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  • boywonder
    thanks
    You have an overdraft of £25000

    In theory yes you could if you could get a card with a big enough limit on it. It would give you a certain amount of time maybe 9 or 12 months at 0% before you get whacked with the APR.
    Originally posted by kaisersoze

    yep. so i think i will srtick to the bank.... but thanks for the help
  • boywonder
    thanks.
    i apprecite yr help
  • joe-blogs
    Egg Money - Balance Transfer
    OK - I understand the concept + benefits BUT -
    what about the Egg Money balance transfer fee - wouldn't that automatically be charged even though you may still be in credit?
    • Bexm
    • By Bexm 26th Mar 09, 11:08 AM
    • 391 Posts
    • 137 Thanks
    Bexm
    If I have a Virgin MBNA card.. Can I get another MBNA card and do a money transfer to my account to pay it off??
  • estherb
    If you want to use the mbna card to transfer to your overdraft, do mbna count this as a balance transfer or a money transfer?
    I have just applied for the card but skipped the transfer question as wasnt sure if money transfer had the same deal that the site mentions!
    Does anyone know??
    • smiler289
    • By smiler289 5th Apr 09, 6:29 PM
    • 11 Posts
    • 0 Thanks
    smiler289
    Just cancelled BT credit card, can I apply for MBNA card?
    Hi!

    I paid off my BT credit card last month so I have just cancelled it. I believe the BT card is part of the MBNA family of cards.

    My question is, can I apply for the Virgin card having just cancelled my BT card?

    Cheers

    Smiler
    • Stinkybell
    • By Stinkybell 9th Apr 09, 4:09 PM
    • 191 Posts
    • 192 Thanks
    Stinkybell
    MBNA platinum is charging a 4% fee for money transfers now according to it's website - the article needs updating as it only says it charges a 2.9% fee
    Student Loan
    2006:£9130.86 2007:£12,286.36 2008:£14,792.15 2009:£14,234.48 2010:£13,249.45 2011:£11,835.74 2012:£??????? 2013:£7976.45 2014:£5745.30


    Student Loan Free Date: November 2016!
    • smiler289
    • By smiler289 11th Apr 09, 10:05 AM
    • 11 Posts
    • 0 Thanks
    smiler289
    Hi!

    I paid off my BT credit card last month so I have just cancelled it. I believe the BT card is part of the MBNA family of cards.

    My question is, can I apply for the Virgin card having just cancelled my BT card?

    Cheers

    Smiler
    Originally posted by smiler289
    Just to let you know I applied for this card but was unsuccessful. It didnt say why but I would get a letter confirming that I had been unsuccessful, which I have not received.
  • Lesley4
    Paying off bank overdraft with credit cards
    I have an agreed overdraft with the bank of £3500, I also have a virgin credit card. Virgin are currently offering 6.9% till 14th October to transfer to bank accounts with a 2.98% charge. Virgin told me that after 14th October my interest rate would be a staggering 21.9%. I assumed it would be 18.9%. Has anyone else come across this problem and why are interest rates on credit cards so high?
  • Charis M T
    Borrowing to Invest
    Hi
    There is an offer on the MBNA card for 0% cash transfers at a fee of 2.9% to July 2010.
    Where can I invest the cash for 12 months for more than 2.9% nett?
  • chewylouis
    Hi I have very poor credit ratings are there any cards that do super balance transfers which allow you transfer funds into a bank account?
    • greendale9061
    • By greendale9061 31st Jul 09, 4:19 PM
    • 90 Posts
    • 6 Thanks
    greendale9061
    Hi Money Savers,

    I have been a C C tart for the last 4 years & have almost exhasted all of the cards. Went from £12k in 2005 to a balance now of 4.5k :-)

    The problems is, I have had a MBNA & Egg card and cancelled them both in 2006. Ive checked my credit history & its in pretty good condition, but the closed accounts still show on my record.

    My lastest BT card (Abbey) runs out on 1st Sept & I applied for a Halifax BT card 3 wks ago & was unsucessful, I was wondering if its because Ive been tarting too long & they have seen a trend for 0% cards.

    I would like to apply for a super BT card, but do you think they will still hold my records from 2005?

    Thanks :-)
  • Princess_Cutie_Pie
    Using Virgin Card to Clear Overdraft
    Hi
    I'm new to all this so hello guys.
    I'd liked to clear a £2000 agreed overdraft with Natwest by using the Virign card as outlined on this site.
    My only concern is how can I work out what the monthly repayments would be on the card compared to the charges/interest I am currently paying each month to Natwest?
    Many Thanks
  • jfl981
    Hi
    I'm new to all this so hello guys.
    I'd liked to clear a £2000 agreed overdraft with Natwest by using the Virign card as outlined on this site.
    My only concern is how can I work out what the monthly repayments would be on the card compared to the charges/interest I am currently paying each month to Natwest?
    Many Thanks
    Originally posted by Princess_Cutie_Pie
    You would pay 0% interest for the 16 months, therefore your payments to virgin for this period could be just their minimum allowed, which would be £25 per month. Remember this goes towards paying off the balance and is not an interest charge. Meanwhile you'll have paid off the Natwest overdraft and avoid those charges/interest.

    You have to remember to pay off whatever's left of the balance on the virgin card i.e. what you've transferred minus the monthly payments you've made, before the 16 months expires or they will start charging interest. Alternatively as martin suggests you could find another 0% card to switch the debt to at that time as a last resort.
  • jfl981
    Moneysaving alternative to super balance transfer with Virgin card
    Instead of a super balance transfer (or money transfer, as Virgin calls it) with the Virgin money 0% for 16 months card, could one not use a credit-card cheque written to oneself to get the money into one's bank account?

    This would save on the handling fee, as Virgin lists cheque transactions' handling fee at 2.98% like their regular balance transfers as opposed to the 4% handling charge for money transfers/super balance transfers. Both are 0% for 16 months from account opening.

    Please let me know if I'm missing something!

    Jeff
  • futureplanning
    sorry please ignore, have reposted on credit card forum!
    Last edited by futureplanning; 08-12-2009 at 6:37 PM. Reason: reposted in different section
  • jfl981
    Can now answer my own question from two posts above re: using credit card cheques to effectively do a SBT.

    You can do this and are charged only the 2.98% fee for the cheque, not the 4% money transfer fee, so it is the better option. Furthermore you can order credit card cheques at any time as stated in the T&Cs booklet for the card.

    For more details see my post on the Balance Transfers Discussion board (same date of posting as this post).

    Cheers!
  • thatdarnguy
    I've just applied and been accepted for the Virgin 0% for 16 months credit card, it was a very simple and quick process - all done online, so you don't need any forms to sign.

    The only problem is, It doesn't tell you the offered credit limit - we only got £2500 which isn't enough for us, but it's better than nothing I guess! We are planning to do a Money Transfer to our bank account. (Any tips on how to ask for this?)

    We need about £3500 for building work and we were looking at 1 year loan, but the interest rate for short term loans is ridiculous.

    The £2500 credit limit will certainly help, we don't even have a date for the building work being started, so we should manage to save up £1500 before payment is due!

    For those that have gone through the Money Transfer process - did you need to phone Virgin? - what do you say? Do you ask for a Money Transfer to your current account? If they ask what it's for, do I say it's to pay off an overdraft even if it isn't true, or is that fraudulent? Thanks!
  • santiagobravo
    Hey,

    im looking to carry out "The Mule Card Technique" as described in the article.

    Can anyone tell me if the Egg Card has the "transfer to account" funtionality? Does this allow me to transfer to any specified personal account or does it have to be an Egg account?

    Thanks

    S.
  • gingefam
    I have an Egg Money card which I have been using as a Mule for a few years now. I did a SBT to Egg Money on Thurs of last week - phoned this morning to move the money over to my stooze account and have been told that the T&Cs of Egg Money have changed some 3-4 months ago prohibiting positive balances. Has anybody else come across this ?

    Bit baffled now - cant see anything on the T&Cs to say that is has changed - but I am now left with 8K floating in the ether -neither Egg Money or the original CC know where it is !

    If Egg Money can no longer be used for an SBT - what other Mule cards exist please ? If this is truly the case then Martins article could do with an update
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