MSE news: Virgin launches fee-free 0% balance transfer credit card

NickX

frivolous_fay wrote: »

I still have an original egg card which used to be handy for arranging + balances to be transferred into a bank account. Am I right in thinking they charge a fee for this now?

Is it realistic to hope to transfer money from a BT like this one into a bank account without incurring fees, or am I looking at a slow stooze?

Is your original card an Egg Money card ? If this is the case you can use this as a mule to route the funds to your bank account.

Even if you apply for a new Egg Money card it has been confirmed that you can move funds to your bank account without incurring fees provided you do not create a negative balance.

You can only use this card as a slow stooze for 3 months though

frivolous_fay

No, just a straight egg card. I've had it since before Egg Money came out. Its perks used to be anniversary BT offers and token cashback. (Both now not worth having)
What do you mean, a 3 month limit on the slow stooze?

mrmajika

frivolous_fay wrote: »

What do you mean, a 3 month limit on the slow stooze?

It's only BTs that get the 9 month 0%.

The introductory purchase rate (slow stooze) is only for 3 months.

frivolous_fay

mrmajika wrote: »

It's only BTs that get the 9 month 0%.

The introductory purchase rate (slow stooze) is only for 3 months.

Ah, sorry.
I had in mind what I thought of as a slow stooze - making the BT from Virgin to Egg (say) and then gradually spending the credit on the egg card.

I guess not many people still have the old egg card and know of the cash advance terms these days!

benroles

I applied for this and got a 'we'll need 7-10 days to get back to you' response. How do you think this bodes? I've got an MBNA already with a £2300 balance on a £6300 limit (which is in 0% till November)... Although I have in total around £11k on cards (total limits sum to: 30k or so) and a further 5k in loans...

Salary is pretty decent - around £2.2k take home a month.

Thoughts on acceptence liklihood?

Moggles_2

ToMoCo wrote: »

How long do you have to wait after cancelling a Virgin Card before applying again?

Virgin/MBNA accepts applications from former customers more or less straight away.

That said, deals offered via price comparison sites are sometimes pretty short-lived. You may not have time to re-apply.

Moggles_2

benroles wrote: »

I applied for this and got a 'we'll need 7-10 days to get back to you' response. How do you think this bodes? I've got an MBNA already with a £2300 balance on a £6300 limit (which is in 0% till November)... Thoughts on acceptance likelihood?

IME, and from feedback here, MBNA doesn't mind customers holding more than one card. I have held three at once.

That said, if there's a balance on your current MBNA card, particularly if it's still charged at special promotion rates, you can certainly be turned down or handed a lowish credit limit by MBNA.

Please keep us posted

The_White_Horse

i filled out the form online, and they told me i was accepted after a matter of seconds.

nice one. good limit as well.

thefenman

The_White_Horse wrote: »

i filled out the form online, and they told me i was accepted after a matter of seconds.

nice one. good limit as well.

Goodness. They must need you more than you need them. I applied even though I don't really need it - but it's an offer you can't refuse, really. Haven't heard back from them yet.

ToMoCo

Moggles wrote: »

Virgin/MBNA accepts applications from former customers more or less straight away.

That said, deals offered via price comparison sites are sometimes pretty short-lived. You may not have time to re-apply.

Thanks Moggles, Virgin card was cancelled back in January.