Best Balance Transfers Discussion Area

Moggles_2

cheatthecheatingcheaters wrote: »

Virgin's interest-free deals are tempting. I went with them a few months ago, consolidating the debt on two other credit cards, knowing I could pay it off within six months. However, they created an issue which then was blamed on me, charged me a penalty fee, then revoked my interest-free status. I successfully argued to get back the penalty fee and the interest, then they continued to charge me interest anyway. I am currently locking horns with Virgin in an attempt to get the interest back from them, which they TOOK FROM MY ACCOUNT, WITHOUT TELLING ME, WHICH IS BASICALLY THEFT.

This is not really a *Best Balance Transfer* issue. If you want to explore the reasons why your 0% interest was withdrawn, please post again on the main credit card board. You'll get lots of replies there

Moggles_2

cheekypixies wrote: »

Following advice on site, applied for a HSBC credit card with a view to transferring balance to it (am an existing customer, so was hoping for 16 months at 0%). However application has come back with a credit limit of £500 - not much help when balance I wanted to transfer was £4K. What should I do?

To help you further, we would need to know which cards - apart from HSBC obviously - you have at the mo or have held recently, also do you bank with another bank?

gfunk_2

Moggles wrote: »

Yes, a few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. A handling fee applies (typically 3-4% of the balance shifted), but there are no other charges during the introductory promotion (usually 12-13 months)
You need:
a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card.

That would involve two transfer fees to shift the same money.

To help you further, we would need to know which cards - apart from Virgin obviously - you have at the mo or have held recently, also who you bank with?

Thanks for that, I bank with LoydsTSB, have previously held and paid off a LloydsTSB gold credit card (about a year and a half ago)

So you are saying if i transfer my overdraft to virgin, then the virgin card to a new deal that would incur two transfer fees to do?

CannyJock

cheekypixies wrote: »

Am brand new to forums and have only known about this site for a couple of weeks. Following advice on site applied for a HSBC credit card with a view of transferring balance to it (am an exisiting customer so was hoping for 16 months at 0%). However application has come back with a credit limit of £500 - not much help when balance I wanted to transfer was £4K. What should I do?

You've had the search so might as well use the card - transfer as much as they will allow.

It'll do no harm to write to them to say how disappointed you are as an existing customer that you've been given such a small limit when you were looking to transfer and then close the balance from another card. Specifically ask them for a credit limit sufficient to take the £4k balance, offer to close the other card and forward them the confirmation of it being closed and see what happens.

CannyJock

gfunk wrote: »

Thanks for that, I bank with LoydsTSB, have previously held and paid off a LloydsTSB gold credit card (about a year and a half ago)

So you are saying if i transfer my overdraft to virgin, then the virgin card to a new deal that would incur two transfer fees to do?

Yes.

Overdraft -> Virgin (5% fee from 1st March) (100.00 -> 105.00)
Virgin -> elsewhere (3% fee typical) (105.00 -> 108.15)

i_wanna_be_debt_free

CannyJock wrote: »

Not really a regulatory issue, they simply return the funds to the originator or they may freeze the funds while they complete anti-money laundering checks.

If in doubt, why not phone them and ask what they say? Take a note of the person you speak to, their team number, date and time of the call and if they say you can do it then you'll have some come-back if they later refuse it.

Just to let you know that I spoke to MBNA and made out (without actually giving them any of my details) that I had transferred £1500 into the wrong CC account by mistake and that now my MBNA CC was in credit by £1500. I asked them what my options were and then said that I can have the incredit amount deposited into an account of my choice, incurring no fees or penalties. I told them that I would call them back once I have all the details they required to complete the transaction.

I will update once I know this has definately worked (or not).

kimwoo83

Today I called to activate it and was very annoyed by the pushy lady I spoke to at MBNA; quite rudely trying to force identity theft insurance on me. I said no very nicely and got responses like 'do you realise I'm not trying to sell you a credit card'!!!

Just a moan really...

Moggles_2

kimwoo83 wrote: »

Today I called to activate and was very annoyed by the pushy lady I spoke to at MBNA; quite rudely trying to force identity theft insurance on me. I said no very nicely and got responses like 'Do you realise I'm not trying to sell you a credit card?'

All credit card providers try to push insurance. There's nothing to choose between them in this respect.

Most of us buy this type of insurance in the process of applying for a credit card or during the activation call, so it's important to realise that the credit card and insurance policy are two separate products run by different companies. CC holders/applicants are not under any obligation to buy insurance, so just say *No*

liketosavemoney

Finally got conformation that Virgin have accepted my credit card application and that I will recieve it in the next 7-10 days. Just as a note, i applied 7 days ago, so to anyone else applying, its not always an instant decision.

I want a little bit of advice as to what to do and not to do when the card arrives. I have read a few reviews on the Virgin card where people have had trouble with the payments being ade on time and losing the interest free offer. Is there and easy way to avoid cocking this up and any important issues to bear in mind?
I have a balance of about £850 to transfer onto it.

skaps

I have had a virgin card and i set up a dd to pay the min payment.