Balance transfer question

mcc28_x

Hi

I successfully applied for a virgin money credit card with the intention of doing a balance xfer from my Asda Money credit card of £2500. 

For some reason the balance transfer didn't go through. Maybe they don't like the asda credit card for some reason.  

I'm considering trying to do a balance xfer to my Sainsbury's credit credit card fro virgin money which currently has a nil balance. So it would have a credit balance of £2500. I would then use this to cover some short term expenditure. 

Question is basically is it permitted to have a credit balance for a short period of time?

grumbler

mcc28_x said:

Hi

I successfully applied for a virgin money credit card with the intention of doing a balance xfer from my Asda Money credit card of £2500. 

For some reason the balance transfer didn't go through. Maybe they don't like the asda credit card for some reason. 

How do you know it didn't?

I'm considering trying to do a balance xfer to my Sainsbury's credit credit card fro virgin money which currently has a nil balance. So it would have a credit balance of £2500. I would then use this to cover some short term expenditure. 

Question is basically is it permitted to have a credit balance for a short period of time?

You can get away with this, bug it's against all CCs T&C. Check yours.

Is there any time limit on BTs to Virgin? If not, why not to use Sainsbury's card for 'some short term expenditure' first and then transfer the balance to Virgin?

mcc28_x

Cheers. 

Virgin send a confirmation email and it was blank in answer to your first question. 

60 days so yes that is possible. Might do a test transfer from sainsbury to virgin to make sure it is accepted. 

I do think bt cards should be clearer who they do and don't accept balance xfers from. Asda doesn't fit the description on their t and c. But there is slightly more to life than arguing with them about it!

Alexd52

Does the Virgin card also have a money transfer option? If it does, then use that to pay the money into your current account, and then pay off the Asda card from there

middlingditch

When I've had a new Virgin credit card (twice) the initial balance transfer has "failed" to go through. They wanted to go through some extra security checks both times (on the phone, annoyingly). No idea why. But after speaking to them on the phone, they put it through fine. Just wondering if this is the case for you - worth phoning them maybe.

Brie

Are Virgin and Asda actually the same "bank"?  That would prevent a BT working.  

I've often had a credit balance on my Santander card even though it does state this shouldn't be done on the T&Cs.  Some cards will automatically refund the amount back to source but Santander you have to request it.  So it's a nice way for me to preload it before going on holiday and I then don't get charged interest if I take money out at an ATM.  

You might want to contact them to tell them you are paying in advance of making a significant purchase so they don't get funny about it.

MallyGirl

mcc28_x said:

Hi

I successfully applied for a virgin money credit card with the intention of doing a balance xfer from my Asda Money credit card of £2500. 

For some reason the balance transfer didn't go through. Maybe they don't like the asda credit card for some reason.  

I'm considering trying to do a balance xfer to my Sainsbury's credit credit card fro virgin money which currently has a nil balance. So it would have a credit balance of £2500. I would then use this to cover some short term expenditure. 

Question is basically is it permitted to have a credit balance for a short period of time?

putting the card in credit is against T&Cs. You might find that the payment bounces back but you still end up liable for the transfer fee if there is one. I would contact Virgin and try to resolve why the Asda transfer didn't work