Transfer Fees Avoidance

pat_sexy

Dear Fellow Money Savers,

I am thinking about applying for a Virgin credit card to transfer a large overdraft from my current account.

Is it possible to avoid the 2% / £35 transfer fee if I request the transfer when I apply for the card?

Any other ideas?

I am earning in the range £20,000 gross annual with good credit history, anyone have any idea of how much of a balance I could expect to receive from Virgin?

Cheers,

Pat

Reaper

You should not be charged for a BT throughout the 9 months 0% introductory period.

Impossible to say what credit limit you will get as it depends on your credit history. However Virgin (and the rest of the MBNA group) give generous limits.

Milarky

Reaper wrote:

Impossible to say what credit limit you will get as it depends on your credit history. However Virgin (and the rest of the MBNA group) give generous limits.

Also -as ofted noted- if you already have other MBNA credit cards already their credit limits may be shifted to the newest card with the promotional period on it - allowing for larger balance transfers.

YorkshireBoy

Just to echo what Reaper says, I applied for a Virgin card last Thursday. I was told to ring today for my credit limit. They had "automatically" scored me and given me a £5K limit (despite my request for £10K last Thursday), and had already sent out my forms to sign in the post today.

When I telephoned them today, I told a "manual" underwriting manager that this £5K limit was not enough and that, sadly, I would not be taking up their offer. He then manually DOUBLED my limit to £10K - that'll do nicely I thought! .

They're now sending out some new forms (with the £10K limit shown) and I've got to ignore the £5K forms when they arrive.

If everything is OK with the agreement, I'll be asking for the £9.5K balance transfer to my current account when I activate the card.

Just to confirm my deal:

* 0% on ALL balance transfers THROUGHOUT the 9 months
* ALL balance transfers are FEE FREE throughout the 9 months
* £5 per month minimum payment

Credit limit will be reviewed after 3 months.

When I (for the 8th time) asked the manager to confirm the above terms, he said it was only Virgin and maybe one other company that ran these special MBNA terms, and that they "don't like to advertise them" - I'll say!!!!

HTH
YB