Can someone advise me please?

suneedingadvice

I have read all about SNOOZING and i am doing all the homework before i take the jump, what a good idea! I have an ISA all lined up, I am consciencious about my finances, so i think i would be ok managing it all and I realise all you are saying about keeping an eye on things. So i have the basics, but I have one grey area. I went into the virgin application form and I just did not know how to fill it in online. It asked me for my debts on other cards already. (well I have two cards but no debts?) and as I am wanting a super balance transfer i couldnt work out what I was actually applying for? as there was no section that actually said 'super balance transfer to my current account'. Sorry if i sound stupid, but can someone please talk me through it, the last thing i want is to apply for something that just doesnt help me or i ended up getting charges by applying incorrectly.
so I would be very grateful if someone would give me step by step advise how i apply correctly, so i can get the money into my current account. Is the virgin one the right one to go for first?
thank you for your help

dcurzon

yeah, just fill it in as normal. virgin take a few weeks to get your application going. send back the signed form, wait a few days and give them a call, check on your application. find out your credit limit, ask to increase it, whatever. afterwards, ask them to balance transfer to your bank account. confirm that it is without fee (it should be). takes about 5 days to reach bank account.

michael19_2

suneedingadvice wrote:

I have read all about SNOOZING and i am doing all the homework before i take the jump

I take it that was a miss-type or you'll at least have a very good sleep. :rotfl:

Virgin is a good card to begin with but also consider Egg as they make it VERY easy to transfer money into your current account and you also have the added advantage of their anniversary offer, which intitles you to 5mths interest free every year.

HTH
Michael

frogmort

i'm for egg too. you can set it up on line to see when the other cards have paid balance transfers into your account and then immediately do a super balance transfer into your bank. i tend to set up my transfer on egg the same time that i request the transfer from a new card most times the money comming in happens on the same day as egg pays money into your account so no charges are incurred

suneedingadvice

Yes it was a typing error, stoozing, not snoozing! See I told you I needed help! :-)

Anyway, thank you all for offering advise, I have applied for an egg account as suggested and hopefully I will be sToozing soon! .

I have also spent most of today reading this sight, isnt it great! Such good advise , best wishes to all

michael19_2

suneedingadvice wrote:

I have applied for an egg account as suggested and hopefully I will be sToozing soon! I

Let us know how you get on and if you need anymore tips....



....i suggest Nytol......sorry couldnt resist it...

Jacster_2

I also had the same thoughts when I completed my Virgin application form, and worried for a wee while about it. Yorkshire Boy reassured me that you won't have to provide evidence of debts you state you have. I said I had a loan with a bank and will call them when I receive my card. Take a look at the 'Virgin SBT' thread for more help.

Good luck.

Clariman

suneedingadvice wrote:

It asked me for my debts on other cards already. (well I have two cards but no debts?) and as I am wanting a super balance transfer i couldnt work out what I was actually applying for? as there was no section that actually said 'super balance transfer to my current account'. Sorry if i sound stupid, but can someone please talk me through it, the last thing i want is to apply for something that just doesnt help me or i ended up getting charges by applying incorrectly.

Hi there. If you haven't already found it, you might want to take a look at https://www.stoozing.com which gives a step by step guide, some caveats and a set of FAQs.

Just apply for a credit card as normal. Don't expect to see the lender use terms like "super balance transfer" because that is a phrase that Martin Lewis coined (I think) and is generally used by Stoozers. While credit card companies want new customers, I wouldn't advertise the fact that you plan to use their card to stooze, because they will know that they won't make any money from you.

Different cards call SBTs different things. With Egg, they let you Balance Transfer a negative balance from an current account overdraft to Egg. Egg don't know whether you really have an overdraft or not and they probably don't care, so requesting a BT from a current account, sends money from Egg to you bank account.

With Virgin (and other cards operated by MBNA), they seem to be much more open and ask if you would like to transfer some money to your bank account so you can spend it on whatever you like.

As you may have read on this site, more companies are charging for Balance Transfers. This is best avoided if possible (Egg don't charge) otherwise it eats into your Stoozing profits. If you have to get a card that charges for a BT make sure you get one that has a MAXIMUM BT fee and do the sums to work out whether the BT fee will wipe out any stoozing profits.

You asked about other cards that have 0 balances. Check the wording on the new application. You might not need to mention them. If it insists that you provide details of existing cards, then provide them and document that the balance is 0.

Clariman