Issue with Balance Transfer - Looking for Help

samp365 on 05/09/2023 - 12:38
Last edited 05/09/2023 - 14:10

Hi Folks.. Need some help here..

Wife has got a Personal loan around 30k and we took a Credit Card to do a Balance Transfer.. The card application was accepted and we got the needed limit. Later, we discovered that the Personal Loan provider(Wisr) only accepts bank payments (No BPAY) which came as a bummer as the new CC (Virgin Money) can only do BPAY..
So, one friend suggested to do the transfer to another Credit Card (HSBC) from this new card and request a Cheque/Transfer to Savings Account as the old CC has a Negative Balance.. We tried this method and did the Balance Transfer to an old card. But now the card provider (HSBC) says they cannot do a Cheque/Transfer to Savings Account and we are stuck.

  • One option could be a cash advance with 3% charges.. Better than paying around 9% on the personal loan.

Can anyone suggest some other options. Thanks.

Financial

Comments

  • Baysew on 05/09/2023 - 13:28

    Who is the issuer of the "old" card (It is still operative)?

    • samp365 on 05/09/2023 - 13:56

      Yes, HSBC..

      • Baysew on 05/09/2023 - 14:03

        And the new card?

        • samp365 on 05/09/2023 - 14:04

          Virgin Money..

          • samp365 on 05/09/2023 - 14:07

            @samp365: and Loan with Wisr

          • Drpepper666 on 05/09/2023 - 14:13

            @samp365: Did you talk to them? What did they say?

            • samp365 on 05/09/2023 - 14:19

              @Drpepper666: Called HSBC couple of times and even visited the banks.. But no luck.. They ask us to call the sender and reverse the payment..

  • Findmebargain on 05/09/2023 - 15:30

    How about asking again if you were to close the hsbc card account, how would they deal with you credit balance?

    • samp365 on 05/09/2023 - 15:39

      They said they cannot close the account until I do something with the balance :(
      We called Customer Care twice and visited 2 branches to hear the same thing..

  • garetz on 05/09/2023 - 16:01

    The entire banking industry is a scam. How can they not do a Cheque or Transfer to a Savings Account.

Login or Join to leave a comment
Login Join