Balance Transfer Fee - Refunds

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Balance Transfer Fee - Refunds

Postby StringyBob » Thu Jun 23, 2016 5:48 pm

Credits cards that charge a balance transfer fee and then refund all or a percentage back.

Seems to be quite common practice and I'm not sure of the reasons why.

Anyway, I've recently cleared the balance of one of my cards (I'd rather not say which one - but I will give a clue later) as the interest free period was coming to an end.

I was checking my last statement to make sure everything was in order and it seems I was refunded more than I should have been.

Balance transfers were done a year ago and I was refunded close to £200 extra. I'm guessing this must have been some kind of glitch in their systems. I have double checked all my statements and it is definitely an error on their part.

I was going to keep the card for the cashback offer they have recently brought out but now I'm thinking I might be better closing it just in case they want their money back.

Anyone else had any instances of this strange phenomenom? Will I be liable to pay the money back?

Stringy Bob

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Re: Balance Transfer Fee - Refunds

Postby planteria » Sat Jun 25, 2016 3:26 pm

the part-refunded fee Is an unusual concept imo
but if it works out to be the right deal, i take it no problem
i wouldn't close the account as a result of what you describe. if the terms are right, use it. if theyre not, let it go - unless there is another good reason to retain. in the past i have retained cards so that i can transfer the limit later, for example.

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