0% cash advance? Virgin charging me a fee to balance transfer away! Stupid mistake!

Simon_Preston

Bexm wrote: »

Well apparently they do..! I don't know how.. someone told me.. so I asked them!

My hubbys an accountant and his boss emailed something round about MBNA doing it.. so I called them..

Really? Now card issuers are charging a fee for the privilege of actually RECEIVING money?:rotfl:
The banks continue to line their pockets whilst we get poorer - and nothing gets done about it.

benf90

I think the person you spoke to at Virgin possibly didn't understand what you were asking.

If you call Virgin asking about balance transfers they're probably going to presume you mean transferring a new balance to them (ie, from another card). The fee for that is 2.98% (for new customers).

A 'balance transfer' is just a term used to describe your new card company paying off the old card on your behalf, so the debt moves form one company to the next. The way this payment is made is just like any other done by BACS.

There's no special process that happens, the card companies don't communicate with each other about the accounts etc. A payment is made to the card and that's it.

There's nothing in the T&Cs that refers to any such fee. As someone else has already pointed out, I doubt they'd be allowed to introduce such a fee even if they wanted to.

And finally, if there ever was such a fee then they'd need to notify people to a change in the T&Cs... which means there would be a hell of a lot of threads on here about it!

ylesia

I know this is an old thread but thought I would reply anyway. I moved my CC balance from Virgin another card around 2 months ago and there was no 2% fee for paying them off! The only thing they did was mess up the interest and charged me even though the balance was paid 3 days before the end of the 0% period - they refunded the money to my card immediately though.

oscar52

I work there and can guarantee there is no fee for transferring your balance to another provider - what they would be essentially doing is charging you to make a payment.

Moggles_2

oscar52 wrote: »

I work there and can guarantee there is no fee for transferring your balance to another provider - what they would be essentially doing is charging you to make a payment.

Exactly. I think something's got lost in translation here.

I doubt whether Virgin (or any other cc provider) could distinguish BACS payments made by other card companies, from those of their customers.