Virgin CC

mealmond

I have just recieved my 1st potential stoozing card.

I have been accepted for a Virgin card with 9 months 0%.

I have read on another site this is suitable for super balance transfers.

I do not owe any money on any other cards.

I also don't have the Egg card.

Is it possible to transfer a certain amount from the Virgin card into my bank account?

Could anybody run through what i should be doing next.

I am going to set up a DD for monthly payments and pay off in plenty of time so as not to incur charges.



Thanks

Martin

YorkshireBoy

mealmond wrote:

Is it possible to transfer a certain amount from the Virgin card into my bank account?

Yes, 95% of your credit limit (I'm assuming you're aware you'll pay a fee for this?).

Could anybody run through what i should be doing next.

Ask Virgin if you can transfer a couple of loans and your overdraft to the card. Check the transaction will be done at 0%. Sit back and count your money!

I am going to set up a DD for monthly payments and pay off in plenty of time so as not to incur charges.

Virgin seem to have a reputation for delays in setting up the DD, so thoroughly check your first statement. If it doesn't state that "your minimum payment will be collected by DD on xx/xx/xx" then make sure you pay by other means - in plenty of time.

Above all, read and make sure you understand the Virgin T&C's.

Paul1_2

YorkshireBoy wrote:

Above all, read and make sure you understand the Virgin T&C's.

Here, Here! Just had a very bad experience with Vigin, web site T & C's were very different to the ones they sent with the card and we were stung with B/transfer charges and charges for cheques despite being regulars at this game.

As Yorkshire boy said make sure you read everything!

Paul1

YorkshireBoy

Paul1 wrote:

Here, Here! Just had a very bad experience with Vigin, web site T & C's were very different to the ones they sent with the card and we were stung with B/transfer charges and charges for cheques despite being regulars at this game.

Could you elaborate a little?

HGLTsuperstar

Second that YB, I'm awaiting my application decision from Virgin, and it clearly states the BT fee of £50.

Milarky

YorkshireBoy wrote:

Ask Virgin if you can transfer a couple of loans and your overdraft to the card

(Apologies if this is not what the OP was proposing anyway but)

Due to the fee of 2% being capped at £50 per transfer it is important to avoid making multple transfers from Virgin to different loans - and paying up to 2% on each one when the same thing can be accomplished by a single balance transfer to your current account and from there to each debt in turn.

(Virgin are doing 0% for six months in Oz - and NO bt fees there yet as far as I can see.)

YorkshireBoy

Sorry Milarky, I agree my post was rather 'lazy'. Of course I meant make one balance transfer from the current account (to benefit from the BT fee cap) - it's just that when you tell people to 'SBT' from their current accounts, sometimes that's what they ask Virgin. To which Virgin's response is usually "what's an SBT?".

Perhaps I should have said...

"tell them you have 2 loans and an overdraft, and ask them if they'll transfer some money to your current account so that you can settle them from there. Check it's given at 0% - with a 2% (max £50) BT fee"