Balance transfer question

bluelee75

My husband has just been accepted for the Virgin credit card and the 0% balance transfer - he wanted to transfer his balance from his existing MBNA card onto the Virgin card, but now realises that he can't do this as MBNA and Virgin are part of the same group. I was wondering if he could transfer his existing balance onto my Barclaycard (which has a high credit limit and plenty of credit available), then immediately transfer that balance from my Barclaycard back on to his new Virgin card (at 0%)? Would that be possible? Is it a good idea? What would it likely entail? I'd be really grateful for any help/advice people can give - thanks in advance!!

NickX

MBNA run cards allow SBT (Super Balance Transfers) which means they will send funds to your Bank Account. You can then pay the Virgin card from there.

I would NOT use a Barclaycard as a mule otherwise you are going to pay twice in Balance Transfer fees when this is not necessary.

Hope this helps.

bluelee75

I had never heard of super balance transfer but it definitely seems like it's worth looking in to - many thanks!

NickX

bluelee75 wrote: »

I had never heard of super balance transfer but it definitely seems like it's worth looking in to - many thanks!

Just ask MBNA by telephone for a Money Transfer to your Bank Account and confirm that it will be treated as a Balance Transfer and benefit from the 0% promotion. I have done it loads of times and never had a problem.

Once the funds are safely in your bank account you can pay off the Virgin card.

geet

I made an online application to Virgin yesterday and called them today to follow up and for some reason it is not in their system. So I proceeded to make the application over the phone.

The lady on the phone kept saying Money Transfer and I kept saying “balance transfer to my current account” (as stated in the main article) till I finally gave up and just checked the same 0% for 16 months applied.

So now immediately I am on MSE to make sure I have not made any blunders and am happy to see above posts that talk about Money Transfer.

I would just like some reassurance on the following too:

1. The lady said I could not ask for an amount and that they would decide and let me know. All my previous applications have been online and I have requested an amount to be BT. Of course they go ahead and give what they decide. So is this ok? Better? Worse?
2. She also said that they would just credit it to the card and that I can transfer it afterwards. In all previous cases I give them details of Egg Money to which BT is done. So is this ok?
3. I told her about the two credit cards I have but forgot to mention Egg Money. Should I have? Btw, that has a positive balance.

Thanks in advance
Geet

Money_Man

geet wrote: »

I made an online application to Virgin yesterday and called them today to follow up and for some reason it is not in their system. So I proceeded to make the application over the phone.

The lady on the phone kept saying Money Transfer and I kept saying “balance transfer to my current account” (as stated in the main article) till I finally gave up and just checked the same 0% for 16 months applied.

So now immediately I am on MSE to make sure I have not made any blunders and am happy to see above posts that talk about Money Transfer.

I would just like some reassurance on the following too:

1. The lady said I could not ask for an amount and that they would decide and let me know. All my previous applications have been online and I have requested an amount to be BT. Of course they go ahead and give what they decide. So is this ok? Better? Worse?
2. She also said that they would just credit it to the card and that I can transfer it afterwards. In all previous cases I give them details of Egg Money to which BT is done. So is this ok?
3. I told her about the two credit cards I have but forgot to mention Egg Money. Should I have? Btw, that has a positive balance.

Thanks in advance
Geet

Money transfer, balance transfer, transfer and save, they all mean the same thing. So what happend to your online application? looks like you have applied twice by then making a further application by telephone, did they not offer an instant decision when you made the second application?

YorkshireBoy

@geet

1. Depends on how much they give you. If they pay as little as £950 (on a CL of £1K) into your current account would you wish you hadn't bothered?

2. Don't understand their/your wording. Did they say the SBT (money transfer) would go ahead automatically once they've received your signed agreement, or simply that you'd have some available credit to action the SBT later?

3. I forget to inform them of some of my cards every now and then (the paper forms usually only have room for 4 cards, and with 9 or 10 cards I could be forgiven for not remembering them all during phone applications ). I wouldn't worry about it.

geet

Money Man, I do not know what happened to my online application neither does the lady on the phone. I did ask for an instant decision and she saying yes, you will get an instant decision and that takes three to five days. And that is instant!

YB, ha ha, here I was all guilt-ridden about the card I did not mention! But don't tell me they will give me £1K!!! I wanted to ask for 12K (hoping I would get at least half of what I ask for). Anything less is not worth it. And no, no automatic transfer, they said I would have some available credit in card for me to action Money Transfer later. I just wanted make sure there was no loophole for further fees - I think not now.

Waiting for instant decision that comes after five days...,
Geet

Richard019

geet wrote: »

Money Man, I do not know what happened to my online application neither does the lady on the phone. I did ask for an instant decision and she saying yes, you will get an instant decision and that takes three to five days. And that is instant!

YB, ha ha, here I was all guilt-ridden about the card I did not mention! But don't tell me they will give me £1K!!! I wanted to ask for 12K (hoping I would get at least half of what I ask for). Anything less is not worth it. And no, no automatic transfer, they said I would have some available credit in card for me to action Money Transfer later. I just wanted make sure there was no loophole for further fees - I think not now.

Waiting for instant decision that comes after five days...,
Geet

I made a transfer over the phone on Friday that has only started showing as a pending transaction today. I would imagine it's perfectly normal for it to take a few days to show (it takes even longer at the other end) and something similar has happened with yours.

geet

Instant decision has been taken by Virgin after three days - and for the first time I have got more than what I asked for - 13K :-)

Ofcourse now like Richard says it will take ages for the actual transaction to take place.

Btw, my first online application had got thru and they are cancelling my application with the lady.

Just to let all know, my late payment to abbey (actually not late but wrong as they changed their minimum repayment amount and I got to know of it two months later) does not seem to have affected my credit file. Atleast I hope so.