Virgin Money - transfer credit limit between cards

Se1Lad

Does anyone have experience of opening a second virgin money credit card and transferring the credit limit from the original card to the new one?  I called them this afternoon to ask, however the person I spoke to didn’t understand what I was talking about.

born_again

Rule of thumb is you can not transfer a debt between lenders from the same group. 
So if you are looking to take out a 2nd card with say a 0% balance transfer to transfer the debt from another Virgin card. Odds on they will not allow it.
Very much like you can not do a balance transfer between HSBC, First Direct or M/S Money.

eskbanker

gjpowen said:

Does anyone have experience of opening a second virgin money credit card and transferring the credit limit from the original card to the new one?  I called them this afternoon to ask, however the person I spoke to didn’t understand what I was talking about.

born_again said:

Rule of thumb is you can not transfer a debt between lenders from the same group. 
So if you are looking to take out a 2nd card with say a 0% balance transfer to transfer the debt from another Virgin card. Odds on they will not allow it.
Very much like you can not do a balance transfer between HSBC, First Direct or M/S Money.

Looks like you also didn't understand what OP was talking about!

Unless I also fit into that category, OP is looking to transfer a credit limit from one VM card to another, rather than a balance, although if they also wished to transfer a balance that would complicate matters.  I can't answer that question from any personal experience, but even if others can, the decision is obviously Virgin's so OP still needs to ask them, in a way in which they'll understand!

[Deleted User]

Doesn't make sense - if you want a bigger limit on an existing card then ask for it, applying for a second card then trying to combine them is an unnecessary step

Se1Lad

Deleted_User said:

Doesn't make sense - if you want a bigger limit on an existing card then ask for it, applying for a second card then trying to combine them is an unnecessary step

It does make sense in my situation.  I currently have a Virgin credit card with zero balance and a £25k limit.  The existing transfer offer on that card is 3.9% fee for 24 months at 0%.  I have an 100% acceptance offer on a new card with Virgin that would be 1.2% fee for 27 months at 0%.   As my existing limit is quite high, I expect that the new card would have a low limit - so I would like to move some of the limit from the old card to the new card.  I know that this is possible with MBNA, but I wasn't sure if Virgin allowed it.

JamesPeter

If it is any help, I have 2 x Virgin Money Credit Cards (both with nil balances) and I was speaking on the phone to Virgin Credit Cards about the chip on one card not working.

The agent asked me if I wanted to ‘merge’ the cards together and have the credit limit consolidated on just one credit card.

I declined the offer and had to explain to the VM Money agent that I wanted to keep both cards -  mainly due to the fact that one card is their ‘Travel Card’ with 0% transaction fees etc on overseas spending. The other card is their ‘all round card’ which has a zero percent spending offer on it for the next 18 months.

The agent finally agreed as both cards have different purposes,  it would be better to keep both cards as (quote) I ‘may’ have lost either the 0% overseas spending, or the 18 months zero percent offer due to the differing t&c’s of the two cards if both accounts were ‘merged’.   

So, it looks like you can ‘merge’ the cards/credit limits, but be wary if the cards you hold have different t&c’s or purposes/offers which you might lose.

Se1Lad

JamesPeter said:

The agent asked me if I wanted to ‘merge’ the cards together and have the credit limit consolidated on just one credit card.

….

So, it looks like you can ‘merge’ the cards/credit limits, but be wary if the cards you hold have different t&c’s or purposes/offers which you might lose.

Thanks - I tried calling the number for new applications and they told me similar.  In my case I may try and merge the whole limit from the old card onto the new card and close the old one so I can maximise the 1.2% deal.

mcpitman

gjpowen said:

Deleted_User said:

Doesn't make sense - if you want a bigger limit on an existing card then ask for it, applying for a second card then trying to combine them is an unnecessary step

It does make sense in my situation.  I currently have a Virgin credit card with zero balance and a £25k limit.  The existing transfer offer on that card is 3.9% fee for 24 months at 0%.  I have an 100% acceptance offer on a new card with Virgin that would be 1.2% fee for 27 months at 0%.   As my existing limit is quite high, I expect that the new card would have a low limit - so I would like to move some of the limit from the old card to the new card.  I know that this is possible with MBNA, but I wasn't sure if Virgin allowed it.

Believe Virgin can do this. They have for me in the past (as have MBNA). Although probably 2-3 years ago, now they are part of clydesdale/yorkshire, this may have changed.

My limit was only 12k on original card, applied for a low charge BT with them got approved for a £4k limit. Had to ring to get it done, person on phone checked with manager (or just put me on hold for a bit, lol), all updates on the system by the next working day.

superM

Vergin has refused to merge my limit. I was in same situation 2 years opening a new Vergin card. My old vergin card was not required so I asked them to merge and close but they refused. They said its not there policy to do that

At the end I closed my old as it wasn't required. 

Se1Lad

I got the confirmation that my application was successful today - with a 7.5k limit.  I called in and they have raised a request with their appeals team to move the 25k credit limit from the old to the new card.  They advised it can take up to 30 days - luckily I get 60 to do the balance transfer 

Se1Lad

The appeals team got in touch with me today.  The maximum credit limit for new cards is £25k, so they were able to move £17.5k limit from my old card to the new card - giving me £25k limit on the card to take advantage of the balance transfer offer.