Balance transfer - Virgin credit card

JessyRM

Hi Guys,

I was just wondering if anyone applied for a Virgin Credit Card for a balance transfer (0% for 36 months offer)

I am new to all this so I hope I have got the idea right, I want to transfer the balance to my current account to cover my overdraft so I do not have to pay the interest fee's and then pay off the card as a monthly SO before the 0% ends.

I applied and haven't heard anything, If anyone has this card do you know how long it takes for them to make a decision? Is there anything else I should be considering doing, does my plan seem reasonable?

Many thanks

Jessy

badger09

JessyRM wrote: »

Hi Guys,

I was just wondering if anyone applied for a Virgin Credit Card for a balance transfer (0% for 36 months offer)

I am new to all this so I hope I have got the idea right, I want to transfer the balance to my current account to cover my overdraft so I do not have to pay the interest fee's and then pay off the card as a monthly SO before the 0% ends.

I applied and haven't heard anything, If anyone has this card do you know how long it takes for them to make a decision? Is there anything else I should be considering doing, does my plan seem reasonable?

Many thanks

Jessy

What exactly did the T&C of the Balance Transfer offer say?

A Balance Transfer usually refers to the transfer of the outstanding balance on a credit card, with say Barclaycard to Virgin.

Some, but not all, also allow you to transfer money into your current account. Usually the amount you can transfer to a current account is set substantially lower than the card to card figure.

What did yours say?

I'm not an expert in this area, and if you have any further questions, you might be better posting on the credit card forum.

nichow80

I applied for one and got an instant decision, card arrived 3-4 days later.

Maybe contact them if you have not heard anything?

downhillfast

You didn't say when you applied? How long has it been? With some providers it's not uncommon to have an application referred to a human - this doesn't mean an instant 'no'... it just delays the process. If it's been over a week since you applied I would give them a call and find out.

Out of interest it is worth noting that the function of the card you are looking for is actually called a 'money transfer' rather than a 'balance' transfer. Worth using the correct terminology to save any confusion Depending on your limit you will normally be allowed to transfer upto 95% of the limit as cash to your current account.

agrinnall

If only there was a board specially created to ask questions relating to credit cards - oh, wait...

JessyRM

Sorry - I meant to post this in the credit card forum. Apologies Thanks for the advice though.

Khrisjun

Hi,

I applied for the money transfer card but went for the 32 months which had a slightly lower fee, it took them 6 working days to come back with a decision then they transferred the money next day