Virgin Credit Card.

YorkshireBoy

Lamb2 wrote:

Hi, can anyone tell me what difference having an existing MBNA credit card has on getting a Virgin card with the 0% fee free BT?

MBNA also run Virgin cards (as well as Abbey, A&L, et al).

It would be a little like borrowing money from your Dad to pay your Mum back! (If you were BT'ing from MBNA to Virgin).

Also, it increases their risk in (potentially) lending more money to the same person. Having said that, some people have been successful in getting both - but with the credit limit shared between the 2 cards therefore keeping the same "risk" of default.

Lamb2

I don't actually have any debt on my MBNA card, I just wondered if it would cause me any problems getting a Virgin card with the 0% fee free BT, maybe I should cancel my MBNA card? Also, if you do a BT into your bank account, any idea roughly how long it takes from application to getting the funds to use?

YorkshireBoy

Lamb2 wrote:

I don't actually have any debt on my MBNA card, I just wondered if it would cause me any problems getting a Virgin card with the 0% fee free BT, maybe I should cancel my MBNA card?

I would.

Lamb2 wrote:

Also, if you do a BT into your bank account, any idea roughly how long it takes from application to getting the funds to use?

As I recall, around 3 weeks for me - but I had a slight delay whilst negotiating a limit increase.

Richie(UK)

Just to reinforce YB's comments:

1. I had an old MBNA card that I had forgotten about - it resulted in my first application to Virgin being declined. I'd certainly close it if I were you. There doesn't need to be a huge gap between closing the existing card and applying for the Virgin card - just wait until you have confirmation so that you can refer to this if needed.

2. From application (2nd time around ) to funds hitting my account took about 14 days.

bob_builder_2

deefadog wrote:

Thanks got in no problem , very easy to do

One disappointing thing i found with this card, online anyway that there are only two options for the direct debit, minimmum payoff or full balance payoff! i wanted to pay a set amount each month!

Is there a way i can do this?

Well the minimum amount is £5 for the first 9 months...

bob_builder_2

nadnad wrote:

I just got my Virgin credit card today and it says on the letter with it that "you will be charged 2% for any balance transfers" - I requested the balance transfers on the application form and will be annoyed therefore if I get charged - I tried to phone them today but was on hold for 25 mins and couldn't wait any longer so I don't know if I actually have been charged - but the letter makes it pretty clear.

Just seen that the Virgin website now also says you will be charged 2%:
http://uk.virginmoney.com/credit-card-v1/carda/pre-apply.html

Cerbera_2

Hi I have a few questions on the Virgin Credit Card, hopefully someone can help

Do you have to declare BT at time of application or can you ask later?

Is there an 'average' limit? I have a Halifax card maxed at £1500, I want to move it and clear it as per 'snowballing'!

One more question; can you transfer 100% or is their a limit?

Tr@cker

I was asking this one myself last week and twopoints said nobody on here had been charged for BT's. Im guessing here but i think the 2% is aimed at known or suspected stoozers. Or maybe those who had an MBNA card (the parent company) in the past, used it to advantage, closed it then applied for one of there other cards sometime later. The charge is quite substantial on a large transfer-they haven't inserted the clause ' Charge on SOME BT's ' for no reason.

Clariman

Tr&#64 wrote: »

I was asking this one myself last week and twopoints said nobody on here had been charged for BT's. Im guessing here but i think the 2% is aimed at known or suspected stoozers. Or maybe those who had an MBNA card (the parent company) in the past, used it to advantage, closed it then applied for one of there other cards sometime later. The charge is quite substantial on a large transfer-they haven't inserted the clause ' Charge on SOME BT's ' for no reason.

No, the 2% charge is not for known/suspected stoozers. Well, if it was, then they missed me because I have had 18 months at 0% from MBNA, 9 months at 0% from Abbey (MBNA) and about 6 weeks ago I got the Virgin card for 9 months and I have never paid a BT fee. However, things have changed. If you look at the Virgin card Ts & Cs online, they now clearly show that they "will" charge for BTs, so anyone applying now should (IMHO) expect to be charged a fee.

To see the current Virgin Ts & Cs for new customers you can find them via this webpage . Fuill details of how to find them and further discussion on the MBNA and Virgin card Ts & Cs changes can be found on the official stoozing website.

Clariman

YorkshireBoy

It would appear the Virgin T&C's changed significantly yesterday, although I'm not sure if they are being applied retrospectively. I've not been notified "personally" of any changes so my comments are based on the T&C's I agreed to when I signed my own credit agreement with them.

Cerbera wrote:

Do you have to declare BT at time of application or can you ask later?

I have been told many times by Virgin (MBNA) that my BT's would be fee free throughout the 9 month introductory period, so I wouldn't have thought it was set in stone that you *had* to state the BT at application.

However, asking for the BT at application will "give them a clue" as to your intentions with the card, in that if they were going to give you £3K and you need to do a £3.8K BT, then they may up it to £4K without you having to ring up to get a small increase prior to activating the card.

Cerbera wrote:

Is there an 'average' limit? I have a Halifax card maxed at £1500, I want to move it and clear it as per 'snowballing'!

There is no such thing as an "average limit". Limits are set based on individual circumstances. If you read Martin's articles on this site you will see which factors affect limits being offered.

Cerbera wrote:

One more question; can you transfer 100% or is their a limit?

My understanding is that the 95% ruling still applies. As this card is a BT card, do not "spend" the remaining 5% as this will attract 15.9% and you will pay this off AFTER you've completely paid off the 0% BT.