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Virgin Money Credit Card Balance Transfer Limits

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Can anyone explain to me how Virgin Money credit cards calculate the maximum allowed balance transfer amount?

When I request a Balance Transfer in the app, it tells me the maximum amount I can transfer, but this value is neither based on a fixed percentage of my credit limit, nor a fixed percentage of my remaining available credit. The proportion of each I'm offered differs with each transfer request.

Each time I transfer the stated maximum amount, if I request another balance transfer, instead of zero, I get a new lower maximum.

My total balance on the card is tending towards 95% of my credit limit (the last maximum offered was just £20, and I'm at 94.9% of my credit limit) but will never actually reach 95% as I'm not offered enough to get there each time.

I'm puzzled.


Comments

  • Read the Ts & Cs on the card. It's typically 95% of balance + fee if applicable but you have the documentation on what they will offer
  • Fingerbobs
    Fingerbobs Posts: 1,702 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 14 June 2022 at 4:36PM
    After much fiddling about with a calculator, I think I've worked this out. It's not simple, and is not documented in the T&Cs as far as I can see.

    The card has an overall Balance Transfer Limit, which is 95% of its Credit Limit.

    The maximum allowable Balance Transfer is 95% of the remainder of this Balance Transfer limit, less 1% of that remainder.

    For example, assume the card has a Credit Limit of £10,000.

    The overall Balance Transfer Limit for this card is 95% of £10,000 = £9,500.

    Now assume the card already has a balance of £4,000, so the total available credit is £6,000.

    The Available Balance Transfer credit is £5,500.

    95% of £5,500 is £5,225.

    1% of £5,500 is £55

    So the maximum balance transfer allowed is £5,225-£55 = £5,170.

    I'm not clever enough to be able to express this as a formula.

    Edit: Thinking about this a bit more, I'm wondering if they're allowing for a 1% fee, which then isn't being charged (there is no BT fee). To those saying RTFT&C, if anyone can find this documented anywhere they're a better person than I am.
  • RG2015
    RG2015 Posts: 6,048 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    I agree that it is complicated but I ended up with balance transfers of 94.95% of my credit limit of £4,000.

    I was left with an available BT of £1.71 so theoretically I could have got up to 95%.

  • Fingerbobs
    Fingerbobs Posts: 1,702 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    RG2015 said:
    I agree that it is complicated but I ended up with balance transfers of 94.95% of my credit limit of £4,000.

    I was left with an available BT of £1.71 so theoretically I could have got up to 95%.

    I'm actually slightly surprised they allow balance transfers of less than £100. £100 has always been the minimum in my experience. Part of me is tempted to keep going with tiny transfers until I hit 95%, but I won't.

  • RG2015
    RG2015 Posts: 6,048 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    RG2015 said:
    I agree that it is complicated but I ended up with balance transfers of 94.95% of my credit limit of £4,000.

    I was left with an available BT of £1.71 so theoretically I could have got up to 95%.

    I'm actually slightly surprised they allow balance transfers of less than £100. £100 has always been the minimum in my experience. Part of me is tempted to keep going with tiny transfers until I hit 95%, but I won't.

    My last two transfers were £82 and £28, although the £28 was after my first repayment of £25.
  • Fingerbobs
    Fingerbobs Posts: 1,702 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    RG2015 said:
    RG2015 said:
    I agree that it is complicated but I ended up with balance transfers of 94.95% of my credit limit of £4,000.

    I was left with an available BT of £1.71 so theoretically I could have got up to 95%.

    I'm actually slightly surprised they allow balance transfers of less than £100. £100 has always been the minimum in my experience. Part of me is tempted to keep going with tiny transfers until I hit 95%, but I won't.

    My last two transfers were £82 and £28, although the £28 was after my first repayment of £25.
    That's exactly the plan that was forming in my mind - wait until after the first repayment then make one final transfer before the 60 days runs out.

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