Virgin One Account Offsetting

cju857arh

Hi Guys,

Apologies if this is the wrong place to be posting but I have a oneaccount with £170,000 mortgage facility and wit currently £146,000 outstanding on the balance rate is 6.7%

Anyhoo I have a Halifax Credit Card with £5000 outstanding (currently at 0% with initial 2.5% which runs out in Jan, this was balance transferred from Captial one a few months ago).

I emailed Capital Oneto close my account and they told me there would be something in the post in the next two weeks, which turned out to be another BT offer of 3% charge and 0% interest for 14months if i act before 31st Oct. They have also increased my credit limit to £17,900. I asked if i could balance transfer into a current account but they said i couldn't, so the question is (eventually ) could i just BT 17,000 or (leaving 510 for fee) to Halifax leaving my Halifax card +£12,000 and then ask for the money to offset my mortgage or would i be stopped from doing this? Apologies if its a dumb question but I've never been in (+)tive on a credit card before....

Thanks in advance.

Frank

YorkshireBoy

Halifax prohibit positive balances (see condition 7.6 in your T&C's). They'll either send the money back to Capital One (meaning you've wasted £510) or freeze your account whilst they investigate you for money laundering...and then send the money back to Capital One!

Do you have an Egg Money card?...or maybe a close family member has one?

Another option may be a BT from a credit card attached to your Virgin One account (I'm not familiar with that account but seem to remember others using this feature).

rodent

With Yb on this ..
get an egg money card asap ...tx 17k to it ....(or max bt)... put this in offset M ..wait until 14mths up then repay;)


The Rodent

YorkshireBoy

rodent wrote: »

get an egg money card asap

12 working days is very tight Rodent.

rodent

This is true !
But egg money generally give an instant decision...but to play safe have "another" sbt card on hand (ie friend or family ..with mbna egg etc card to bt to)

go .go .go.............

cju857arh

Hi Guys,

Thanks for all your advice. My wife used to have an egg money card; she's having a look for it now...

Is this an egg money card???? (Sorry me not so smart )
http://new.egg.com/visitor/0,,3_78868--View_1636,00.html

cju857arh

Ok so I've applied (and already have a CC with them) and they are going to contact me in 24 hours........

Thanks all for your help, so far.

YorkshireBoy

The link you provided is for the Egg Money card, yes.

When you say you already have an Egg card, is it the Egg Card (Visa)? If so, and if you start to run out of time, then it may be possible to use this instead.

I *think* (so do check your own T&C's) the Egg Card (Visa) only charges a BT fee during a special promotion*. If none exists on your account, any BT you make from your current account (using a positive balance created by the Capital One BT) should be fee-free.

Good luck!


* Introductory offer, anniversary month, any other offer on your account (they don't always tell you so ring/secure message them and ask).

cju857arh

Ok so my wife has an egg money card, so if i transfer the money to the egg money card how do i get the money off it? can you transfer money back off it like a normal bank transaction? Apologies for being dumb but the maintenance screen is not available on her account because she has not activated her new card.

Thanks in advance.

Frank

YorkshireBoy

cju857arh wrote: »

Ok so my wife has an egg money card, so if i transfer the money to the egg money card how do i get the money off it?

Several ways, but this is my preferred method...

Log in
View Egg Money
Click "Egg Money admin"
Click "Transfer a balance"
Click "Current account/overdraft"

Two important points:

1. She should use the current account she has the DD set up on, and

2. She should keep the transactions under £10K each (to avoid embarrassing AML/security phone calls)


EDIT: See http://new.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html...especially "how do I make a withdrawal?" and "can I transfer balances to Egg Money?"