Will a requested balance transfer be carried out before signing up.

janni_2

Hello,

I would be grateful for advice.

I applied on-line for a balance transfer from Virgin. I filled in the on-line application form and put on the details and amounts of the cards that I wished to transfer the balance from.

I received a letter to inform me that I had been accepted and the credit limit offered was fine. They asked me to return the declaration form, signed. The trouble is, is that I have changed my mind since discovering other non-fee charging cards; ( they stipulated that there is a transfer fee).

My question is- Will they already have transferred my balances to their card even though I have not sent the forms back to them?
Thank-you.

grumbler

I think 'declaration form' is in fact credit agreement. I don't think that they can transfer a balance (= lend money to you) before they have this agreement signed by you. You can also check the other card to make sure that debt is still there.
Are you sure that you will be given the other card? Your chances to get a new card get lower after every application.

janni_2

Thank-you to Grumbler for taking the time to help me on my transfrer query. I did receive a letter from virgin stating that they had accepted my application for a new card and set my credit limit. I will check my other card to see if the balance has been transferred. Thank-you for that suggestion. Did not think to do that. Duh!!

BenL

I don't know the workins exactly of MBNA/virgin but i used to work for a bank so the procedures are likely to be similar.

Your virgin account will probably be in a status of approved/not accepted or similar.

It will not be fully open yet and so the admin/call centre staff will not be able to perform all activities on the account like a BT until the account status is "open fully".

Hope this helps.

They wouldn't want to get into the problem like the catalog companies who give you stuff with no signed credit agreement and then you can get out of paying.

Ben