Virgin credit card - have I been duped?!

Jordchub

Hi everyone,

I applied for a ‘fee-free’ Virgin credit card because it seemed like the best/cheapest one for what I wanted. I needed the money urgently for an operation for my dog and there was an option to have the money put straight into my account. 

I’ve just realised they have charged me £110 for doing that with no pre-warning. Did I miss something really obvious? It wasn’t flagged up at the time and that’s a lot more than I usually pay to transfer money from a credit card to my current account if I have to! 

I feel like I’ve been duped, but have I been naive? I could have just used the credit card to pay the bill and there wouldn’t have been a £110 charge. 

I’m just wondering if this has happened to anyone else? It feels a bit… shady. 

Thanks,

Jo

Volcane

Have you got the weblink for this card?

retiredbanker1

Fee free for what?  No fees if paying for things abroad or no fees for purchases?

To me you seem to have misunderstood the terms - do a cash transfer to your account and you will be paying a fee (mine charge 2.5%)?

eskbanker

Jordchub said:

that’s a lot more than I usually pay to transfer money from a credit card to my current account if I have to!

What percentage fee do you normally pay for such money transfers?

Jordchub said:

I could have just used the credit card to pay the bill and there wouldn’t have been a £110 charge.

This would have been a far more sensible approach than routing the money via your current account, for several reasons - as you recognise, money transfers typically incur fees, but also by paying directly you'd be able to benefit from the likes of section 75 and chargeback protection on qualifying purchases, which you'd lose by transferring via your current account.

born_again

Can't see any on Virgin site that state fee free.

Caz3121

this summary of Virgin Credit cards show a 4% fee for 0% balance transfer cards
https://www.finder.com/uk/virgin-balance-transfer
your paperwork should show the fee

eskbanker

Caz3121 said:

this summary of Virgin Credit cards show a 4% fee for 0% balance transfer cards
https://www.finder.com/uk/virgin-balance-transfer
your paperwork should show the fee

OP wasn't looking to transfer a balance (from one card to another), and wanted a money transfer (from CC to bank) one.

CliveOfIndia

Jordchub said:

there was an option to have the money put straight into my account. 

I’ve just realised they have charged me £110 for doing that with no pre-warning. Did I miss something really obvious?

If I understand correctly, you applied for a money-transfer card?  If so, you need to check the T&Cs that were sent to you.  The majority of money-transfer offers from most cards will charge a fee.

In addition, any kind of offer will be tailored to your particular circumstances/credit history.  So even if they advertise a fee-free MT offer,this won't necessarily be given to all successful applicants - but your individual offer will have been detailed in the T&Cs they sent you.

molerat

The only Virgin MT offer I can see charges a 4% fee with 0% interest.  It looks like you have misunderstood what you were signing up for.

born_again

Well until OP reappears we are all guessing at just what offer & card they are talking about.

I applied for a ‘fee-free’ Virgin credit card because it seemed like the best/cheapest one for what I wanted. 

Does sound like a MT card, but who knows....

adindas

Jordchub said:
I applied for a ‘fee-free’ Virgin credit card .. there was an option to have the money put straight into my account.

From this information you get what is the so called Money transfer credit card.

The fact you get Virgin Money MT credit card, you get one of the top notch currently available in the market.

https://www.moneysavingexpert.com/credit-cards/money-transfers/

Keep in mind you pay one off pay but you get 0% interest for 12 month. How much does it cost you to borrow that sum for 12 months.

I feel like I’ve been duped, but have I been naive?

No you are not naive in fact it is a smart move. Even you have enough cash to pay it outright, you get more benefit by by paying using VM MT creditcard 12mths 0% interest, with 4% MT fee. You get disappointed probably you are expecting to get 0% interest, 0% MT fee. This deals is hardly seen nowadays. You either pay certain interest or no interest but with x% MT fee.

I’ve just realised they have charged me £110 for doing that I could have just used the credit card to pay the bill and there wouldn’t have been a £110 charge. 

Unless you have got specialist CC 0% interest on purchase CC you will need to pay that sum in the next statement month. Using that particular Virgin Money CC you get 12mths interest free. All you need to do is to make minimum payment each month.