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

benroles

Moggles wrote: »

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

Cheers - will upate when I hear. I think the promotional balance might be the one that does me... it was a re-offer too having shifted a balance and left it a few months to get them in to missing me mode!

td_007

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.

Do you or did you hold Virgin card recently.

I applied for one and got the same 7-10 day response that is mentioned by one of the posters. I did have a virgin card but canceled it about 2 months ago. Just wondering if the 7-10 day wait is for those have or had a virgin card but those "brand spanking new" customers get instant decision.

u01jet4

Help please!!

I have £1300 on an M&S card for which the interest free period ends on October 4th. Thinking the Virign deal sounds great as I ma expecting to clear the debt within the next 3 months. I have never done a balance transfer before though so have a couple of questions.

1) What is the minimum repayment likely to be?
2) Is it right there is no fee, no interest etc? so I will only pay back the £1300 as long as it is done within the 9 months?
3) Will I still be able to use my Mand S card as I work there and intend to start paying as I go. Or does doing a balance transfer close that account?

Thank you

NickX

1) What is the minimum repayment likely to be?

£25 during the promotional period

2) Is it right there is no fee, no interest etc? so I will only pay back the £1300 as long as it is done within the 9 months?

Yes no fee, no interest, make the minimum payment on time every month and settle in full within the 9 months and you will pay no more than the £1300

3) Will I still be able to use my Mand S card as I work there and intend to start paying as I go. Or does doing a balance transfer close that account?

Yes you can continue with your M&S card, the balance transfer does not close that account

u01jet4

Brilliant thank you!

Accepted with a limit of £1700! Took seconds.

Chose the pink card which will be hard not to use, but it can just look pretty in my wallet instead (or better still in a superglued picture frame at home to block any temptations!).

mary

When you apply, they ask you which cards you already have.
Am I obliged to put down all of them and to put down the debt on each?

I currently have
1) Lloyds Plat with a limit of £15K, which I don't use at the moment
2) Egg with a limit of £2K which is used for shopping
3) Abbey Zero with a limit of £1.5K (just used some on holiday)

Is it in my best interests to put down the card with the highest limit
thinking that they might match it?
If I put down Egg with a limit of £2K and they matched that, is not
so favourable.

If I don't have a debt outstanding on Lloyds,then they would think
that I don't need to borrow such a large amount of money.

Any advice welcome as to which order to put down the cards,
and in which order. Obviously I will be using the Old Egg Money card to do the SBT.

Thanks

td_007

mary wrote: »

When you apply, they ask you which cards you already have.
Am I obliged to put down all of them and to put down the debt on each?

There are 3 spaces and I would put in the correct information as it can easily confirmed by Virgin from your credit report.

mary wrote: »

Is it in my best interests to put down the card with the highest limit thinking that they might match it?

The first time when I had applied for Virgin card they matched the highest card limit I had. I have therefore put this in though it does not carry any balance. I have also put in details of another card which is on 0% and has 6K outstanding. As you say they can either match the empty card with 10K or the outstanding balance of 6K - or neither!

Paulgonnabedebtfree

I don't reckon I've got a hope in hell of getting such a card. I owe loads but my rating is OK because I always come up with the minimum payment or more without default.
Trouble is, I have 4 MBNA cards - all with zero balances. I didn't apply for them that way. It's just that MBNA went around gobbling up other companies with whom I already had cards.
Let's see now. I currently have £29,107.35 debt spread across 7 cards plus a bit over 15 grand on two loans.
I was thinking of being cheeky and applying but maybe I won't bother now .
Although it looks horrific, the key to it is in what doesn't show on paper. Apart from a relatively small amount, none of the above debt is charged at higher than 7.9% (all LOB) so my payments are bringing the debt down. Also, my income has close to doubled in three years with room for more.

Does anyone really reckon there's any point in me applying?

karie

i am a bit confused about the egg SBT. i have an egg card which i dont have any balance on at the moment. if i get accepted for the virgin card, can i BT to egg and then SBT to my bank account, all with no fee, or is there a BT fee for the transfer to my bank account?

thanks!

CannyJock

u01jet4 wrote: »

Chose the pink card which will be hard not to use, but it can just look pretty in my wallet instead.

When I was helping a relative with a bit of credit card shuffling, I got him the pink one too for the exact opposite reason - there was no way he'd be seen dead with it in his wallet so safe way to make sure he didn't take it out