? Guaranteeing better balance transfers with TotallySure

Balance transfers are designed to help customers cut interest payments, so they can save money and create financial momentum. They’re a key piece of the financial jigsaw, and with more than half of adults paying interest on credit card debt each month, millions could benefit from balance transfer.

And the savings can be significant. Our latest research shows that on the interest-bearing balance, the market leading balance transfer card could save a massive ￡1,353 over 28 months. But representative rates mean somebody could apply for that product, and then receive something different — with a lower limit, shorter term, and higher rates.?

Which is why earlier this year we announced the launch of TotallySure, which we’ve now rolled out across cards and loans. ??

?? What TotallySure means for balance transfers

With TotallySure, we’re helping to put an end to rejected applications and down-selling. We believe in a world where people know if they’ll be accepted, and on what terms, before they apply.

? Pre-approval: Multiple failed applications can hold customers back from accessing the best credit products. And there’s no real reason why they shouldn't know if they’ll be accepted before they apply. Which is why TotallySure provides people with pre-approval — reducing hard searches, and improving certainty.

? Guaranteed APR: In a perfect world, customers wouldn’t treat balance transfers like credit cards — and would instead just use them to repay debts, interest free. However, the reality is that people’s finances are being stretched, and for many, credit provides a vital lifeline. TotallySure guarantees the APR, so it’s clear how much it’ll cost to make purchases and not pay off in full, should somebody need to.

? Guaranteed credit limit: When applying for a balance transfer, most customers will have a set amount of debt they need to shift. So finding out that you’ve been given a difference to the one you applied for can really scupper your chances of making the full savings. TotallySure sets expectations and guarantees that what customers apply for is what they’ll get.

? Guaranteed balance transfer offer duration: Balance transfer headline offers lead on the 0% duration — but downselling means these can often be cut short — and the impact can be huge. For example, if you apply for a 28 month balance transfer, and you’re given a 14 month balance transfer, you could end up saving just ￡626 compared to ￡1,353. But with TotallySure, customers get what’s advertised — and nothing less.

In providing pre-approval, and guaranteeing APRs, limits, and durations, we’re also making it easier for customers to compare offers — removing the guesswork and surprises. That means customers can make informed decisions and take control of their own finances.

?? Better for borrowers and better for banks

We truly believe that a credit industry which works for borrowers and banks is possible — and we’re making it happen. Lenders who provide customers with TotallySure products will be prioritised by our ranking algorithm — because we’ll reward them for being transparent and creating better customer outcomes.

In the past few years, the number of under-served adults has steadily grown, but by putting customers in control, and helping them avoid credit rejection, we aim to reverse this trend. And in doing so, we’ll be creating a fairer and more sustainable credit market, making the subprime customers of today, the prime customers of tomorrow.?