Virgin card - BT to bank account?

Giraffeseeker

I've just applied online for a virgin credit card and been accepted (0% on BT's for 15 months). I want to spend about £3K on a car and read in Martin's article re: credit cards that Virgin allowed BT's into bank accounts - perfect for me as I'm 99% sure I can pay off the £3K within the 15 months and pay no interest - just the 2.89% BT fee (and if there is a balance left I'll transfer it to another card). However, the application only gave me the option to BT from credit cards and their phone lines are not open - anyone know if I can do this? Or have I applied for an unnessessary credit card? Just did it cos loan rates on such a small amount are really high.

OMAR

yes you cab do it....have to ring though

Giraffeseeker

Perfect! Thank you.

Moggles_2

You can complete the balance transfer section of your credit card application if you wish but, IMO, it's best to wait until your card arrives and you know your credit limit.

When you call to activate your new card, ask Virgin to transfer the maximum allowed (normally 95% of your credit limit) to your current account and check the 0% rate applies. The funds arrive in your bank account in 6-7 working days

DestroyingAngel_2

tintingirl wrote: »

I've just applied online for a virgin credit card and been accepted (0% on BT's for 15 months). I want to spend about £3K on a car and read in Martin's article re: credit cards that Virgin allowed BT's into bank accounts - perfect for me as I'm 99% sure I can pay off the £3K within the 15 months and pay no interest - just the 2.89% BT fee (and if there is a balance left I'll transfer it to another card). However, the application only gave me the option to BT from credit cards and their phone lines are not open - anyone know if I can do this? Or have I applied for an unnessessary credit card? Just did it cos loan rates on such a small amount are really high.

Hi, you'll need to check that it's really 2.89% for the handling fee, I think it's more like 2.98%, with a minimum of £3.

You'll need to ring Virgin to do the BT. I've never heard of their phone lines being closed before, as far as I'm aware, it's a 24hr/365 days service. Virgin cards are serviced by MBNA, the number is 0800 062 062. Ask to do a Money Transfer (not a Balance Transfer, as that's for transferring existing balances from other cards; you're wanting to move money into your current account, hence a Money transfer).

Also, you might want to set up a Direct Debit to take care of your minimum monthly repayments. This is important if you don't want to lose your promotion - if you're late, miss a payment, or your payment does not meet the minimum requirement, or you spend on the card and go over the credit limit, then your promotion will be turned off. And then you'll find yourself paying interest and having to plead your case with Virgin to reinstate the promotion etc. Why not be hassle-free and just get a DD set up, you can always make additional payments online or through your bank, or by cheque.

The current timescale is 6 working days for BTs/MTs.

Giraffeseeker

Thanks all - talked to them today and I can transfer once account number is allocated tomorrow sometime. It is 2.98% transfer fee, but still far cheaper than the loan rates I was being quoted on borrowing £3K over 18 months (13.9%!!!). Re: DD, I'll do that asap, I was going to pay the minimum and savings account the rest until 14 1/2 months time!