Just Starting out

A question about : Just Starting out

I have just applied for a Virgin card online and am awaiting the paperwork through the post.

I am already wondering whether I have made a mistake but think I am ok. Can someone confirm this?

The form asked if I wanted to balance transfer from another card. As I have no outstanding debts, I said no.

I am assuming this does not affect my transfer of the credit limit to my bank when all goes through?

Also, as some cards you need to ask for the transfer on application, do I ask for my transfer on this card when I sign and return the application form, or can I wait for the card to arrive? I know there seems to be no charge on Virgin but I am new to this.

As for other cards where there is a standard charge for balance transfers (such as Abbey - 2%), Martin says that this will be waived if you ask for the transfer to your bank on application. Does this mean I should apply by phone (rather than online) and ask at this point, and how do I know that the charge will be waived?

Cheers

Mark

Best answers:

• Hiya Mark,
  I've just done exactly the same as you and also wondered if I've done the right thing!
• How I did it...
  1. Apply by telephone, and check there is no BT fee.
  2. 2 days later ring up to find out credit limit. Not enough given so asked them to double it. Passed to manual underwriter who agrees there and then to double it. I ask to set up my SBT, and check there is no fee.
  3. Credit agreement arrives but has original low limit on it. Ignore it.
  4. Second credit agreement arrives - I sign and return.
  5. Card & PIN arrive, and I phone to activate - again checking there is no BT fee. Whilst on the phone, I...
  ....(a) choose my own statement date so that payment due date coincides with my salary payment (a bit irrelevant for a fiver but a good habit to get into all the same!)
  ....(b) set up my DD for minimum payment
  ....(c) confirm EXACT 0% expiry date
  ....(d) ensure they KNOW that I don't require PPI or other insurances
  ....(e) take & record name (and surname), ext. no, date, and time.
  ....(f) check SBT is on it's way.
  To summarise, 12 working days from initial telephone application to BT cash arriving in my current account. A further 3 working days later, BT cash sat in my stooze pot making 4% net.
  How much easier can it get?
• Well explained.
  When I get to the end of the first card, and transfer the debt to the second SBT card, is it possible to set up another SBT to the bank if the card limit is greater than the debt transferred. For example, the debt transferred is Ј1495 and the second card credit limit is Ј2000. Can I also set up an SBT for Ј505 to increase the pot?
  And one other thing, when asking for the bank transfer, how exactly do you phrase this? SBT is a made up phrase so is it simply a "balance transfer of the full credit limit to my bank"?
• i am in a similar position to stain3565, and tina lives.
  is there thr facility to opt out of paper statements, and only have online communication ?
  your explanation is pretty clear, i understand that you can transfer the credit limit to an overdrawn current account to help clear it.
  many thanks