Virgin SBT virgin!

humanbeing_2

Ive arranged a SBT online into my current account over the weekend. Not particularly to get involved in "stoozing" etc but to pay off a loan i have.

Im a couple of months through my 0% period already, but after reading a couple of threads here im not sure whether i will have to pay a fee or not. The loan is not for too much and it may not be worth it if i do. can any one whos done this recently confirm if they were charged or not? I still have time to cancel.

crossleydd42

What's an SBT?

Reaper

To read up on SBT click on the "Super BT" link in the blue box above.

As for the charging you should not be charged with Virgin during the first 9 months. See Martin's post on the subject here.

Phonix

It would be a shame if the sbt's stopped or good 0% rates decrease because of stoozing.

I'm not saying stoozing is wrong, it's not at all just that it would be a shame if all the attention that stoozing is giving to SBTs make using credit cards a less attractive way of paying off debts in the short term.

H2SO4

It may be safer to use the cheques than SBT - MBNA have recently made their definition of cash transaction more ambiguous.

amateur_saver

I don't think you can get SBT with Virgin now... looking at their website, you can only get 0% for balance to the card, not taking from the card....

http://uk.virginmoney.com/credit-card-v1/;jsessionid=2A31C94467B815EC079D36793685371A.msl_2

It does say 0% on balance transfers and credit card cheques, so does that mean I can apply for a card, write out a cheque for my account and do it that way ?

stain3565

"I don't think you can get SBT with Virgin now... looking at their website, you can only get 0% for balance to the card, not taking from the card"

From how I understood it (and I am new too), the bank transfer is a balance transfer to the card (please correct me somebody if I am wrong). You are actually doing a balance transfer FROM your bank account (Virgin pay your bank the money) so this does still fit into their current 0% balance transfers and would still allow stoozing, particularly good as they still do not charge.

however, I may be completely wrong....

Twopints

stain3565 wrote:

however, I may be completely wrong....

I think you are completely right.

YorkshireBoy

amateur_saver wrote:

I don't think you can get SBT with Virgin now... looking at their website, you can only get 0% for balance to the card, not taking from the card....

In carrying out an SBT you ARE transferring a balance TO the card. The (true or ficticious) balance is transferred FROM your current account TO your Virgin card, and cash flows the other way.

amateur_saver wrote:

It does say 0% on balance transfers and credit card cheques, so does that mean I can apply for a card, write out a cheque for my account and do it that way ?

No, you apply for the card and carry out the SBT on the telephone with an operator who is knowledgable on the special Virgin T&C's regarding balance transfers. Cheques, whilst given at 0%, ALWAYS attract a 2% (max £35) fee.

amateur_saver

I will ring up then and put some money in to my account that way - don't want to get charged... thanks yorkshireboy

A_S xx

:A

scoobylou_3

I've read all the threads but would like someone to confirm I understand coz I'm still not sure. I want £3000 for a car but dont want a loan. If I apply to Virgin for a balance transfer 0% for 9 months and they allow me £3000, am I right in thinking that this £3000 is automatically paid into my current account by Virgin [thereby allowing me to use the money for the new car] then the £3000 transfered onto their card to then be paid off over 9 months [to avoid interest]. If Im right does this all happen automatically or do I have to say this is how I want it to work? Sorry if I appear thick, I've only ever been a second cardholder on hubbys credit card so am not used to this. Thanks in advance