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Balance Transfer Info help... pleeeeasssse

KERMITZBITZ Avatar
8y, 1m agoPosted 8 years, 1 month ago
Does anyone know if you can do a balance transfer INTO your bank account rather than another credit card with Virgin?

I have £7k on a MBNA card and Virgin dont allow a balance transfer to MBNA so i was thinking i could pay the debt off with my overdraft, cancel the MBNA card then apply to get a Virgin card. Than do a transfer into my Bank Account if they allow payments into the Account??? Does anyone know if they allow this??? Any ideas as to how i can get this done would be much appreciated.
KERMITZBITZ Avatar
8y, 1m agoPosted 8 years, 1 month ago
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#1
If you have the money in your bank, why don't you just pay off the card :whistling:
1 Like #2
I don't know if there's a limit, but I'm sure when we applied for a Virgin credit card over a year ago, I arranged for a balance transfer to pay off the overdraft on my account, so if there's no limit to this amount then you should be able to do it.
#3
choc1969
If you have the money in your bank, why don't you just pay off the card :whistling:


I don't think he has got the money in his bank, he said he could use his overdraft.
1 Like #4
There was a thread that mentioned Virgin allowing you to transfer money into a bank account the other day, which I cant find, I think it mentioned a charge for this service though. Can you not call them and ask? :)
#5
Annie1508;3227900
I don't think he has got the money in his bank, he said he could use his overdraft.


so effectively he could pay out up to that limit, not that this is a good idea as overdrafts are usually higher interest rates than credit cards
#6
choc1969
If you have the money in your bank, why don't you just pay off the card :whistling:


i wish i had it in the bank.. unfortunately i,d be borrowing the money from my overdraft :oops:
#7
KERMITZBITZ;3227921
i wish i had it in the bank.. unfortunately i,d be borrowing the money from my overdraft :oops:


it would be cheaper to get a loan
#8
Annie1508
I don't know if there's a limit, but I'm sure when we applied for a Virgin credit card over a year ago, I arranged for a balance transfer to pay off the overdraft on my account, so if there's no limit to this amount then you should be able to do it.


Thanks Annie.. hopefully i can get this card and get me out of a sticky situation for at least 16months.
#9
kidcat
There was a thread that mentioned Virgin allowing you to transfer money into a bank account the other day, which I cant find, I think it mentioned a charge for this service though. Can you not call them and ask? :)


i think i may just do that to make 100% sure.. i just dont want to let on that im a MBNA customer as well tho.
#10
KERMITZBITZ
i think i may just do that to make 100% sure.. i just dont want to let on that im a MBNA customer as well tho.


YOu dont need to you can just ask whether its possible to transfer the money into y our bank account, you dont need to mention the MBNA card at all. :)
1 Like #11
yes virgin are one of the only ones that you can do it with - jusst ring them and give them you bank details - takes about 5 working days to transsfer and the transfer fee is added to your balance
#12
choc1969
it would be cheaper to get a loan


i dont think so if i can co-ordinate it so that the interest is only paid for a few weeeks till i can transfer it out of my bank account into a virgin card by balance transfer
#13
octobergirl
yes virgin are one of the only ones that you can do it with - jusst ring them and give them you bank details - takes about 5 working days to transsfer and the transfer fee is added to your balance


I thought a fee was mentioned somewhere, you will need to include that in your costings too. :)
#14
Perhaps tell them it's a family loan you've got that you want to pay off as they need the money back, there would be no mention of this on your credit file so they couldn't question it, and then that would cover the large amount which is probably a bit too big to claim as an overdraft, which they could also probably check on your credit file - naughty but nice!!
#15
kidcat
YOu dont need to you can just ask whether its possible to transfer the money into y our bank account, you dont need to mention the MBNA card at all. :)


yes but wont they have some sort of record of me being an MBNA customer and not let me have a Virgin card because MBNA offer the financing for Virgin?
1 Like #16
KERMITZBITZ;3227973
yes but wont they have some sort of record of me being an MBNA customer and not let me have a Virgin card because MBNA offer the financing for Virgin?


ALL credit gets marked on your credit file. so they'll know
#17
oh well.. thanks all

choc, octobergirl, annie, and kidcat for all your help.. rep added. xx

just had a thought.. i might ask my bro if he can take the Virgin card out and pay the money into my bank account
#18
Virgin cards are administered by MBNA and they don't have any problems with you tranfering money from your cards to your current bank account as they can't do transfers to pay off cards you already hold with them. You can also move your limits between any accounts held with MBNA too which is cool. So no need to give excuses for wanting cash into your current account as they are more than happy for you to do this.

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