A couple of months ago I transferred a balance over to my virgin card as they were offering 0% until May09. However the payment dates have fluctuated so much I was late this month by one day in payment, so they have withdrawn my promotional rate and have said over the phone that there is no chance of me getting it back.
Below is a copy of the letter I am going to send in to complain. Do I stand any chance of getting the promotional rate reinstated? Is there any point in waiting for a reply, before I move the balance away from Virgin? Is there anything that I could add to the letter that may help?
I don't have to keep the debt with them as this is my only debt and it will be repaid before May anyway.
Thanks for any help.
Re: Withdrawal of Promotional Balance Transfer Fee
To Whom It May Concern:
I am writing to request that a recent withdrawal of my promotional balance transfer rate to be reinstated at zero % until my May 2009 statement.
The rate has been withdrawn because my payment was one day late with being allocated to my account.
I appreciate that you are complying with the terms and conditions of service. However, I believe that the withdrawal of the promotional rate should be reversed due to many reasons, which I have detailed below.
1) My payment date has fluctuated quite significantly over the past 12 months. One month it was not due until the 2nd of the next month. However in November my payment due date was the 23rd. This was effectively the 21st as you do not accept payments on a Saturday or Sunday. This means the deviation between my latest and earliest payment dates is in excess of 10 days, which is over 30% of the number of days in any month – this I believe is unacceptable. If your rates fluctuated so much, it would result in many of your customers moving to your competitors.
2) I only received the statement on the evening of the 19th due to me being away. (I previously thought that the 20th would have left enough of time to make a payment on time).
3) The payment was made on the 20th in the afternoon, at this time I realised what my payment date was and the amount of time that it took to “allocate” the payment. I phoned customer services up to check whether the payment would go through on time; they assured me that my payment should “land” on the due date (not sure how this is possible as the due date was a Sunday).
4) As the payment was made before the due date, and is authorised at that point, MBNA knew for a fact that payment was to be made and would not bounce, even if they had not physically allocated the payment to my account – should this not be done automatically?
5) The amount of fees and interest that I will have to pay for this one mistake is ridiculous. I was charged almost £90 to transfer a balance of £3,000 to the card (which should technically now be refunded as you are not providing the service that I paid for). I have been charged £12 for the late payment fee. If the balance is left on the card until May, the interest for Dec – May will be almost £300.
6) I am paid monthly at the end of the month, whether I paid on the 19th or 20th does not make any difference at all, therefore if I was aware of the consequences of paying on the 20th I would have ensured that I would have made a payment earlier. The impact upon MBNA of my slight oversight is also practically zero.
7) I have been a customer for quite sometime now and not once has there been a late payment or a large balance left on the account for a long period of time (except when a promotional rate is applied to my account).
8) This is the first time I have ever been late paying any bill for anything, and I hope this will not affect my credit rating.
9) I was planning on using my Virgin Credit Card for many transactions over the next two years in particular (with the balance being paid off each month), as I am getting married and thought that due to the option to apply for an additional cardholder and the relatively large credit limit would have been ideal for such use.
10) I am willing to have my minimum payment increased, as way of “punishment” for the late payment.
11) I am also willing to set up a direct debit so this does not occur again.
12) I am also willing to make a one off payment to reduce some of the balance immediately, if this would help the reimplementation of the promotional rate.
If the rate is not reinstated, I will be forced to pay off the balance over the next 2 months and take my business elsewhere. I will also ensure that I complain to the financial authorities regarding the changes in my payment date in particular, which I believe is unethical.
I look forward to reading your reply on this matter.