Help with tranferring remaining balance across to Virgin Card?

dannyuk

Hi,

I have just got a Virgin Credit card (with 15 months interest free) so I could transfer my Lloyds TSB loan and also my money from my Egg credit card.

I have 2 loans with lloyds, outstanding balance is 1st = £318 & 2nd = £2,603. I also have £503 remaining on my Egg card.

I want to transfer all of these over to the Virgin Credit card, but have a few questions first and would be hoping if anyone could help:-

1. Obviously there is an early settlement fee for closing the accounts, does anyone know how much i'll pay on each one?
2. Does the fee that i will get charged just get added to the overall amount i owe with Virgin, or will i have to pay this separately?

Thanks in advance,

Danny

NickX

dannyuk wrote: »

Obviously there is an early settlement fee for closing the accounts, does anyone know how much i'll pay on each one?

Does the fee that i will get charged just get added to the overall amount i owe with Virgin, or will i have to pay this separately?

Early Settlement fees will vary from Loan to Loan. You will need to contact each provider separately and ask the question.

Virgin will add the Balance Transfer fee to your balance, however I believe they then collect this as part of the first payment and you do not have to pay any interest on the fee.

Moggles_2

NickX wrote: »

Virgin will add the Balance Transfer fee to your balance, however I believe they then collect this as part of the first payment and you do not have to pay any interest on the fee.

That's right. With cards issued by MBNA (which includes Virgin), the balance transfer fee is always collected with the first repayment, so your first minimum payment will be 3% of the balance, but from there on your minimum monthly payment will be £25.

IMO, it's best to request transfers from your current account by phone, as opposed to online, so you can make certain the 0% interest rate will apply. When you call to activate your new card (there's a freefone number for this), you can ask Virgin to transfer the maximum allowed (normally 95% of your credit limit) to your current account. The funds arrive in your bank account in 6-7 working days

amy21_2

do virgin allow balance transfer of a loan? i know lloyds don't allow it

Mouse._2-2

Hi everyone, I'm a newbie, i've been reading fora little while, thought it was about time to make a contribution..

I have a Virgin MBNA card, not the 15 month 0% one, the 6.7% fixed one; mine allows me to make ca$h payments into my nominated bank account for up to 95% of my credit limit, so as long as your 0% card operates the same, you could log in and transfer the money needed to pay off your loan into your bank account, then settle it from there?

NickX

amy21 wrote: »

do virgin allow balance transfer of a loan? i know lloyds don't allow it

As Mouse has pointed out Virgin allow you to transfer up to 95% of your Credit Limit to your Bank Account from where you can settle your loan.

dannyuk

Thanks for all the replies people, but I have more question.

1. How does the early settlement fee get paid i.e. Once I pay off the egg card, I will owe them a fee for settleing the balance early. Will Virgin sort this out & just add it to my overall payment on the Virgin card, or will I have to pay this myself?

Thanks again,

Danny

NickX

dannyuk wrote: »

Once I pay off the egg card, I will owe them a fee for settleing the balance early

There is no fee for settling the balance on the Egg card, you are just paying off the debt that you have accrued.

Virgin will add a Balance Transfer fee to the total amount transferred. This is collected as part of the first repayment to them.

Hope this helps.