help please

tami_2

hi all can anyone help please? i have had a virgin credit card which i dont owe anythink on i have three months left to do a balance transfer.
been spending on my argos card and my next card, so i rang virgin to do a balance transfer off those 2 cards but thay would not go through.
so thay are going to put the money into my bank account for me to pay off argos and next and it will still be the same as doing a balance transfer I did ask three times will it be the same agreement as a balance transfer he said it was. but i am still a bit nervous i dont want to find out a few weeks down the line thay tell me its a loan or something else what do i do any help please.

Angie8

It's called a Super Balance Transfer (SBT) and it simply means that money is paid into your bank account for use in paying off a loan for example. If you then use the money to pay off your Next and Argos cards then the debt is effectively transferred to your Virgin card.

I'm fairly sure that Virgin charge a 2% fee on balance transfers. Although the fee they charge for your SBT may be different to a standard balance transfer.

Check the terms and conditions of your card (or phone them) to make sure you're getting the same rate and fee as for a normal balance transfer. I would have thought that the rates are the same so I don't think you have anything to worry about.

rudedog_2

Don't worry Tami, its normal practice for some creidit card providers not to accept some store cards. As Angie said, a SBT to your bank account is just as good (do check out the the fee, if any, to transfer though).....

and make sure you pay of those store cards when the money hits your account. Would be very tempting to go on a spending spree

dog

YorkshireBoy

rudedog wrote:

...a SBT to your bank account is just as good (do check out the the fee, if any, to transfer though).....

It's more than likely (from the 3 months 0% remaining on the card) that the OP is on the 'old' T&C's and that there 'may' be a 2% (max £35) BT fee chargeable.

However, the reason the OP must check with Virgin is that...

1. Virgin changed their (S)BT fee to 2% (max £50) - sometime this Autumn I think.

2. MBNA (who run the Virgin card) have written to some customers recently to advise them of changes to their T&C's. Most important of these is a new 'money transfer' definition, which charges a 2% (no max) fee and the debt immediately attracts 22.9% interest.

tami_2

thank you all for the help will sleep tonight.