "clear" after the funds have actually arrived. It seems pretty nonsensical for electronic transactions, but it suits the card companies, and punters never read the small print.

Hi Trasneoir
Mile buiochas.

I'll wait another day until I kick off so..!!

However, that said, I still cant understand how it is either legal or proper accounting practice to double a persons CC debt even temporarily!

At this moment in time, I have a balance of 5000 in each credit card account.

If, as I said, a credit check was run on me today, it would reveal debts of 10,000 when in actual fact I owe 5000.

This circumstance is both misleading and in my opinion unacceptable from a consumer perspective.

With this in mind, to whom should I raise my concerns. For instance, is there Ombudsman for Credit Institutions?

PS - if it was to do with clearing then why doesn't it take a couple of days for my cash advance to clear? The interest starts accruing on that right away......