Virgin Credit Card

lynseydee

I was thinking of trying to get a Virgin cc and had the following queries.

Am I correct in that the Virgin cc is a SBT card?
Is there aany way of finding what limit you're likely to get? I know when I applied for my M&S card it seemed like there was some kind of formula going around as to how much of a limit you would get.
What do they charge for the minimum payment? The reason I was thinking of getting this card was obviously to save some interest but if the monthly payments are going to work out too high the idea isn't going to be feasible.

Hope somebody would be able to answer at least some of my queries.

Thanks

YorkshireBoy

I'm assuming it's the Virgin Money card, and not the Virgin Atlantic 'White' card?

lynseydee wrote: »

Am I correct in that the Virgin cc is a SBT card?

Yes.

Is there aany way of finding what limit you're likely to get?

Not in advance, no. However, if you're accepted you'll know fairly soon I would have thought.

I know when I applied for my M&S card it seemed like there was some kind of formula going around as to how much of a limit you would get.

That was a different scenario, because M&S asked you to sign and return the credit agreement before they'd tell you your credit limit. It was possible, providing you were given their typical APR, to work out your credit limit from the 'total charge for credit' figure at the top of the credit agreement.

What do they charge for the minimum payment?

If you're BT'ing to it, the first minimum payment will be around* 3% of the balance. The second, and subsequent, minimum payments will be £25.


* Whether it's 3% of the balance, or the 2.98% BT fee + £5, will depend on the size of the balance. However, there will only be a few quid in it whichever calculation is used.

lynseydee

Hi Yorkshire Boy

Thanks for replying. Didn't realise there was more than one type of Virgin card.

I was going to BT to it if transferring the money into my bank account to pay off a loan means the same.

I was hoping to get a balance big enough to pay off a £4,000.00 bank loan.

lynseydee

Have just applied and been accepted for a Virgin card. The good news is that the limit they're giving me is enough to pay off my egg loan. I will need to transfer the amount to cover the loan into my bank account to be able to pay this off as obviously I can't do the normal balance transfer. Can someone explain to me in idiots terms how I go about doing this as I don't want to screw this up.

Thanks

Scousebird_2

Hey

I have a virgin credit card and my limit was given to me on application. You have to make a minumum payment of £25 each month and if you do a balance transfer-make sure you never miss a payment, otherwise you lose all the promotional offers they have on the card at the time you took it out.

I really like my card but I have absolutely hammered it. My limit was £2000 and i'm 20 (but trying to run a home, bills etc) so it's handy for me-but yes...you should get a decent limit!

As long as you run the account will, it's a great card and the customer services are really good too!

lynseydee

Hi Scousebird

I have been approved for the card and have been given my limit. I won't be missing any payments as I will be setting it up by direct debit.

My question was as I want it to pay off my Egg loan which I can't do the normal balance transfer on how do I go about transferring the money from the Virgin card into my bank account. I don't intend using it for anything other than balance transferring.

Moggles_2

Originally Posted by lynseydee
How do I go about transferring the money from the Virgin card into my bank account?

IMO, it's best to request the transfer by phone (as opposed to online), so you can check the 0% balance transfer rate will apply.

You may also wheedle a little more than 95% of your credit limit from Virgin/MBNA
this way

You can request the transfer when you call to activate the card. There's a freefone number for this. The money arrives in your bank account in about 6 days.