Question about max balance transfer amount

*Scarlett

Hi all

Could anyone help me to work out the maximum amount I can transfer to my Virgin card?

I have £1000 limit on this card and there is a balance of £764.64 (which is at 0%) so it's showing available credit £235.26.

I have a balance on another card of about £220 at 16.9% that I would like to transfer to the Virgin card (current offer is 0% until Sept 2011).

I know you can only transfer up to 95% of your available credit and need to take the fees into account - 2.98% transfer fee.

I'm struggling to work out how much I can transfer - maths is not my strong point and every time I try to calculate it I come up with a different amount!

I obviously don't want to go over the amount allowed as I have read that this will invalidate any promotional offers.

Any help appreciated. Thanks.

Fergie76

*Scarlett wrote: »

Hi all

Could anyone help me to work out the maximum amount I can transfer to my Virgin card?

I have £1000 limit on this card and there is a balance of £764.64 (which is at 0%) so it's showing available credit £235.26.

I have a balance on another card of about £220 at 16.9% that I would like to transfer to the Virgin card (current offer is 0% until Sept 2011).

I know you can only transfer up to 95% of your available credit and need to take the fees into account - 2.98% transfer fee.

I'm struggling to work out how much I can transfer - maths is not my strong point and every time I try to calculate it I come up with a different amount!

I obviously don't want to go over the amount allowed as I have read that this will invalidate any promotional offers.

Any help appreciated. Thanks.

Maximum at 95% yo can transfer is £950.

£950-£764.64=£185.36 you can transfer including fees.

£185.36*2.98%=£5.52

So you can transfer a maximum of £179 with a fee of just under £5.50, if my sums are correct.

YorkshireBoy

£235.26 x 0.95 = £223.49 (the max BT allowed)

£223.49 x 0.0298 = £6.66 (the BT fee)

£764.64 (the existing balance)

Summing them all up your new balance would be £994.79

But, a call to MBNA will tell you exactly how much you could transfer.

stephane_2

You can transfer up to the amount of £950 on your card so taking into account your actual balance you can transfer an additional £185 (fee included)

*Scarlett

That was what was confusing me! ie 95% of the £235.26 or 95% of £1000.

I think I will either try to find a phone number or, if I can't, I'll transfer £180 and just pay the remaining balance on the other card.

Thanks so much for your help.

YorkshireBoy

£950 would apply to the first BT on a £1K limit card.

To the 2 posters saying approx £179, the BT wording in my online area is as follows:

"When submitting your transfer, be sure to keep your balance within 95% of your available credit"

The "available credit" is £235.26 is it not?

stephane_2

If it is within 95% of your available credit limit then your figure are wrong as it should not exceed £950, your figure would bring that amount to over £980....

YorkshireBoy

*Scarlett wrote: »

I think I will either try to find a phone number

0800 0150306 is the general customer service number, but from memory 0800 0150307 is the specific BT number.

YorkshireBoy

stephane wrote: »

If it is within 95% of your available credit limit then your figure are wrong as it should not exceed £950, your figure would bring that amount to over £980....

It doesn't say "available credit limit", it says "available credit"

stephane_2

It is always based on your current credit limit....

YorkshireBoy

stephane wrote: »

It is always based on your current credit limit....

With MBNA in particular? Or with all cards in general?

Either way, I've often BTd 95% of the remaining 5% (meaning debt of 99.xx% was entirely possible) on both MBNA and Egg cards in my stoozing heyday.

Like I say though, a call to MBNA will answer the question. Hopefully the OP will post back with the answer.