New Credit Card - Approved with credit limit less than the amount to transfer

Dina0312

Hi All,

First post so... woo!

I've just applied for a new credit card with Virgin so as to take advantage of the 36 months of 0% on balance transfers (and apparently money transfers). I have balances from two credit cards to transfer which totals about £3900. Whilst applying I added these amounts to the application to transfer. I also added a £500 money transfer as we've had a few additional outgoings this month that had to come out of the main account rather than going on a credit card so the £500 is just to sort us out until the end of the month.

All together, the total comes to about £4400 to transfer. I'm not 100% on how Money Transfers work as this is the first time that I have had to do one but I'm sure that the £500 is included in the total amount that I am borrowing from Virgin. Is this correct?

Once I had completed the application it said that I was accepted with a credit limit of £4000.

How does this work when the total that I want to transfer ends up being a bit more than the credit limit? Of course, there will be a small fee to add to that as well which will increase the total ever so slightly as well.

Any information would be gratefully appreciated.

Thanks,
Andy

YorkshireBoy

The max total BT/MT allowed is 95% of the credit limit, so £3,800.


I'm not sure if they'll transfer as much as they can, or whether you'll have to call them to action the reduced BT/MT (in whatever combination you want). I'd hazard a guess that because you've requested 2 transfers they won't action either of them automatically, so probably best to call them and find out. Whilst you're on the phone see if they'll agree to a small credit limit increase.

Dina0312

Thank you so much YorkshireBoy!

I didn't realise that they wouldn't do them automatically so great!

Andy

speedy9764

Hi.. I used to work for MBNA/Virgin Money so this information is a couple of years out of date but when I was there,

A credit limit is set and you can Balance Transfer amounts up to 95% of your credit limit.
Usually when you activate your card, you will ring in and speak to someone, you can ask them if the transfer has been put on the system.

A money transfer is literally cash sent to your current account.

You can only transfer what is within your limit and that might be less than you actually need. Hope that helps. Let me know if you want any further information

rgds speedy