Virgin credit card with a credit balance

qwakuk_2

Used a balance transfer from Barclaycard to clear the balance on the Virgin card and deliberately left it with about £5k in credit. Already spent about £800 with just over £4,000 sitting in credit.

They keep emailing me / SMSing me to contact them as they want to refund the money to me. Happy to leave it where it is as effectively same as a new 0% spend card and should be about 6 months before I owe them any money again. At that time will close it and just apply for a new cc with the longest 0% offer on purchases.

Legally, can they force me to take the money back ?

[Deleted User]

They can close the card as you’re in breach of the terms of use by putting it in credit

[Deleted User]

I'd expect the account to be closed if you don't get it spent or transferred out.

I would do the latter.

Ben8282

qwakuk wrote: »

Used a balance transfer from Barclaycard to clear the balance on the Virgin card and deliberately left it with about £5k in credit.

Why did you do this?

qwakuk wrote: »

Happy to leave it where it is as effectively same as a new 0% spend card and should be about 6 months before I owe them any money again. At that time will close it and just apply for a new cc with the longest 0% offer on purchases.

I am wondering how Virgin will report the account to CRAs for the next six months. Presumably they can't report a positive balance so will it be all 0's or what?

You have breached the terms and conditions of the Virgin account. If they are willing to repay this money to you and leave it at that, then take the money now and count your blessings that they have not closed the account or sent the entire balance transfer back to where it came from.

PixelPound

You can report a positive balance, it shows as a minus figure - I've had a small positive when I've part paid off balances and wither not realised that card takes the full DD irrespective of payments or payments were too close to the due date.

To OP, why not transfer it to a current account and use your debit card for the next few months?

infiniti

Hi there, I have a similar issue with Halifax. Overpaid with a balance transfer and have some credit balance however they have advised that this is fraud and that I cannot get the balance refunded to my bank account I only have 2 options: 1. Ask the transferor to recall the transfer and pay the correct amount or 2 spend the credit balance.

Anyone know if that correct?

stevenhp1987

infiniti wrote: »

Hi there, I have a similar issue with Halifax. Overpaid with a balance transfer and have some credit balance however they have advised that this is fraud and that I cannot get the balance refunded to my bank account I only have 2 options: 1. Ask the transferor to recall the transfer and pay the correct amount or 2 spend the credit balance.

Anyone know if that correct?

Yes it's correct.

Getting the account into credit is against the terms and conditions.

It has been known for lenders to simply return the full balance transfer - which means you may still pay the balance transfer fee but not have the balance transfer.

Why did you do a balance transfer that is bigger than the balance on the account in the first place?

jimbo26

qwakuk wrote: »

Used a balance transfer from Barclaycard to clear the balance on the Virgin card and deliberately left it with about £5k in credit. Already spent about £800 with just over £4,000 sitting in credit.

They keep emailing me / SMSing me to contact them as they want to refund the money to me. Happy to leave it where it is as effectively same as a new 0% spend card and should be about 6 months before I owe them any money again. At that time will close it and just apply for a new cc with the longest 0% offer on purchases.

Legally, can they force me to take the money back ?

I just don't see the logic in what you have done. If you ignore them they will most likely close the account.

infiniti

just by mistake but was actually hoping to get the money refunded to another account