MSE News: Virgin Money launches 0% all-rounder credit card

markne

This is what the virgin website says:

We will use your payments to pay off balances at lower interest rates before those at higher interest rates (this includes any transactions you have made between the date of your last statement and the date we actually receive your payment). We also pay off any promotional offer interest rates before any standard interest rates.
If you have two or more promotional offer interest rates on your account which are the same, we will pay them off in the following order:
· first we will pay off the balance at the promotional offer interest rate which expires first; then...

panic over.:)

markne

reading that multiple times and I think I'm ok with balance transfers as all my promotional deals have the same rate but if I slip into standard on any then I'm screwed.. The no spending rule still applys!

michaels

Martin

It would appear that MBNA are currently turning down applications from anyone who has recently benefited from an mbna credit card low interest rate offer resulting in a wasted credit search - I think you should warn people of this if you discuss mbna products.

CannyJock

michaels wrote: »

It would appear that MBNA are currently turning down applications from anyone who has recently benefited from an mbna credit card low interest rate offer resulting in a wasted credit search

Spoke to an underwriter this week to discuss recent rejected MBNA application (plan was to move credit limit across for a stooz) who basically confirmed that reason for rejection was that my last 0% promotion ended "within the last 12 months" so would suggest there needs to be a 12 month gap. Explained to them, no risk increase as I was planning to cancel old Virgin card, but they kept repeating "absolutely nothing wrong with your credit score, try again in about 6 months" .

oakhouse13

What are these deals really about? Moneysupermarket has run these limited offers exclusive to its website with Virgin before. The last time moneysavingexpert ran this story there was a e a link posted to apply to Virgin direct. I rang Virgin's sales line and spoke to a sales person who said there were about 2,000 cards given to Moneysupermarket but you could apply direct online. This website's email flaging up this deal had gone to 4 million plus subscribers as well as everyone who reads this site.

What I wanted to know was if Moneysupermarket only had 2,000 cards then the money in promoting this deal was not in the card since a big company is not going to promote something if there is only £20,000 commission on offer.

What I suspected was Moneysupermarket must have some other way of making money off this deal to make it worth its while and my guess was possibly it is collecting as many details about people in debt with no chance of getting the card which it then sells on to for profit debt advisors.

What does everyone else think?

I would love moneysavingexpert to dig a but deeper on these deals. There is nobody better than Martin at telling us the truth about these credit deals.

Any

oakhouse13 wrote: »

What are these deals really about? Moneysupermarket has run these limited offers exclusive to its website with Virgin before. The last time moneysavingexpert ran this story there was a e a link posted to apply to Virgin direct. I rang Virgin's sales line and spoke to a sales person who said there were about 2,000 cards given to Moneysupermarket but you could apply direct online. This website's email flaging up this deal had gone to 4 million plus subscribers as well as everyone who reads this site.

What I wanted to know was if Moneysupermarket only had 2,000 cards then the money in promoting this deal was not in the card since a big company is not going to promote something if there is only £20,000 commission on offer.

What I suspected was Moneysupermarket must have some other way of making money off this deal to make it worth its while and my guess was possibly it is collecting as many details about people in debt with no chance of getting the card which it then sells on to for profit debt advisors.

What does everyone else think?

I would love moneysavingexpert to dig a but deeper on these deals. There is nobody better than Martin at telling us the truth about these credit deals.

????
I personally think that you read too many conspiracy books.

oakhouse13

Any wrote: »

????
I personally think that you read too many conspiracy books.

Yeah, but that doesn't really answer my question. Why promote a card with such limited availability to millions of consumers. You must be getting something other than the commission from the card. These comparison sites are money making machines. Where do you think that money comes from, they are not your best friend ya know!.

Mic2904

I might try to get a card, to use in USA when I am over in June.

Any

oakhouse13 wrote: »

Yeah, but that doesn't really answer my question. Why promote a card with such limited availability to millions of consumers. You must be getting something other than the commission from the card. These comparison sites are money making machines. Where do you think that money comes from, they are not your best friend ya know!.

It's called marketing mate.
Even though it has limited availability, it builds brand name. Even though you don't get the card, next time you are comparing products you will go to Moneysupermarket because "they always have a bit extra, bit different from others".

Any

Mic2904 wrote: »

I might try to get a card, to use in USA when I am over in June.

I though MBNA cards have foreign exchange loading?
You would be better off with Santander Zero, Post Office or Nationwide.