Virgin 0% Credit Card

YorkshireBoy

Hazel_Eyes_Fella wrote:

Spoke to Virgin (chaps name was Martin) he says they'll charge me to balance transfer into my current acc, I questioned him on this and he says Virgin have enforced it since last week... Not sure whether to take it out.

This Virgin T & C thing must be the longest running debate ever on the board. Anyway, the trick is to keep ringing up until you get the names of two people who tell you there is NO FEE FOR ANY BT's DONE DURING THE 9 MONTH 0% INTRO PERIOD. Both myself and my wife have recently applied for these cards I have mine and the SBT was fee-free. My wife has the names of 2 people from THIS week (one of them only last night) who state that there is no fee.

Even if they "have" changed the T & C's, the deal still stacks up as a good stooze. I've done the maths below and assumed a max £35 fee, cash put in ING for 9 months, and min payments (a fiver for goodness sake!) made from current account.

.........................Profit (£)......
Credit........No Fee..........£35 Fee
Limit
1000..........30..................-5
2000..........60..................25
3000..........90..................55
4000..........120.................85
5000...........150................115
6000...........180................145
7000...........210................175
8000...........240................205
9000...........270................235
10000.........300................265

Quote...
"Not sure whether to take it out"

Still not sure?

HTH
YB

PS: sorry about the untidy table

YorkshireBoy

cronshd wrote:

The T's and C's clearly say they "may" charge...

They say they "may" in the t & C's. I wouldn't say it was clear on my paper copy terms as the print is about a quarter of the size of the summary box print where it says "some balance transfers"! It also says they "...will let you know before it's ever charged on a balance transfer". This is why it pays to do your BT on the phone, not online.

cronshd wrote:

What are the circumstances under which a "may" clause can be invoked?

4 people at MBNA/Virgin (names, ext. numbers, dates, times of calls noted) have all told me that the "some" relates to BT's DONE AFTER THE 9 MONTH INTRO PERIOD.

HTH
YB

Jacster_2

I did my SBT yesterday on the phone (was allowed 100% of limit to my current account!) and confirmed with the guy there was no fee.

He initially said yes there was a fee, and I said 'My understanding is that MBNA cards charge, but Virgin don't'.

I didn't get charged.

Phone and ask - good luck.

oscarhugo

I rang up today to see if my a/c was open and it was - this morning - so I asked to do a BT & checked there were no fees. My advisor [in N.Ireland] double-checked and confirmed no fees at all & I was able to SBT the full amount of my C/L to my wife's current account (from where it will, when it appears, be immediately transferred to cahoot savings a/c currently earning 5.65%!). I also set up a D/D for the minimum repayment. The 0% expiry date is 16th Feb.'06 so I was told when I asked, so that's actually a bit more than 9 months. The only thing I forgot to check was whether it will be £5 minimum repayment or more - so that remains to be seen.

YorkshireBoy

oscarhugo wrote:

The only thing I forgot to check was whether it will be £5 minimum repayment or more - so that remains to be seen.

As long as you have not taken their insurances, or incurred any other "fees", the minimum payment is £5.

simmy_2

Promotional rate: 0.0% p.a. on balance transfers and credit card cheques for nine months from account opening (0.0000% monthly), provided you operate your account within the terms and conditions

I just copied this from the Virgin web site and it seems to suggest clearly that the credit card cheques are at 0%. When they talk about provided you operate your a/c within the T&C's they mean you must not make a late payment on your card, I did this with MBNA a long time ago and they withdrew my 0% and charged me the standard amount of interest on the outstanding balance, (gutting!) but my own fault!! I think this is right unless anyone knows different, if they are withdrawing this promotion then they need to take it out of there text!

humanbeing_2

simmy wrote:

Promotional rate: 0.0% p.a. on balance transfers and credit card cheques for nine months from account opening (0.0000% monthly), provided you operate your account within the terms and conditions QUOTE]
Doesnt state whether or not you have to pay a fee for doing it though.

I hope not, i applied for my virgin card last week and requested a balance transfer on the form online.

humanbeing_2

My virgin contract arrived today,
it now states in the terms and conditions regarding Balance transfer fees:
"2% handling fee (min£2, max £35) for credit card cheques and some balance transfers.
(we'll let you know before it's ever charged on a balance transfer)

As they havent "let me know" i assume im not going to be charged for the transfer i requested.