Virgin Credit Card

fredybs_2

Hi all,

I'm a newbie in this forum and I would like to find out a few things about the Virgin Credit Card.

So far I don't have a lot of knowledge about credit cards, balance transfers etc,. I have one credit card from Natwest which I got when I was a student with next to nothing limit , which I pay in full every month.
Basically, I'm after a purchase which cost around £1300 but I don't want to commit my savings in that, so I'm looking for interest free finance. I tried to apply for the Tesco credit card but for some reason I was declined. The shops offer only 6 months interest free finance. Shortly after my tesco application I received in the mail a offers from Virgin CC and MBNA (both look very identical like offers).
So, in that Virgin offer they give 16 months 0% interest from money transfers to current accounts, which i something I'm after.

Can you please, tell me how those money transfers actually work? Can I transfer the balance of the credit card to my current account as cash and complete my purchase? I'm planning to pay the full balance over those 16 months, so I dont pay any interest.

I hope someone will be able to help me. My questions may sound a bit stupid, for which I apologies.

Thanks

stephane_2

If you got declined for Tesco credit card, likely you'll get declined again with Virgin. Best to check your credit report before making anymore application.
If you manage to get the Virgin/mbna credit card, then yes you can transfer to you account up to 95% of your credit limit by giving them your account details...you'll have to pay a fee of 4% on the amount transferred.

fredybs_2

Thanks for your post. Yeah, to be honest I have never checked my credit file. I'm not sure why Tesco have declined my application, as I think I should have good history. I repay my loan, overdraft and credit card as per all agreements. But I wonder why Virgin will send me that offer and from where they have my name and address, if they wont approve me for that card, whats the point?

And another thing, are those credit card applications affect in anyhow my credit record?

stephane_2

fredybs wrote: »

Thanks for your post. Yeah, to be honest I have never checked my credit file. I'm not sure why Tesco have declined my application, as I think I should have good history. I repay my loan, overdraft and credit card as per all agreements. But I wonder why Virgin will send me that offer and from where they have my name and address, if they wont approve me for that card, whats the point?

And another thing, are those credit card applications affect in anyhow my credit record?

Receiving a mail shot from Virgin means absolutely nothing...they probably got your address from the published electoral roll. Tesco might have declined your application becuse they feel you are over committed in terms of finance, that you go too often in your overdraft. Having too many searches in short period of time will seriously affect it in the short to medium term.

Fruit_and_Nut_Case

fredybs wrote: »

Shortly after my tesco application I received in the mail a offers from Virgin CC and MBNA (both look very identical like offers).

FYI The Virgin CC is issued by MBNA, hence the similarities.