Virgin CC Re BT

clio

How does virgin work out it,s balance transfers if you can only do 95%,
then 3 months later you want to do another one, Do i work out 95% of my
available balance or my original CL.

Any

clio wrote: »

How does virgin work out it,s balance transfers if you can only do 95%,
then 3 months later you want to do another one, Do i work out 95% of my
available balance or my original CL.

No experience with that myself, but I would guess that it would be 95% of available balance.

Bismarck

work out 95% of the card limit and that's how far you can go up to.....

if that's not right, I'm sure I'll be corrected!

udydudy

AFAIK its always maximum 95% of credit limit, i.e if you limit is 10000 them ximum BT you can do(any numbe rof BTS) but total sum of all the BTs can be only 9500.

clio

well i just rang them up and i,m still not sure off the figure so i may just bin the idea..

YorkshireBoy

It's possible to get a second BT of 95% of the remaining 5%, and get to 99.xx%.

Probably best to wait until after you've made the first (~3%) minimum payment though.

Also, don't do the second BT on the phone...do it online. That's because an 'on-the-ball' telephone CSA is bound to see what you're up to.

After all, some allow a 95% BT and then add the fee on, ie 98% (these are the drowsy ones), whereas others insist on including the fee in the initial 95% BT balance (these are the ones who had a good night's sleep the night before). I've had experience of both!

clio

Thats what i,m trying to put across Y-B " It's possible to get a second BT of 95% of the remaining 5%, and get to 99.xx%. "



ive done a BT 3 months ago 95% of my CL now i want to do another 1 so i can get the last amount off them. i have £1072-72 so the girl i spoke to said i could transfer either by chq or straight into bank £800 well i don't think it sounds right at all.. i work it out at over a grand including BT fee ..

clio

So any more input before i put this to bed as to much trouble to be to bothered with !!

clio

well ive looked around the virgin online site, and under the virgin card benefits is says this .....

Credit Card Cheques
You can use credit card cheques up to 95% of the value of your available credit limit. well my available credit limit is £1072 so how do they get this £800 figure is beyond me..

DestroyingAngel_2

Here's how Virgin work out the 95% bit on BTs. It's a max of 95% of the AVAILABLE CREDIT...not 95% of the credit limit.

For example, if you had a credit limit of £1000 and a £0 balance, then you could transfer max 95% of the available credit, which is 95% of £1000 = £950. The fee for doing this is generally 3% of the amount transferred, in this case 3% of £950 = £28.50.

Once you've BT'd £950 and added the £28.50 handling fee, your AVAILABLE CREDIT would now be only £1000 - £950 - £28.50 = £21.50. If you wanted to do another BT on top of that immediately, then you could only BT 95% of the £21.50, which is = £20.42 plus the 3% handling fee of 61p.

Let's say you do a BT of £950 with the handling charge of £28.50 leaving £21.50 available credit. You pay back £100 each month for the next 6 months; this comes to £600 paid back in total. Your available credit at the end of the 6 months would be £600 (amount paid back) + £21.50 (available credit) = £621.50. If you want to do another max BT then, that would be 95% of £621.50 = £590.42 plus the 3% handling fee of £17.71.

Bismarck

well...I'm glad you all worked that out...I was surprised....but there you go....