URGENT! SBT help!

judimcc

I am right in the middle of applying for a Virgin credit card to enable me to do an SBT to 2 of my exisiting credit cards and 2 overdrafts, however, on the appplication it only gives the facility to transfer to other credit cards and not to bank accounts...is this something I should be concerned about now or will i be given the option to when/if my application accepted?!?!?!

I'm sorry if this seems like a no brainer to some of you super savers out there but I'm new to getting better debt!!!!

Furthermore, what should i do if they do not offer me the full credit limit that I require (which is likely as I would need a whopping £3600!!) Should I consider getting another SBT with a different credit card...wouldn't this be difficult to manage?!?!?!

Again...apologies for my ignorance!

Judi

mrcow

You only need the SBT to service your overdrafts. So if Virgin don't give you enough credit, then just use this to cover your overdrafts, and use another new (non SBT) card (eg. Halifax 0% for 9 months) to cover your credit cards.

Sorry I can't remember about the SBT on the Virgin application, it was too long ago for me , but you can always call them and ask if in doubt.

judimcc

Thanks v much mrcow!! How do you clever figure all this stuff out!!

thaylock

I have just received my Virgin credit card & it allows me to transfer money onto other cards, current bank accounts & other organisations. I transferred money into my bank a/c last night.

YorkshireBoy

You're better dealing with a "human" for (S)BT's with Virgin - and especially when you've got 4 to do on the one card!!!!

My advice would be to contact them when you receive the credit agreement to sign. This document will detail your credit limit.

If it's OK, just phone them up and set your BT's in motion - CONFIRM THERE ARE NO BT FEES. This will speed up the processing time in so much as the (S)BT's will all have been done before you even receive your PIN and credit card.

If it's too low a limit, phone them up and argue your case for an increase - you're in the driving seat (somewhat) as you've not signed up yet! If you're successful, set up your (S)BT's but whatever you do, DO NOT SIGN AND RETURN your first agreement - wait for the one with the new increased limit on it and sign/return this one.

Finally, don't forget that the 0% 9 months is on BALANCE TRANSFERS ONLY. *******Do not use the card for purchases*********

HTH
YB