SBT Credit Cards

YorkshireBoy

lush_walrus wrote:

Ive just applied for a virgin card via the internet. It didnt seem to give me a choice of how much I wanted to set my credit balance at...Have I missed something?

No, these kind of requests are made when you call to activate the card.

thaylock

Just applied for my 2nd credit card (Natwest) - 0% for 9 months, applied for £8999 over the Internet because it rejected anything over that. I was approved there & then, I should receive my forms within 3 working days (tried to print them but I have run out of ink), I requested a balance transfer to my Virgin card, this should go through within 2-3 weeks, then I will transfer £8999 into my OneAccount. This will bring my total stooze pot to £19000 in 3 weeks (saving me £100 on interest for my mortgage), I will then wait 3 more weeks before I apply for another 0% card, I am just going to keep going until I am refused any more credit - the more money I can get the better, I am quite happy to manage the banks money in my account & be paid for it.

W1zz

Card arrived today and when I activated I got guy to confirm that the balance transfer that I put on the application form didn't incur any handling fee - Which he said they 'don't'

Also added additional balance transfer from another credit card - again confirming that the transfer didn't incur handling fees.

I then went onto transfer the remaining credit available (Up to 95% of Credit limit) into my current account.

When I initially asked for this I started to say the sort code (he'd asked for card number) - He stopped me and asked if this was being tranfered into a bank account. To which I replied 'Yes, it's to pay off my overdraft'. (I don't have an overdraft ). [should I have read out the number on the front of my switch card - Or is the sort code/account number usual]?

After this I again got him to confirm that this transfer didn't incur any handling fees.

I also asked if I was free to balance transfer with no handling fees during the whole of my nine month period. This he answered, 'I think So...Yes'.

Job done :beer:

Twopints

W1zz wrote:

When I initially asked for this I started to say the sort code (he'd asked for card number) - He stopped me and asked if this was being tranfered into a bank account. To which I replied 'Yes, it's to pay off my overdraft'. (I don't have an overdraft ). [should I have read out the number on the front of my switch card - Or is the sort code/account number usual]?

On my (First Direct) Switch / Maestro card, the number IS the sort-code and bank account number, preceeded by four other digits. So it wouldn't make a lot of difference. You would not be BT'ing to your debit card as such but to your current account as they are really one and the same.

thaylock

W1zz wrote:

When I initially asked for this I started to say the sort code (he'd asked for card number) - He stopped me and asked if this was being tranfered into a bank account.

I think the guy just needed to know if this was a transfer into a current or credit card, you just needed to make it clear to him this is a transfer into a current a/c - he doesn't really care if you have an overdraft or not.

W1zz

Cheers guys.

At the time I thought he was implying I was making a 'cash withdrawl', which I expect would have had a handling fee. So I was trying to make it look like a BT to a cover a bill / loan payment.

W1zz

thaylock

Still haven't received my Natwest credit card agreement, but from what I have read about other peoples experiences with Natwest they aren't too hot on their credit card limits so I might give them a miss, I will wait & see what they offer, but...in the meantime, I just applied for an Egg card & they offered me £15,000 limit (incredible - only took 10 minutes online). So now I am waiting for the Egg credit card to come through, then I will balance transfer onto my OneAccount Visa card, this is just too easy, in fact so easy I find it unbelievable at the moment. Egg are offering 0% until Jan 2006 (with £50 balance transfer fee).

Mlidred

First post so be gentle. I haven't got a mortgage, overdraft or any loans but I quite fancy an interest free loan if Virgin are giving them out. I rang them and asked about the 2% handling fee on "some balance transfers". I explained I wanted the balance transfer to pay off some of my mortgage (a lie). The chap on the phone asked how I was going to do that to which I replied "transfer it to my current account and I'll pay off the mortgage". He said this would attract the 2% handling fee. Where did I go wrong?

YorkshireBoy

Mlidred wrote:

I explained I wanted the balance transfer to pay off some of my mortgage (a lie). The chap on the phone asked how I was going to do that to which I replied "transfer it to my current account and I'll pay off the mortgage". He said this would attract the 2% handling fee. Where did I go wrong?

The CC customer services staff must be totally confused with stoozing "Newbies" asking to "pay off some of my mortgage" and "do an SBT". These are not conventional uses for a credit card, and as such the staff don't understand the terminology.

What you say to Virgin is "I'd like to transfer an overdraft FROM my current account TO my new Virgin credit card". The fact that you don't actually have an overdraft is irrelevant - they can't tell from the credit search.

There is no fee for this BT (at any time in the 0% intro period).

thaylock

When I spoke to Virgin I just requested a balance transfer into my current account, they didn't ask me to provide a reason for the transfer, if they did ask I would have said it's to pay off an overdraft.