Will balance be automatically transferred when account is approved

dannygn123

I applied for a virgin credit card to get a balance transfer offer. They phoned me to confirm more details ( was the fraud team just checking details). I think at the time of application I just put the total amount of debt I have. The amount they have given me is less than my total debt on my two cards. I then got a message today saying a balance transfer has been requested from my virgin credit card which has now been processed. There is nothing further you need to do.

What does this mean? Does this mean I have been approved for a balance transfer. I haven't actually transferred anything over to it. They can't automatically transfer it from another credit card I have I assume I would have to do it? I can't remember if I gave the two credit card accounts that I have that I wanted to transfer from. I can't transfer all of it cos it won't cover all of it. I've not done this before. They can't transfer a balance over that is more than the limit they have given me can they? Sorry for rambling just I'm away and can't call the bank till Thursday 

molerat

Did you fill in card details for a BT when you applied ?  If so it is possible they have BTd the full available amount.

dannygn123

molerat said:

Did you fill in card details for a BT when you applied ?  If so it is possible they have BTd the full available amount.

I might have done I honestly can't remember.  It's two different cards though so shouldn't I be able to choose which one. I have tesco and tsb credit card I wanted to do tesco as the interest is higher

CliveOfIndia

dannygn123 said:

molerat said:

Did you fill in card details for a BT when you applied ?  If so it is possible they have BTd the full available amount.

I might have done I honestly can't remember.  It's two different cards though so shouldn't I be able to choose which one. I have tesco and tsb credit card I wanted to do tesco as the interest is higher

The only way it could have happened automatically is if you specified the card details you wanted to transfer from on the original application.

dannygn123 said:

I'm away and can't call the bank till Thursday 

If you're in any doubt, calling them is the simplest way - they'll be able to look up your account details and tell you for certain.  Is there any reason you can't call them today?

Brie

If you've got online access it should be quite clear on that what has happened.  Sometimes that's an easier option than ringing.  

dannygn123

I must have entered my credit card details as they have done the balance transfer. Most of the tesco has been cleared and then some from my tsb. Still have around 2k on my tsb. If i want to apply for another balance transfer with another bank can I do it straight away or should I wait a bit

CliveOfIndia

dannygn123 said:

If i want to apply for another balance transfer with another bank can I do it straight away or should I wait a bit

As long as you've not applied for any other credit products recently, you should be OK to try for another BT card.  It's generally reckoned that a couple of applications (resulting in hard searches) in a short space of time is OK, more than that and lenders start to get a bit jittery, as it looks like you're desperate for credit.

Of course, any new application will be assessed on its own merits, and different lenders have different acceptance criteria.  So it's worth doing a few eligibility checks first, ideally on the lender's own website rather than a third-party aggregator.