I dont want to do business with Branson who moved his company Virgin to Switzerland to avoid paying UK TAX, and now wants to dictate to us rather than accept our democratic vote.
#BoycottVirgin is trending on Twitter apparently...

The OP is right - why not just get on with your life? You've not shown where you can get £10,000 put in your bank account for cheaper so you've moved on to criticise his finances - grow up ffs.

This is a good deal if you are eligible much cheaper than a bank loan for large amounts

People put the deals on here to help other people and I doff my hat to them.
I wish people on here would stop having silly spats.

Stupid comment no 1
1st person not to read the deal
http://www.theaa.com/credit-card/balance-transfer-credit-card.jsp?ito=
- You could save money by transferring balances from existing credit or store cards onto an AA Balance Transfer Credit Card.


No mention of transferring direct into your bank account

Prefer AA 24mths with no fee but VM are doing a 30mth card with a lower fee of 0.59%

What is stupid is you thinking this is the "cheapest loan".

Plenty of fee-free BT cards out there. The AA was just one of them

how is ten grand 169 a month over 32 months

I dont want to do business with Branson who moved his company Virgin to Switzerland to avoid paying UK TAX, and now wants to dictate to us rather than accept our democratic vote.
#BoycottVirgin is trending on Twitter apparently...

LMFAO!

K cheers

This isnt a balance transfer card (used to repay credit card debt)

This is a money transfer to your bank account

Not everyone has credit card debts

Totally different and very worthwhile if you want to borrow money for a very low rate

I'm fully aware of that but it's misleading to state its the "cheapest loan" given that you have to pay a 1.69% to transfer it to a bank account.

More people do balance transfers than borrow on a card to wire to an account.

So if its misleading show me a cash loan for less.
What more people do or dont do is irrelevant - what the op is highlighting is a cheaper way to get cash into a bank account which is something that i and many others have taken advantage of in the past with other cards

Total cost of the "loan" of cash is 1.69% of how much you borrow for 32m so it equals a rate of 0.63%

youd be luck to get anything near 3-4% from anyother lender so yes I stand by my statement that this is the cheapest loan you'll ever get.

Structure is different to a conventional loan as no defined repayment terms other than minimun monthly payments so you'll need to work out your monthly amount yourself

You are also assuming everyone would eligible. They won't...

Useful thing the ignore button

No - I understand fully. You can borrow money for less - fact. Not everyone needs or wants to transfer money to a bank account.

Link?

A balance transfer is switching debt from one credit card provider to another credit card provider for a preferential rate..


Please show me where i can borrow money cheaper?

As regards the not everyone is elligible?? well thats life.. not everyone is ellegible for a Bal Trans card

Correct! Well done! You're still borrowing money from a provider...


Plenty of fee-free, 0% cards out there...


Give that there are more BT cards in the market than money transfer cards, the likelihood someone would be eligible for a BT card is higher...

Now now children, "stupid" comments and a bewilderingly vague OP aside, this deal has some merit. Perhaps someone with a better understanding of the finer points of the money side of the deal and a slightly better grasp of the English language will come along soon to clear things up. Heat added mentally but not applied physically due to the OP's attitude. :sunglasses:

Thanks op, got approval for my 15K loan which I can pay my mortgage off currently at 3.99%

This is a good deal if you are eligible much cheaper than a bank loan for large amounts

People put the deals on here to help other people and I doff my hat to them.
I wish people on here would stop having silly spats.

Ok so please point me to a lender who will lend me £10,000 cash paid direct into my bank account???

I dont have any credit card debts so a Balance transfer is totally useless and credit card companies wont let me have a £10,000 credit balance...

Please show me this amazing deal

Again - you are assuming your deal is the "cheapest loan". Not everyone has to send money to a bank account.

If you want to pay a £169 premium to borrow £10k to your bank account, go ahead.

Thanks OP. Virgin CS are awful. Vowed I would never get into bed with this company again. But transferring money from a 0% card into a Bank Account to avoid overdraft cannot be sniffed at.

Ignore the palooks on here that either don't get whats on offer or want to argue a point. Rest assured you have brought the deal to peoples attention that could benefit. Ta

Wow...what happened here? I hope someone's keeping a tally of all these internet points people are trying to win...

OT, this is a great deal OP, I have let a friend of mine know about this; he's about to buy a flat and this will bump him up to the next level of LTV, cutting a shedload from his mortgage!

great deal and very cheap 'loan' if you can accept its a loan, i've made it hot 100 mark,

You overstretched yourself and you haven't remortgaged. Where's my violin...

to me it sounds like he's paying £169 fee to save 4.99% on £10k for the length of the deal rather than £499 interest in year 1, (simple maths used ), which makes it a right deal HUKD, no violins needed here.. smart move..

same if the op was buying a new car for £10k, interest is effectively £169 over 32 months, an absolute bargain compared to car dealer rates, and could always balance transfer at the end for another great rate

There's nothing smart allowing yourself to get to a stage where a mortgage rises to 4.99 SVR...

Yep that £10k total debt in the world has really overstretched myself...

Back to one of your previous stupid comments "There is nothing wrong with debt as long as it's controlled".


That SVR (4.99%) change on my £10k mortgage that ends next week would cost me £499 pa

This deal would cost me £63 pa so again show me this mythical deal you speak of thats cheaper

The OP is right - why not just get on with your life? You've not shown where you can get £10,000 put in your bank account for cheaper so you've moved on to criticise his finances - grow up ffs.

He's never suggest to get "get on with my life". He's still stating that this is the "Cheapest "loan" you'll ever get" when that is factually incorrect.

It's 0% to borrow money. That's my point...

who has? thats next week. I thought id already said that.
Ive got over £10k sat in a savings account making me 3% PA so i could pay of the mortgage but back to your other stupid point in relation to this thread.. theres nothing wrong with controlled debt

True. The people who get the best deals are the ones who don't need credit.

Someone talk me out of getting this and banging it all into moneything...

Sorry but you are wrong - move on stop making yourself look like an immature idiot.

Just done the application - it gave me £8500... Transferred to my bank... Happy with that...

Thanks op - a very good deal!

For what it's worth, the AA card is a bit of a waste of time.

I have an excellent credit rating, so getting cards, etc isn't a problem. I thought I'd apply for the AA card to replace my capital one one since you no longer get the credit protection with it. I got a letter in the post asking for copies of my driving license, a utility bill, payslip, employment contract and a full bank statement showing all transactions to be posted to them, all of which needed to be signed by my doctor.

I told them to **** off (if that letter gets lost somebody's got a "DIY steal my identity kit"), and I'm now arguing with them about removing the credit searches from my file. I've never had a company want so much information before.

Martin Lewis (or someone) calls this "stoozing." Here's his guide:
Stoozing Guide

Cold, no SSD :confused:

Only if you are RBS or Lloyds...then there is the rest of us...

think you need walk away from this one :disappointed: if you want a 0% BT then yes the AA is the cheapest but cash into account this one is the cheapest.

this is mentioned on MSE more details here

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

thats switching debt, no money / cash changes hands.

Ive changed the title for your benefit
"Cheapest "loan" of cash you'll ever get with a Virgin money bank transfer (1.69% for 32m) Thats £16.90 total cost to borrow £1k (or £169 for £10k etc etc)"

I beleive your taxi's outside... adios amigo

Borrow money at 0% with no fee makes me an "immature idiot"...OK...:confused:

This is a good rate for money transfer credit card and long 0% offer. What sort of limits are people getting when they apply?

I'm pretty sure I won't be eligible.But the bank will give me a loan. working out how your credit rating works is a mystery .

Santander 123 pay tax-free interest?


One can borrow money fee and interest free. If you pay minimum payments and in full before the offer ends, that is controlled debt. But of course, only "stupid" people do that...

The money has to be repaid in both accounts...

How does a money transfer show up on your credit file?

The money has to be repaid in both scenarios...

You are clearly confused - you have not pointed out anywhere where the OP can get £10,000 put into his bank account for less.

You then criticise him for not having his finances sorted but then say


Which is why he has gone for this cheaper option than the 4.99% - he's keeping his debt controlled!

Dodgymix you are clearly right. There is no point arguing with the multi-millionaire that is m5rcc (He's been trolling on the Euro betting thread). He simply won't listen to anyone elses point of view - don't waste your time :smiley: This is a fantastic deal. There is no cheaper way to get money paid into your bank account in the form of a loan.

OP, have some heat!


Couldn't put it better myself!

In fact - he won't "get out of bed for less than £500 / day" (That's a direct quote from the betting thread) - so he doesn't care whether it's 1.69% or 4.99% - it's loose change. Which begs the question why he's even commenting on this thread - the % makes a difference to the rest of us.

very good find OP
£63.38 per year or 0.63% for 10k

Again - not everyone needs to transfer money to their bank account. Given that most don't, there are cheaper ways to "borrow" money.

I've stated already that I am fully aware that this is a money transfer and if you want to do that, then great.

So back to the question you keep dodging
I wish to borrow £10k cash, I have no ability to spend £10k in the next 7 days.
I dont have a time machine (www.hotukdeals.com/timemachinedeals) so cant spend £10k over 6-12m on a 12m 0% purchases credit card and then transfer to a 0% fee free balance tranfer card

Please tell me how i do it?

Yes.

Oh you're back Firefly! Good thing I don't listen to people like you, otherwise I'd be bankrupt!

Only if this £10k is the sole savings (and if you are excluding the £60 fee). Basic 20% rate taxpayers can earn £1,000 interest a year without paying tax, higher 40% rate £500 (top 45% rate taxpayers don’t get a PSA).

got rejected :disappointed:

cant understand why though. good credit. home owner. wonder if it was amount i wanted to transfer - 7k

Hmmm, who's opinion would I trust more? One of the UK's (and World's) most successful businessman, entrepreneur and philanthropist, known for giving millions to charities that deal with Woman's rights in Morocco, or homeless youth's in Canada and USA, or world climate concerns or peacful conclusions to crisis situations? Or someone who uses the username Urmum?

As Sir Winston said, "The best argument against democracy is a five-minute conversation with the average voter". Amen to that!

I spoke to A Nationwide CS person via Twitter who said they match CC money transfer rates with this:

http://www.nationwide.co.uk/products/loans/service/loans-price-promise

Could be worth checking...

Lol.

Stooze.

So £10k solely is wrong as i could technically have £33,333.33 in a 3% savings account and not pay tax if I was a normal tax payer or even £16,666.67p if I was a higher rate tax payer. Although we also have to acknowledge that 3% rates may be capped to a maximum level for payout purposes.
Although even without a PSA, the 3% less tax is still better than a 0.63% mortgage rate so "its better to have controlled lending"

original comments though~ that onces its debt no reason why you cant balance transfer it 0% fee free at this end point if not fully repaid

Sadly you couldn't unless you had a few 123 accounts and took advantage of that at the time Santander offered it.

Santander cap it at £20,000 savings that can receive 3% interest.
However you can use Lloyds and TSB for another £7,000 in total at 4% (£5,000 savings) and 5% (£2,000 savings).

However you are also right you can get joint accounts and therefore have more than the £20,000 savings at Santander. You can actually have £60,000 at Santander (2xSingle accounts i.e. 1 for wife and 1 for husband - and a joint account as well).

You can also offset the £5 Santander monthly fee by receiving varying levels of cashback on your monthly direct debits.

If you happen to be in the circumstances of a large amount of savings and not be a taxpayer, of course all the above is tax-free.

£60k you say :smirk:

Excellent deal OP, one of the more useful deals on this site, in terms of actually making you money vs. making you spend it, haha!

You!

Quote:
"unless you had a few 123 accounts and took advantage of that at the time Santander offered it."

They Still Offer It.

Bye :smiley:

And what if you are single? I'm referring to the point in time when Santander did allow for individuals to have three 123 accounts NOT having three accounts via you/partner/joint.

Is this only for balance transfers (ie credit cards)? - I cannot see anywhere that money can be transferred to a bank account but please correct me on this.

Looks a no brainer to me.

And why do you still live in a country who's numerous ruling politicians were exposed in Panama leaks?
Where is your obligation to protest or, at a minimum, probe them about it?

Interesting idea. I did a 0% credit card to pay for my kitchen 10+ years ago. But doing the same for the remains of my mortgage is quite tempting.

the difference is you've already spent the money in a balance transfer. with a cash transfer, you're 10k up to do with what you please. I've just read through 5 pages of comments and yet to find anyone who agrees with you on this mate.

thats 20 minutes you wont get back :disappointed:

As you please, till you have to pay it back, unless you keep rolling and rolling and rolling...


No problem. I won't lose sleep over it.

I took this out earlier in the year, v decent.

Another deal was posted recently which went cold but was also v good giving 0.9% money transfer fee for 0% 12 months existing customers barclaycard (targeted)

Wait a minute.. you keep confusing me.. didnt you say Controlled debt is ok earlier in the thread?

WELL SAID :smiley:

Borrow £10,000 and put in Santander with 3% interest, over 32 months earn £800 interest....less £169 =£631 profit.....a no brainer if you.are disciplined enough not blow the money.

Don't worry about it...

Pro:
CC is unsecured loan so not tied up with property.
Plenty of similar offer in recent years so in theory can apply for new CC trf at the end of term. fingers crossed with BOE base rate.
Cons:
If change in circumstance in next 3years for worst then won't be offered CC similar deal.
BOE base rate may rise in 3yrs hence cost of borrowing will increase.
Not necessarily you would get similar cash trf deal at the end of term.

IMO one should only use this type of loan if able to pay in full at the end of term. If you get another deal good for you and keep repeating. At least won't get caught out at full 20.9% rate.

do they give 300k credit limits?

Did this earlier this year; borrowed £1200 and put it into a help to buy ISA as I realised if I didn't start saving now I'd fall behind everyone else. Maxed out the initial deposit and now depositing in £200 pm to the ISA and £50 pm to pay for the credit before time. So glad I did it because new Halifax customers only get 2.5% interest but I was fast enough to get the 4%. Should make roughly £80 profit in Feb and even more in the years to come, even if gov fails to follow through with 'promised' 25% h2b bonus :P

I never said it was the same. I said with a no-fee BT you can borrow more cheaply.


That's only if you want to stooze. Some people just want to borrow money to reduce interest payable.


Thank you for your contribution

Often it's because you're not a profitable customer, obviously the point here isn't to give you a comically cheap loan, but I've always paid my CC off in full, pay my loans off early. As such there really isn't much money to make out of me. It's not you are a bad credit risk, they just don't want your business.

This is a great deal, am tempted to get this for no other reason than I might need some cash at some point

Well said.

Yes but he is passing the saving onto you!

Hmm. Could get out 10k, put it on my mortgage (trapped in a 5.29% shared equity scheme, biggest mistake of my life! Well, almost...) and then take it back out of the overpayment fund at the end.

Wondering if its worth the hassle for about £400, I'm trying to buy back their share but I guess a CC debt counts just as bad as a lack of equity.

Thanks op, got the amount I asked for :wink:

Just been approved for £11k! Cheers OP! If I ever meet you, allow me to buy you a large magnum of champers with my newfound wealth!

Works well, I'm in the last nine months of another loan for a car, the savings from paying it off early will cover the fee pretty much!

Using money we don't have to buy things we don't need...
The Great British Success story!

Re the AA offer - Simply transfer balance to a credit card with no balance... and withdraw it off that card into your bank account.

Done that many times without issue.

Does this have an early repayment fee? Could I pay off before 32 months and save even more?

To impress people we dont like lol

Yep the Brits have a funny sense of what matters

Practical question (sorry if it's been asked).

Is this worth doing to get £10,000 only to dump it into various current accounts to get good returns on interest rates then pay it off at the end of the loan date? What are the pros? Are there any cons?

​So if I repayed £10000 after 12 months instead of 32, total cost to me would only be £63.38? If so, this is a great offer.

Very good deal OP - am trying to err away from making any further credit applications until my remortgage next year now, but if I were to go for one, this would be it (if only to squirrel it away into one of my Santander accounts).

I suspect that m5rcc confused the deal with Balance Transfer cards right at the very start, and has now entrenched himself into an untenable position over the last 118 posts!

its astonishing to see TWO great hot deals about the company called 'VIRGIN'! it does not happen very often ha ha

Already have a Virgin CC I have a small balance on, is this something new or would it be lumped with that?

Thanks OP. They've given me over £13K, so it'll be bye bye mortgage time soon. :smiley:

Bookmarking for the fallout.

Borrow enough to pay your mortgage off? Obviously not a southerner :smile:

Have some heat though!

I have a mortgage with unlimited overpayments allowed. Assuming I could get £10k on this deal, a quick look at my mortgage spreadsheet tells me if I transferred this straight to my mortgage account I could reduce the monthly interest I'm paying by £24ish a month.

I'm overpaying my mortgage every month anyway so I could stop that regular payment, divert that money to a savings account, take the money out of the savings account after the 32 months and then put the difference (approx £3k) to the balance of the savings to pay off the card in full.

Am I missing something? Seems like a no brainer.

Thank you for your info but just a tiny point, lol @ "lapsy davy" ie lackadaisical but i prefer your Lapsy Davy.

Just had a look and if seems that the full fee (£169 for £10,000) is payable up front and added to the loan. Still a good rate though.

Took this out recently, was fairly painless and they gave me a big limit (for my circumstances).

Their online card management is fairly basic and I don't think they have special offers so I doubt I'll keep the card but hey, 32 month loan for 1.69% total cost.

​you wouldn't have paid back £10k after the 32 months in the example, you'd have paid back £5408. The 32 months part refers to the period which is interest free, you still have 37 months "with interest" payments.

Nice one thanks.

Did this a few years back. Had £2,500 in overdraft costing me interest and overdraft fees.
Got the 0% interest money transfer and got back in the positive.
Set up a standing order to pay £250 a month over 10 months to pay it back.

Removed the overdraft from my account and now feel a lot better about my finances, instead of being paid each month and all of it getting eaten by the overdraft, I now get paid and have a positive bank account.

Confidence in self improved.

Sorry if I'm being stupid.. If you took 10k as an example, where would you borrow 10k cheaper for less than this? This works out at around 0.63% per annum!?

Only if you believe that loans are the only way of financing. And that is not how the railways were financed.

I dont know if to apply for 5k or 10k.

If they reject you at 10k will they give you other options?

Most BT cards will not allow transfers to a bank account which this does.

​That would only be if I paid the minimum amount? If I repaid £320 a month, the loan would be paid off before it hits the higher interest rate. What I was trying to find out was if paid off in 12 months instead, whether money could be saved off the fee. It seems that the fee is added up front though, so this would not be possible. Still a good rate regardless.

Can it play Doom?

I'm really struggling here to ascertain how anyone, should they meet the criteria and are in need of a loan, could fine this a bad deal. Heat added. £169 for a £10k over 32 month with the funds paid into your account, is a cracking deal.

​okay, it's a long thread and I skipped down a bit, I must have missed where it was mentioned that you'd need to pay back 317.78 a month to pay it off in 32 months, I thought you were referring to the original example of 169 x 32 for a 10k loan.

Thats correct, the normal procedure is that the fee will be added to the balance from the start. No reduction for paying back before the end of the 32 months.

http://www.quickquid.com
if you borrow £1000 for 28 days you have to pay back £1224 so £224 cost for 28 days.. would love to know how much that would be over 32 months with compounded interest compared to the £16.90 Virgin would charge you

He is talking about cash direct to your bank account, what don;t you get about that? We don't all use credit cards to purchase stuff and then transfer balances

These are all examples but £10k + £169 = £10,169, divide by 32 = equal payments of £317.78 per month. you could in theory pay it all off month 1 although what you need to make sure you do is pay off the minimum each month.. Personal would set up a direct debit for the minimum so you wont risk losing the deal.. Missing 1 payment in theory allows Virgin to change your rate to 19% and youd have a "missed payment" mark on your credit search

Jesus you must be a hoot in real life, from the very 1st comment you picked up the point of this deal wrongly. Then even as 10+ different people tried to explain it to you, you dig your heels in backing up your moot, totally off-topic point.

I reported him for being an idiot

He's totally digging a hole, backtracking and going off on a tangent pretending he understood the deal in the first place. Funny watching him squirm. :smile: He is probably arguing with his reflection as we speak hahaha.

Don't report him it's entertaining.

Anybody actually had a £10,000 opening credit limit on a new card? Highest I had ever started with was £3750 and that was Tesco

Wow you found a deal better than quickquid - have some heat - not.

Everyone seems to be ignoring the 1% minimum monthly payment which means over 32 months you have repaid almost 1/3rd of what you borrowed. Also the condition

"If we do not receive the minimum payment when it is due or you go over your credit limit, we will withdraw the promotional rate with effect from the start of that statement period."

Which puts you on their normal 19.9% AER from the start of that month turning a good deal into a disaster (although still not as bad as quickquid - lol).

Show it to me too please.

Oh wait... :wink:

Thanks

Solved with a direct debit though.

Thanks OP. Didn't take this but went for virgin deal as have money to move about. Saved over 300 in interest and 29 top cash back as well.

If a read the summary rates and fees pdf, it says 3.5% handling fee and not 1.69%. What am I missing

But who'd borrow £10k and not intend to Pay it back from month 1.. Also 1% is 1% of the outstanding balance so £100 month one and then 1% of £9900 month 2 so £99 and so on

£100 from month 1 is not a lot of money each month for £10k upfront

Excellent deal. Cheers for sharing

My question was the same as deal_grabber's. Thanks for the deal dodgymix!

Do we need put the amount of money transfer at the time of application or can that be done later?

Just doing the math, on a 10k loan at 3.6% reducing, interest over 2 years would be £380 vs £169 in this deal (non reducing)

If you always have the money and your bank and virgin don't screw up.

The only way virgin make money from this deal is if people screw up and borrow at the horrible standard rates, I guess they think enough people will to be worth while.

I wish I had an offset mortgage, I'd be all over this.

​staying within your credit limit....so if you get this card and are given a limit of 3k, and don't pay attention to that clause and transfer 10k you'd be on 19.9% from the outset?

Bloody hot

Can someone give me advice, Id like to borrow £2500 to clear my balances on my Tesco Card. Would it be th 1st Option id pick from the list via the link? And what amount would I set it at on the repayment option per month? In car at the moment so can't check it all fully but seems like a very good deal

Although what's the chance of Virgin letting you send £10k when you have a £3k limit.. It would get rejected

Would be the Credit one! And I see! So id be better off with the AA Card deal or something similar? Any that you could point me In the right direction of? Would be most grateful! :sunglasses:

​why have a clause about credit limits if you can't exceed it? also they can reduce your credit limit, though I'd hope they're not so unscrupulous as to reduce it below current balance

No option to chose credit limit. I assune you just get what you get.

I've got a £3K overdraft costing me £30 a month in interest. Switching to interest free via a money transfer will be perfect for me (32 months with 1.69% fee). One the overdraft is paid and I no longer need the facility I can switch current accounts to Halifax, get £125 for switching and earn £5 a month (which aggregated over 32 months = £8.90 a month). The fees on the card will be £49.01, which equals £1.53 a month.

So net profit for me will be £30 interest saving + £8.90 income from switching banks - £1.53 fees = £37.37 a month savings. Over 32 months that adds up to £1195.84 profit, which has paid off over 1/3 of the debt, F.O.C.

@ those picking holes in this because some people may not need it, stop being so foolish- there isn't a deal on this site that everyone needs. There is no cheaper way I can find of paying off your overdraft (unless it's interest free), so (a) the thread title is absolutely accurate, and (b) there will be millions who could benefit greatly (there are overdrafts attached to over 30M current accounts in the UK alone). So wind your necks in, this is huge!

HEAT, all the way to the bank.

Hopefully the fact I have an MBNA card that used to be a Virgin money card until they sold off a load of accounts to MBNA, won't preclude me from being accepted.

That is really bad advice.
What if someone cant easily do a balance transfer? maybe they lose their job or get divorced or their credit goes to pot...
Nobody should borrow money to make an over-payment on their mortgage. Risks are to severe - you could end up having to pay it back with 20.9% APR

.
The effective interest rate works out to 1.45%, not 0.63%. You are being charged 1.69% on total amount, whereas you are supposed to pay it back in monthly installments, not the whole of it at the end of 32 months. So considering the compounding of interesting and doing a little maths, you can work out the rate at (around) 1.45% per annum. You can use online installment calculators to check it. Enter the loan amount of lets say 10000, interest rate of 1.45% per annum and work out the monthly installment. It would give you £318 monthly which is roughly = (10000/32) + (one time Interest cost of 176/32).

http://www.thisismoney.co.uk/money/cardsloans/article-1633405/Loan-repayment-calculator.html

EDIT: Still a brilliant deal though

Looking to borrow £15,000 to be paid back in about 12 months, although looking to take the loan for 32 months to make the monthly repayments more manageable. Would this Virgin card be my best bet (fee of about £254) or a Zopa loan with a 4.9% APR, but no early exit fee? Which would be cheapest?

All bank interest is paid tax free now. You can earn up to £1000 a year in interest before you need to declare it, (£500 if you are a high rate tax payer i think)

Don't know if already mentioned above, but what about taking out the loan and putting it into an account that pays a higher rate of interest? Money is safe so you can repay the loan in full at the end of the period.

Take out £10,000 and put into an account like Santander 123 which pays 3% on balances above £3k. There is a monthly fee of £5 for the account, but with some crude maths I think you are left quids in.
Interest (now tax free) 3% for 32 months (~£300 per year) = £800 (will be more with compound interest)
Monthly account fees £5 x 32 months = -£160
Original cost of loan from Virgin = -£169

Gain ~£800 in interest, pay £329 of fees. Overall you are up by over £470 and still have the original £10k to pay off the loan in full.

Take out the max loan of £15k and you do even better since you earn more interest on a bigger pot of money.

​if you lose your job whilst having a mortgage your property is security and you could lose it if you go deeply into arrears. this card is not secured by property and you would have more flexibility to cope with the debt. the comment you quoted was repay, not make an overpayment

I'd argue the opposite, it's much safer to pay off the mortgage and have unsecured debt. It's very hard for a loan company to make you bankrupt and take away your home, especially if it's only a modest home. It's fairly straightforward to enter into an iva where they freeze the interest and you pay off little bits at a time, without being made bankrupt.

​it's a fee, not interest, so nothing to compound

You can get 3% for most of the money and some at 4% and 5% interest if you stick it into the bank :smiley: (See post #73)

Depends on how your mortgage works - if you make an overpayment, then that does not mean you are 'in credit' & could miss payments.
However, if you have an offset - then potentially it is a good deal, as you can leave the money sit in your account until it needs to repaid.

Am I being dumb? When you sign up, the contract at the end states the fee is 3.5% for cash transfer, no mention of the cashback?

Seems good to me, im tempted to apply and use this to fund a new car for the wife (quoted 2.6% for a loan elsewhere)

I'm assuming you can pay off only the minimum payment amount until the final month of the 0% deal and then pay off the total outstanding balance?

If so this is a crazy hot deal for anyone with access to a decent savings/current account.

I love it when people dig out these deals ... i'm **** at finding good credit card deals but can make payments on time (thankfully) so I love being able to spread repayments over a long period of time. Allows me to actually do things in life.

everybody's circumstances are different

What's good for me doesn't mean it's good for everyone

Personally for me £10k consumer debt vs s mortgage is 100% better

I do recommend though that everyone needs a rainy day fund

​why are you still going on about overpayments? a repaid mortgage is closed and doesn't have credit or payments that may be missed.

Can someone help me out here please.

We have just got a HSBC loan for £12000 @ 3.3% works out £216 a month over 60 months

I have worked it out @ £960 interest over the 5 years which I thought was pretty good.

Would this deal posted here be a cheaper option for me as my maths is not my strongest point.

You would have to continue depositing a minimum of £500 per month to keep receiving the interest.

Yes, but I already have that standing order set up...you can pay in £500, then the next day just take it back out again!

Unfortunately MoneySavingExpert thinks I have 0% chance of getting this card :disappointed:

My or should I say our credit rating is perfect according to Experian.

Free money. Hello mister Santander I’d like to open an account. Thanks OP you are a star.

Why not? I have 3 or 4 cards with those kind of limits ??

I pay my credit card off in full every month, therefore I don't have a balance to transfer and it would take me a year to run up a balance of £5,000. So with that in mind, if I wanted £5,000 deposited to my bank account, to be repaid over 32 months for a total fee of £84.50 (1.69%), can any of the detractors here point to a cheaper source of cash?

I always thought that If you fall on hard times & lose your job the interest on your mortgage will be paid by government; but not on card debts or other loans. May be worth checking on

lol - only applied for 2500, theyve approved me for 3600. Gonna pay off my 2 credit cards that are in the last year of 0%, and upgrade my PC monitor (essential, of course) :smiley: cheers, OP

Cold only people who are bad with money get loans.

This is a great offer....

but my one word of warning, and it may seem obvious

PLEASE DIARISE THE 32MONTHS AND PUT LOTS OF REMINDERS IN, or you'll be thrown on to 19.9% at the end of it

Great deal OP
Well explained too
HUKD seems to attract every village idiot from around the country

£13600 agreed - woohoo

Ermmm Donald Trump is a billionaire is he not?

Ah, good call. I'm looking into the option of getting one of these Virgin Money cards too, but I'm unsure whether to take the plunge as I haven't looked into these types of cards before.

This actually looks to work out so much better than a business loan I'd recently paid off.
Another cash injection with such a low fee spread over a long term would work wonders. I feel like I'm overlooking something though... :man:

Just borrowed £5900 towards next car. Huge saving over car finance. Cheers op!!

Not really

You get £X paid into your bank account and hAve £X on s credit card balance

It's costs 1.69% fee And 0% interest for 32 months

Just need to make minimum monthly payments

Still waiting for a decision from this afternoon so assuming bad news. Have just moved though so may not like that. :disappointed:

You must be one of the few and I guarantee you have had them for quite a while. It's different these days.

I currently have a loan outstanding at £5600 interest rate of 3.8% would it make sense to take this offer and pay loan.early repayment is fee of £17.00 trying to get my head around this does seem straight forward ???

But make sure you pay it off before 32 months or your profit will be somewhat depleted! :smiley:

Always entertaining to see people debate something that is mathematically good value :stuck_out_tongue:

Thanks op, just transferred £1200 into a Help to Buy ISA which will return 2.5% a year and once I buy a house net an extra 25% from the government.

Thanks. Let's say for example, I apply for £5,000, spread over 32 months.
I start paying the minimum monthly payment for a while, but then I decide I want to pay back larger amounts over a shorter timespan, would this be okay (no extra charges, etc) do you know?

It's just a credit card so up you how much you pay over the minimum payment required

Sorry to be naive bit can anyone work out the following for me as i dont understand the deal fully

If i want to transfer 5k into my bank account how much would i be paying back over the 32 months just a straight 5k divided by 32 monthly payments?

Simple question as I've always avoided Money Transfers with Credit Cards....

I apply for this account and get accepted e.g. with a credit limit of £5,000.
Do I simply then just make a transfer via online banking of £5,000 to a bank account elsewhere? What about the transfer fee? If I empty the account of money (i.e. up to the credit limit), at what point do they want the 1.69% total fee? Or do they take the fee out of the £5,000 that is actually being transferred - so only £4,840 arrives at the other account? It's not a problem, I just don't want to somehow screw this up :stuck_out_tongue:

Sorry for simple/stupid questions there.

They have different 0% interest terms available but 32 months is the only one with a low 1.69% fee. So You'll pay a fee of 1.69% of £5k which is £84.50. Then to pay it back in 32 months you'll need to pay £156.25 per month.

So would this be the best way for me to pay off 2 loans and a credit card totalling 7k? I can afford to do this in the interest free period?

Thank you

ok so I have read all these pages and certain this deal makes sense for me financially, just wondering if someone can help me with making the most out of the deal.
Option 1
receive £10k into my santander account at 3% - potential profit around £470 according to post 178, although this is slightly wrong as doesn't take into account the monthly payment effectively reducing the amount you receive interest on.

Option 2
Receive £10k into bank account and make 10 monthly overpayments on my fixed rate mortgage at 1.69% of around £80,000.

I feel option 2 would save me the most money long term but I can't for the life of me work it out, would someone be able to point me to a calculator to work it out or let me know how to work it out - this would be greatly appreciated.

Great deal OP but obviously only if you make the minimum monthly repayments (by direct debit for me)

Anyone who is not going able to make the minimum monthly payment so it's paid up in 32 months shouldn't even think about taking this out - it's pretty simple.

What is the minimum payment out of interest? It's not in the OP, I'd be looking to borrow £10k, enjoy the interest for 32 months then pay it all off in one lump sum, but it looks like I need to pay some back monthly?

Hmm, looks like it's a minimum of £125 back a month.

I just applied for one with money transfer but declined

So that it's clear, just paying the minimum payment each month will NOT pay off the debt after 32 months. You will either need to pay more each month or at any point throughout to pay off the full balance

It wouldn't let me even see the offer if I didn't set the monthly payment at £125 or above, just had a play.

You're not applying for £5000. You're applying for the card and they'll decide on your limit based on your circumstances.

I might use it to buy a pet monkey.

So I'm a first time buyer and I have a mortgage in principle approved for £295k. The house I'm want to buy is only £220k. I have a 10% deposit saved but if I took advantage of this offer I could have 20%, and I assume this would unlock a cheaper mortage rate. I could pay off the loan easily over 32 months. I'm just wandering if I take out a £10k will what sort of hit this would have on the mortage they will lend? Anyone else considering a similar use?

And presumably you can decline if it's not as much as you wanted - before it is fully set up.

ok so I have read all these pages and certain this deal makes sense for me financially, just wondering if someone can help me with making the most out of the deal.
Option 1
receive £10k into my santander account at 3% - potential profit around £470 according to post 178, although this is slightly wrong as doesn't take into account the monthly payment effectively reducing the amount you receive interest on.

Option 2
Receive £10k into bank account and make 10 monthly overpayments on my fixed rate mortgage at 1.69% of around £80,000.

I feel option 2 would save me the most money long term but I can't for the life of me work it out, would someone be able to point me to a calculator to work it out or let me know how to work it out - this would be greatly appreciated.

Great deal OP but obviously only if you make the minimum monthly repayments (by direct debit for me)

Per website is minimum £25 or 1%


Each month you must pay at least the minimum payment in pounds sterling as shown on your statement.

This will be the greater of:

£25, or your whole balance shown if it is less, or
the interest, any default charges and annual card fee, plus 1% of the remaining balance.

Sorry, I was referring to how much less a mortgage lender would lend you assuming you took out a 10k loan (what Shatter was asking), as opposed to how much you need to pay back on the loan itself.

Question. My maths is not the strongest. my mortgage is 1.99% would it be worth paying my mortgage off with this loan or save it in my santander 3%account? the figures are obvious but even with the compound interest?

You really are a BELL-END!​

Thanks

Great deal! But remember, if you get sick or lose your job and cannot pay, they can turn your cheap unsecured debt into secured lending and charge against any properties you own. Card companies never tell people that.

I've selected the 32 month card, but it is showing a 3.5% fee. What am I doing wrong please?

Hmm...not necessarily...it depends on the length of your mortgage. [email protected]% pa in the Santander nets you roughly £927 interest. Even if a mortgage only has 10 years remaining, [email protected]% equates to roughly £2177 (10000x1.0199^10) which is already double the interest from your saving account.

So its probably better to chuck this into the mortgage. Only problem being that you have to pay this off in three years.

Many thanks for posting this. Just been approved for enough to enable me to settle my car finance (PCP), which, even accounting for the money transfer fee on the credit card, will save me almost £2000 in interest.

Voted hot obviously! :wink:

Voted HOT for the deal but cold for the supplier. I cannot condone tax Dodgers and those guilty of Tax fraud.

applied and approved..anyone know how long till cash is transferred to my account? thanks

No - you've allowed only 32 months of interest on the Santander option but 10 years on the mortgage option. 3% always beats 1.99% for the same sum and period.

Has to be red hot.

Great deal, just been approved so quite happy BUT got this.

Great news.
Your application has been approved.

Thank you for applying for a Virgin Credit Card - we are happy to tell you your application has been approved with a credit limit of £6200.00

Did I apply for the right card? wording seems odd to me that's all.

Could someone also explain the £6200.00? I didn't ask for that much to be transferred into my bank, it was a bit less.

Slightly confused!

Perfect, thanks :smiley:

Anything to stop me from taking say, 10k, and putting it into a 3yr bond at 8%? https://www.londoncapitalandfinance.co.uk/

and as long as I pay it off each month, I see no problems?

This is an incredible deal, what's there acceptance rate like?

Well obviously.... but I thought you had to pay this loan back in 32 months?

Thanks for that.

I must admit I don't ever go for money transfer offers, only bog standard 0% purchase cards really hence my confusion!

I plan to pay off a purchase card which has 1k or so on it and bank/do house up with the rest.

Cheaper than a 'proper' loan :smiley:

I got this card to use specifically for the money transfer aspect as there are very few on the market you can turn in to cash without the massive cash withdrawal fees when you try to use a CC for cash. Was paying £15 a month just in fees for my overdraft, got this card and with a £6 one off fee my overdraft was clear and I've got 32 months to repay it. Also did a balance transfer to this card without problem.
If you need a loan and are confident you can budget then this is a super easy way to get cash without getting a loan. Voted hot.

Nothing stopping you, but the company might go bust, or their borrowers might default, or their custodians/fund administrators might go bust, or any other problem with the fund. Basically your initial investment is not 100% secure.

i dont get the same rates using the calculator....

Also they can do another credit check before completion and any new borrowing can mean the MIP is no longer valid. We were advised to do nothing at all to change your credit file as any change can have an impact and having £20k on a credit card probably won't look that favourable really.
Are you buying on your own? Do you have a partner that isn't going on the mortgage that could apply for the offer?

How do you transfer the cash to bank account? my limit is £6200 - don't need that much, daft question I know but like I earlier alluded to I have never dabbled in money transfer cards before.

accepted for £18800, can use to pay of a £15000 loan at 3.4% APR, thank you OP

declined :-(

it's a great offer, I used it a couple of weeks ago to get a loan for a new fence and bathroom.
plus my card is themed on the "never mind the ****" album cover (not that I'll ever use it again)

this is a superb deal

When you apply it asks what you want the funds for ie balance transfer, money transfer or day to day spending, when you pick balance/money transfer it asks how much you need to pay off so in my case I said I wanted to pay £500 to my bank account and submitted the application. They approved the CC with an £2000 limit, and when I logged in I could choose how much to send across to where so I just sent the £500 across to my account my CC balance then showed as £500 plus the transfer fee.
You would need to work out what your fee is going to be on top, so that when you transfer the money to your account you don't go over your limit though it tells you exactly how much you have available to move across whenever you log in.
However much it says you can transfer eg if it says you have an available balance of £1500 and you can transfer £1300 and you transferred the full available amount that full £1300 would arrive in your bank and the charges would go on your credit card.

11.5k - a little challenge to see what I can make on that....

accepted for £17000, thank you OP great deal

hmm, borrow here and put on abroad account for bigger interest? might work lol

If you already have a card with them you can have up to 2 apparently. May be worth a try for existing customers? Anyone tried it?

Personally 4x sliding patio doors and a new kitchen will turn 11k into 20k

Superb offer - just got one and have enough to pay off my car finance early (saving £1k overall). Boom! Thanks OP.

Loving some of the comments on the first page. Did m5rcc finally concede he didn't know what he was talking about?

So for a 100% safe option, if I put it into a long term savings account, virgin would be fine me doing this? Or would I just not tell them haha

Hi folks - I'd love a bit of clarification/advice. I'm relatively good with money but am new to the world of credit cards so want to clarify.

1. I can get this card and once approved etc transfer £10,000 (for example) from it straight to my current account (to then invest)?
2. I have to make monthly repayments on the borrowed money?
3. If, by the end of the offer period of 32 months, my repayments have not covered the £10,000 borrowed - I have to remember to pay off the rest myself as a lump sum to avoid being charged astronomical fees? (I obviously know it's my responsibility, I'm more so asking if a lump sum is possible and therefore making that the most profitable option for having the most cash over the longest period).

Thanks - advice appreciated.

Approved 11,500

Accepted for £17k. Could I whack all that into a Santander 123 account?

I see posts from people who are getting huge credit limits - eg £18k. Out of interest, did you request that much?

Cheers :smiley:

accepted for 20k, asked for 15k

Is the initial money transfer that you ask for the maximum you can transfer at the 1.69% rate? i.e.say if I'm applying for £15k and want it all transfered, do I say that straight off? Or do I say £500 or so and then just transfer it all afterwards?

great deal just been using the calculation on the website some good options.

Yes, exactly. You can only apply it to either for 32 months. You applied it for 10 years on the mortgage.

Yes...it was an example because most people have mortgages that last longer than 32 months? I did say it depends on the length of the mortgage. I thought that it was obvious that if the mortgage was less than or equal to 32 months then of course chucking it into savings would be better...

Using a credit card to for cash purposes is BAD for your credit file. Be careful people!!! :confused::confused:

Is there no way to apply the 1.69% fee transfer with 0% interest for just the maximum as opposed to specifying how much you want? I don't want to be rejected for requesting too much when I would have been accepted for somewhat less...any amount would kinda be good. :smiley:

I would be wanting to take out as much money transfer as possible.

Good job it's treated equavalent to a balance transfer them

Voted hot, although I got accepted for £7.5k but requested £13k so I'll phone them up tomorrow to cancel as that wouldn't be enough to clear my current loan in full.

I have a BMW finance agreement
11,950 over 48 months
£1,487 interest over that period

I have paid approx £6k and I am looking in to the agreement to see if I can have a settlement fee

If the settlement fee allows me to reduce the interest cost of this, I will look at paying it off.
Would that be possible with this offer and do you think it is worth doing, not sure if the savings myself.

Asked for £15000, got £8000 limit. Okay but will not be enough, so will see if Zopa can make up the shortfall.

​erm, Donald Trump has filed for bankruptcy multiple times

Worth a read...

http://m.moneyfacts.co.uk/guides/credit-cards/beware-of-credit-card-cash-advances/

Can you pay more than the minimum payment per month and not get charged?

To those who have been approved, how good is your credit score?

So errr... as a person with no money problems but just happens to like money... can I just borrow £10k, spend it on whatever the f*** I want and repay it over 32 months at an overall cost of £169?

​it's not spread over 32 months, it's x months where x is however long it takes to pay it off. the 32 months refers to the period before which you have to pay interest. if you're paying the minimum the calculator states the following:

Please increase your monthly payment

At the current level it would take more than 10 years to clear your balance.

Can this be paid off early? accepted for £11.5k

Ill only need this for a year..

Awesome deal, thanks for posting. Surprised at all the negative feedback. Some real types on this site

​best not to call people stupid when you clearly don't know either. 169 x 32 is completely arbitrary and would leave a balance of 4930 to pay in month 32 to avoid interest. Try again.

Can someone please point me in the direction about the rules about paying the full amount off early or paying more than the standard repayment each month

​not being approved for the card, or not being given a credit limit of 10169 or higher (if you have 10k limit and transfer 10k the 169 fee would breach the conditions and you'd default to 19.9%)

Rejected. Shame, I thought I had a very good credit score.

​having worked for a bank I can assure you there is such a thing as a credit score. I used to investigate issues with our mortgage interface to the "credit scoring system".

Am I Missing something here?

T&C state charges for Introductory Promotional rate for
Balance Transfers & Money Transfers 3.5% Handling fee, min £3.00
http://uk.virginmoney.com/virgin/assets/pdf/M15025.pdf

Having worked on global programmes for the largest banks in the world creating the logic for onboarding customers - I can confirm the above.

Hmm so I thought what the hell I'll give it a go, asked for limit of £15,000 and it's offered me a limit of £16,700...

It's logged as a cash withdrawal, check with the bank they will confirm this

Therefore it will impact your credit rating

Good deal for those that understand it

If I go for smallest monthly fee say for £7000 loan and a month before my promotional time ends I pay off the balance in full, do I still pay interest for what I would've had left until the balance was paid in full?

It would have to be yes as the money will be transferred into your account.

Oh well got declined, I suppose the age is the main problem, not the score itself.

Could I use use one of these to pay off my overdraft?

​it might not mean anything until it's on the credit card though. some say having credit cards is good if u have 0 balance.
I'm in the same situation and won't do this for the same reason. As you said they might do a credit check before completion so I suppose it's just wrong timing for me:-) plus the high credit limit is not guaranteed anyway.

it doesn't look like you are.
not sure if that applies.

Applied for this about 12 hours ago, have received an email confirming acceptance, but not the subsequent emails confirming transfer and setting up online services. My acceptance email said these would be emailed "shortly" I assumed that would mean within an hour or so. Should I be expecting to wait for the card to arrive first?

I tried getting on to the website anyway, but effectively couldn't get anywhere without a Virgin card number, which makes sense and is obviously a good thing from a security POV, however I am overseas for the next 2 and a half weeks, so wont be picking up any post until near the end of the month, trying to avoid an overseas call to CS if I can avoid it.

Thanks. Approved. Will earn interest in my current account until have decided which house project is to take priority. Thanks OP.

hope to be approved.

Nothing to stop you as long as you have the ability to repay this card in time if the bond goes belly up.

Money saving expert have a soft search to see if your eligible for his card, and it also comes out top of balance transfer cards at moment!

Couple of good posts there folks.

3.5% added initially with refund of difference to 1.69% within 2 weeks

No- and you don't need to pay anything off- it needs repaying in full by month 32 to avoid interest charges. So month 32 do a balance transfer, get your money out of the bond and repay it in full, you keep the interest from the bond.

Can I just interject on this point and say that I recently discovered a quirk of credit cards. It happened when I inadvertantly transferred more than was required to reduce a card's balance to zero. I used a low fee and low 0% BT offer from Tesco to pay off a Barclay Card. This put me in the unique (to me) position of having a surplus balance on the receiving card. I was subsequently informed by Barclaycard that I could transfer the surplus to my current account (or any account for which I had a sort code and account number). So my error highlighted a source of a very low cash loan - albeit a convoluted method.
In 15 years of dealing with CC companies, I never knew about being able to get a surplus on an account transferred (making it another low cash option) - because I never had a surplus on ANY card, lol.
Just thought I'd share that with everyone. :neutral_face:

It does work on some cards but others will reject a credit
I'd read t&c on it carefully as technically you are abusing the system / presumably they'd be in their rights to change rate to the 19% one

oh s**t. I hope they havent twigged. Yeah, I can see where it might be considered abuse of the system. Thanks for the heads up.

Well this thread has turned into a farse, give the British public a financial issue and you just can't predict the outcome..

​proof that stupid people will bring you down to their level and beat you with experience. M5rcc, just admit when you have proven wrong. your argument is pointless and without merit.

You're making a pathetic and petty argument over semantics, and you know it.

Thanks for sharing, OP, great deal.

Fantastic deal! Cheers OP.

(m5rcc has become the first user I've ever used the "ignore" feature on)

If your mortgage is 10 years and you apply money you've borrowed for 32 months against it, what happens after 32 months? That's why your example is wrong. You've assumed you'll benefit from the overpayment for 10 years. You won't.

I'm incredibly suspicious:
"You will see the higher fee during your application and within Online Services, but don't worry the refund will be applied to reduce your fee to the lower amount within 14 days. This will be shown on your statement."

Erm if the pre-contract information materials you are signing to state a different rate, and this 'refund' never materialises, you'll have a tough time convincing the courts that the website told you not to worry that it isn't mentioned in the contract or anywhere else...

​you will for 32 months. but youneed to pay the balance completely on the cc within that 32 months or face huge interest

Fairly common from card companies.. It's means they don't have to change all the standard terms and conditions and then just publish on the main page

They all do it

You will definently get it refunded

Might as well live in a cave then yes???

I just don't understand how you found yourself on a deals website

Seems totally at odds with your statement

What a stupid and uneducated response to mu111s comment! Someone would think you were Branson in disguise!!

This website isn't just for card deals, maybe he came here to find deals so that he CAN live 'within his means'. And that does not require you to live in a cave; just spend what you have and nothing more. Idiots like dodgymix are just not worth debating with. They get on the defensive with ridiculous replies as soon as someone disagrees with their views!

Glad to see youre back though mr5cc

Not to get into an argument/debate about credit "scores" but Martin Lewis disagrees with you, just read the first couple of sentances:

You don't have a credit score in the UK, you don’t have a credit rating, and there’s no such thing as a credit blacklist.

I'm just having banter with mc5rr or whatever his newly set up username is

Perhaps try reading posts properly/fully before posing questions that have already been answered.

I got rejected immediately... asked for 7k excellent credit history, homeowner, never been refused before?! Any other deals like this so i can pay 2 loans and a credit card?

This couldn't have come at a better time. On a shocking interest rate with my current mortgage provider (5 year fixed at 4.75%) was scouring the market for a loan to pay off the early repayment charges 2 years into the term.

This allows me to remortgage and break even next year with the amount of interest ill be saving on getting the new rate of 1.84% with HSBC

Great, thanks

Voted hot as it's a great deal as long as...

1. You pay it off before the regular interest rate kicks in or
2. You're confident that 0% balance transfers will still be available for you or
3. Your username is not...well anyone with an ounce of nous will know.

MBNA recently offered me up to 10K (my MBNA credit card limit) money transfer for 4.9% for the lifetime of the balance, no fee.
I took 5K as it was the cheapest loan I was going to get. Re-mortgaging not an option right now.

So confused by the comments here, how would this work if I wanted to borrow 10k on it for a new car? Would the whole lot have to be paid off in 32 months?

I got rejected immediately... asked for 7k excellent credit history, homeowner, never been refused before?! Any other deals like this so i can pay 2 loans and a credit card?

Which I have never defaulted on and application states that these would be paid off

Just got an email confirming the money transfer!

Some people will state that the loan will be paid but they will not, they will go on stupid spending sprees and then have even more debt. Some people ruin it for everyone unfortunately. Maybe ring them.

can you not make money by transferring it all into a 123 account?

I think this needs a fair sensible clarification..


Apply and get Accepted

Request Money Transfer (£10k) (3.5% fee reduced to 1.69% by redemption)
£10k gets transferred to your account of choice
£10,350 is added to your Credit Card balance

Redemption payment added to Card within 2 weeks -£181 (Card Balance of £10,169)

You must at LEAST pay the Minimum payment every month, usually 1.5% of the balance but this will change depending on the Card Provider (32 x Balance/1.5%) = £4000
Month 1 = 10169 * 1.5% = £152
Month 2 = 10016 * 1.5% = £150
Month 3 = 9866 * 1.5% = £148
...
...
Month 32 = 6365 * 1.5% = £95

Final Balance = £6300 which will need to be repaid by Month 32 or Interest will ramp up to ~20%

So in short, you'll pay back £4000 over the 32 month period with £6300 to be repaid or Balance Transferred at the end of the term.

Applied for £14,900... got approved for £16,600! I am planning to pay this off within the 32 months period. Have another Personal Loan with 5% interest rate which I will pay off with this offer.

FYI, asked for 7 got 8.3 in total - thought it'd be useful for people to know roughly what people are getting although it's purely on a case by case basis

Lady on the phone say they will only ever transfer 95% of total credit available

Thanks for the helpful comments - went on MSE and have been accepted for very similar deal with MBNA

home owner with great credit score...declined.... good luck to others

How long usually for a decision on this??

Bookmark

No idea how this works but would like to borrow £10k or £15k and just leave it in my bank, I have another credit card so would this have o have a £10 or £15k balance and then transfer it over?

Thanks

Instant decision, £6500 limit, £5000 going to my bank. Deal.

Applied last night, immediate refusal. Called today to find out why and learned I'd entered my monthly income for my annual (doh!).
After re-running my application with the correct salary I've been accepted for £11k. 95% of the limit is transferrable so £10,400 is winging its way to my Santander 123 account where I can earn a higher interest rate than I've paid for the loan. Essentially they're paying me £22 per month for looking after their cash for the next 32 months.
Result! :smile:

Thanks OP, you've made my day :smiley:

All depends on your circumstance then. A lot of people get instant decisions, if the checks they do pick something up on you, then it will take longer to process.... They have to be careful on who they throw money at.

All depends on your circumstance then. A lot of people get instant decisions, if the checks they do pick something up on you, then it will take longer to process.... They have to be careful on who they throw money at.

if you apply for let's say £5000 money transfer and get accepted with £7000 limit on the card, can you then do a money transfer of £6000?

My first thought when I read this:

"32 million? That's not bad..."

would the application of the credit card affect my mortgage application?
i.e., if I maximize, say, 10k out, would i require to state that in my mortgage application? and reducing my mortgage amount?

and how many 'stay in control' or are able 'to stay in control' til its paid off!?

he says "you" don't have a score, that is not the same as there being no such thing as a score. after he says "you" don't have a score he goes on to reference how scores are made (vaguely). think of it as the score belonging to your application rather than you.

Got approved instantly. How long before I recieve the email with account details etc to enable me to start the transfer.

I got a further e-mail explaining I'd definitely been approved and that £7500 was on it's way to me, and some stuff about getting the card in the next ten days, no idea when the money will be available

​nah, in the 10k with 32 x 169 example you then have 1466.50 on the remaining 37 payments. I don't see anywhere that states what interest rate that is but it's not 19.9%. I think that would be 4.75%

Agreed. But if they wanted to be honest, their site should say 'apply now and you MAY get an instant decision'. Either way I can wait a week before they throw their money at me.

Do you like their music?

m5rcc is currently suspended for multi-accounting in this thread - as the only person who supported him was his second account.

-

Most people do get an instant decision to this deal so I think you would have to be right on the cut-off if they have to get back to you :smiley:

Ok I applied at 09:30 and recieved the Thank you for applying for a Virgin Money Credit Card – we are happy to tell you your application has been approved.

What happens next?
We will email you shortly, confirming any balance transfer(s) you may have asked for along with any additional cardholders you may have added. We will also let you know when your card(s) and PIN will arrive. Email but haven't heard anything since. Should I just be more patient as not recieved log in details yet.

Thanks. Will wait lol.

Thanks OP, all approved. Had seen this on MSE before but this thread gave me the kick to go and get it sorted, been meaning to.

thanks

Just wondering about effects on my credit file ....

I am thinking of converting my current property into a BTL and then buy another property in about 3 - 12 months. The new stamp duty changes is eating into my deposit so was thinking I could use this loan (£10k-£15k) to increase my deposit amount in the short term. I will be paying back the loan amount before end of the 32 months since the means can only be released in a timely fashion to avoid higher dividend tax.

So Will taking a Bank transfer affect my chances of a decent mortgage?



Repayment of the loan is not an issue as I
Issue I have is the extra stamp duty will eating big time into my deposit .

Thanks OP, managed to save over £450 with this deal on a current loan.

Greatly appreciated!

Original post brilliant - thanks OP. All the childish squabbling that followed ridiculous.

A crackin deal dodgymix - well done.

​You are an argumentative idiot. Please go and have an argument with yourself in the mirror and spare us all having to listen to you.
This deal is great and I for one am very grateful. We have £11,000 left on our mortgage. Like you our fixed rate mortgage came to an end, but we are being forced to stay with the same provider as no other lender will entertain a mortgage under £20,000. We don't want to up our mortgage, so think this is the way for us to go.
Once again thank you! :laughing:

Mines said 7 to 10 days

Is there any way of doing this if i already currently have a virgin credit card ?

Like most salaried jobs then in the private sector

One thing some of you may not realise if you are lucky enough to not have credit card debt is that you can't do a balance transfer from say Mbna to Mbna which is where this deal comes in useful. You transfer the cash to your bank and then use it to pay off the other credit card. So it is a balance transfer card but you have to think out of the box to make it work for you.

Haha what a fool. Even bothered to create a second account to troll. Good riddance.

lol, not surprised re mr5rcc - he can be one pedantic individual with 'troll-ish' tendencies lol, but i learnt to ignore him a while ago lol lol :smile:

Damn dude that's awesome

cld it be Branson knows something we dont? re rate changes in the near future?

just a thought lol :smiley:

given minimum monthly payments have to be made, the £10k in Santander method isn't quite as profitable as previous examples have shown as they have assumed flat rate £10k in the account. In reality this would decrease monthly.

applied for £11k, given £11,600
Slightly confused on the 95% will be transferred - so I get 95% of 11,600 into my current account provided?

Applied for 20K too see what happened and got given 22K!
I would've gone higher but I saw someone else had got 20K.
It'll be going into my offset at 2.44%, every little helps.
Thanks OP.

EDIT: I've used this website to work out what I'll save ( http://www.thecalculatorsite.com/articles/finance/compound-interest-formula.php )

I've used 30 months as a guide, compounded monthly
For 22K at 2.44% APR I'd pay back 23,383.33
For 22K at 0.63% APR I'd pay back 22,349.15
So a saving of 1,033.18

Hope that's right and hope it helps someone else

I just wonder how, got declined! good for y'all!

all the negative comments must come from people who are clueless about finances

Or you make payments like you would with any credit card with money you earn while at work? Its not hard to make the minimum 1% payment each month, get to the end of the 32 month offer period, and then pay back the huge chunk you have left.

Fantastic deal, and if you've been given £10k (or any figure), I would presume you would be able to afford the minimum payment while that lump sum is earning interest somewhere (e. g.Santander 123) without diminishing...

Also used it as a golden chance for paying off the Student Loan at 0.9% without risk of overpaying if going through PAYE. Interest rate is set to go up to 1.6% as RPI is up. If there are a few payments left, this method could be used to spread the repayments over an even longer period for less.

Thanks again OP.

EDIT: forgot to add there will be a fee if paying using the CC directly but no additional fee if paying via debit card, so best to transfer money to bank first then pay it off.

​and you assume everyone is eligible for every bank loan. the offer displayed by OP is actually a very good one. but is does require people to have a brain and be able to work out what is actually on offer - that is a cash transfer to your bank account which you can use similar to a loan but with much less fee.

​put yourself in the shoes of someone who may need 10k now as a bank loan and then think of what could be the best deal for you.

I got a mbna credit card already? I got declined.. why?

Thanks mans, appreciate the reply, last time I got a card was over 5 years ago, was only that they said they would be in touch shortly, alongside an instant decision made me wonder. Thanks for your help :smiley:

I've stuck to using purely the money from the initial loan in my example in order to show how you could profit from using only the money from this loan.
It's true that you could use your own cash to pay off the balance but you don't need to. You've paid the interest on the loan upfront and won't be charged any more for the duration of the interest free period so it makes sense to pay only the minimum required each month then settle the balance at the end of the interest free period. You can do all this from the initial loan, assuming that you don't spend it on anything but the minimum payment each month.

In the meantime you should ideally be saving your own money too and earning 3% interest from it in the same, or another, Santander 123 account (provided the balance is somewhere between 3k and 20k).

I did spot an error in my initial calculation - a fair chunk (around a quarter) of the minimum payment is paid for by interest earned so it works out at a little more than £16 profit each month, more like £17.

Thanks OP, asked for £15k and got £11200.

Hot!

Ok whatever dude. You are still wrong.

Although, i had a text today saying that the money was on its way to my account!!! So you never know. :smiley:

Yes I got the e-mail about 8 and a text about 11.40

OK dude, whatever.

Not read every comment, but, borrow £20,000 and put into a Santander 123 Account which pays 3%!

Make money by borrowing money ... normally only Bankers can get away with tricks like these!

Dip Yer Bread!

Loving this thread. Shows who needs to be ignored if nothing else.

Great deal and thanks to the OP for posting it.

Low credit rating.. simple as.

Ignore the rubbish you've read on here or from MSE how credit ratings don't exist. Each bank has their own version of Experian..

Don't apply for anything new for 6 months and ensure that you maintain a certain amount of debt (pay for stuff using a credit card) which should be paid off in full every month.

If i already have a virgin credit card with a outstanding balance transfer can i not take this offer up ?

Just tried applying and it states 3.50% fee rather than the 1.69%.....have I got something wrong?

Yes alright love, put your tampon back in.

Thanks to kizzaleet for the advice - applied and accepted.

Those of you that applied, did you get an answer straight away? I got a message saying they will get in touch 7-10 days..

I know for a fact i have a perfect credit score as i have never missed a payment on anything.

EDIT: just to add, i asked for the full £15k

This is a great offer. On a side note #freeM5rcc I think half the forum must be lost without his Euro 2016 betting guide thread comments lol

Thanks for this great find. Applied and got £6k cheaper than my mortgage rate.

So, we are having a man in next week to quote for either an extension or a garage conversion. Also we need to find a better mortgage rate as the fix ended and we are paying more.
Firstly we need to wait and see how much we need. We were going to remortgage and borrow for the 'garage' but now this deal has come up - would this be better than a remortgage and if so which to do first?! (Thinking in an ideal world where we would get accepted for both/either)

Thanks x

Absolute nonsense

You meet your payments each month on time and it will improve your rating

Even People with £20k on Credit cards can still have an amazing credit score
(Just need to pay more than minimum and on time every month)

How do people manage to use the santander 123 account as a savings & current account?

I am more used to tucking savings accounts away from current so I know what goes in ...

Hi guys,

I am a 22 year old who has just finished studying. I have an Amex gold charge card a Barclay platinum card and a loan with Halifax my current account provider.

I have a pretty good credit score of 933 and this month 877 last time I checked for free with Barclays experian feature. Have never ever missed payments. I applied for this deal last night to clear of the loan and save on interest. However I incorrectly put my annual salary as my monthly salary. The application was rejected and I submitted it again like a fool. Then when I realised submitted it a 3'rd time with the correct info but I think as I already was refused it was going to naturally refuse regardless as it states wait 6 months before applying again.

Had 2 questions ;

1). The 3 times I was refused will have left a stamp on my credit file, how badly will this affect me? Will my credit score drop by a lot?

2). I really want this deal, any recommendations as to how i could go about it?

Thanks

Just got confirmation email of my limit and the amount being transferred to my account.

There IS an element of truth to this, depending on your personal financial circumstances. Regardless of whether you pay every month on time the minimum payment or more, it could still hurt your credit score. You need to make sure you're not overstretched on your ability to borrow - in other words if you have 4 other cards that are pretty much maxed out then this (if you get it) could put you at your borrowing ceiling. Any other level of borrowing would be high risk and your credit file will show that.

Usually 48 hours.

I would wait 6 months for ANY further application - you can always try a soft search via moneysavingexpert's eligibility checker...

About 48 hours.

Wow, I just applied and got £16,700 approved. Much cheaper than borrowing a loan. and it is paying back within 32 months. Just need to set up the direct debit to make sure no month is missed.

I don't think they will just transfer that money to your account. After receiving the confirmation email on your limit, you have to login and request for the actual amount needed. I got this email after applyiny and it reads,
"DEAR XXXXXXXX,

Thank you for applying for a Virgin Money Credit Card – we are happy to tell you your application has been approved.

What happens next?
We will email you shortly, confirming any balance transfer(s) you may have asked for along with any additional cardholders you may have added. We will also let you know when your card(s) and PIN will arrive."

What the above shows is that you have to on a later date login and make the transfer yourself.

You should've requested the cash transfer during your application. They send it to the bank account you entered.

I was approved for £6400. Got an email this morning to say that they will transfer £6050 to my Santander 123 account. So it is automatic.

​I believe they will...email this morning said:

"We are delighted to confirm that your application for a Virgin Credit Card has been approved. Your credit limit is £2500.00.

We have arranged for the following transfer(s):

...£1500.00.."

This is correct, If you requested a amount when you filled in the application they will automatically transfer said amount.

I filled it in and put 5k and just had confirmation that is being transfered in to my bank account.

just got this too.

oilphillips, got that text too, but the money is not in my account yet? You?

People are so going to just spend it, and then 30 months later they would realise they havent got the money to repay Virgin...

That's where we are... We're using it to get rid of our overdraft and 2 credit cards. We already make regular payments to these, but with this deal we can make the same payments and be clear in under 30 months without continuing to pay the interest rates.

I'm the same..this will clear an overdraft and a credit card, both of which are a high rate and direct debit will be set up to pay off the full balance within 32 months. it was tempting to apply for more, but going to be sensible!

Exactly. Hence why I am using this card to clear my debts (improving my score) then paying more than minimum to the card each month (further improving my score)

It doesn’t affect the actual credit score (as in the X/1000)
the bank / card company will however consider the level of existng debt and then take a view when consider that in the equation

Hence why people get rejected even though they have a good credit score

I have used Virgin for this and was really pleased with how quick and professional it was.

It's also not just existing debt, it's also theoretical debt, hence I can probably go out and rack up £40k of debt on my credit cards tomorrow, so it all counts based on the premise that you could do that.

I wonder when we'll actually receive the cash.

Money just come into my account!!

ok thanks for confirming

Come into mine also, not sure what time but it wasn't there this morning

Received in my account today, happy days

Applied. Says expect a decision in 7-10 days, only ever had instant before. Whacked £10k on as the amount I want to transfer.

Had the text but nothing in my account :disappointed:

Got the text yesterday @ 11:39am

Cheers, looking like ours will be here on Monday then as I got the text today. Thanks

My application was rejected don't know why. I never missed any dues ever and even Experian score is 960+. However I have just received M&S credit card (few week). Not sure it that would have anything to do with this. Any idea?

Yes I had the text yesterday.

As to why you might be rejected, who knows? They don't have to tell you, they may just be cottoning on to people not being a profitable customer to them, they don't make a lot from people who pay it off every month, etc. So good credit doesn't necessarily mean they will be clammering for you

Thanks for posting.

Ok so i've had £10000 transferred to my bank but need an extra grand, anyone know if it's possible to get a bit more put in on the same deal?

I wonder if you can add a bit more as well, as I asked for 7500 and could have taken 10000. No real odds I can't think what to do with it, I see Virgin has a savings account that pays 1.3%

Out of interest - has anyone tried applying for two of these? :smiley:

Declined, pity as it would have made paying my student overdraft off much easier.

i checked and apparently im not eligible (using MSE's soft check) - anyone know why this would be? I have a good credit rating and am earning

Virgin are counting on that enough will to fund all the 'free' money people here are getting and still turn a decent profit.

I am a bit amazed at the size of the limits people are getting. It isn't long since banks were being severely criticized for exposure to too much unsecured debt and people with sound financial histories were having even modest credit card limits reduced.

Applied and was approved instantly for more than I asked for. I've now done some basic calculations which hopefully you can follow -

Amount transferred from Virgin = £15,000
Amount I normally overpay on mortgage each month = £225
Regular monthly payment x 32 months = £7200 (how much I will overpay up front as I know I can cover this when it comes to repaying the credit card at the end of the 0%)

Amount of mortgage interest I would have paid over 32 months with my regular £225 overpayments = 4120.56
Amount of mortgage interest I will pay by paying lump sum (32*£225=£7200) up front = 3842.72
Amount of mortgage interest saved over period = 277.84

Balance of credit card transfer (£15000 - £7200 used on mortgage) = £7800

Interest on balance in 3% account (32 months) including declining balance to drip feed regular saver* = £306
Interest on 6% regular saver account (32 months) based on being drip fed at £250 per month* = £676

Difference between my standard regular mortgage overpayment (£225) less the minimum monthly credit card payment of 1% (using £158 as a static value, ignoring this would reduce slightly each month) = £67

Interest on second 6% regular saver (32 months) being funded at £67 a month = £181.18

Less interest charge for the card = - £258.03

Total saved over 32 months = £1,182.99

* savings account/regular saver amounts calculated from here

What I need to do now is look at the other option of putting the whole lot in a 3% account and drip feeding to various 6% accounts (possibly 3 I have access to) and just stick to my normal monthly mortgage overpayment and try and cover the credit card interest payment out of my wages.

Cool story Bro, must read again. This should be turned in to a film, Brad Pitt to play you.

So if I take say £1500 how much will I pay back? Is there a better option out there for purchases? I just need £1500 to buy something

heat is on :smile:

Applied 2 days ago but still no email or text ?

Thank you for getting in touch to request a money transfer to your bank/building society account. We have completed your transfer and this will show on your account in the next 2-3 business days.

If you have any questions, please call us on 0800 011 3210 .* We are here 24 hours a day, 7 days a week.

Thank you for being a Virgin Money customer.

Yours sincerely

I won't ever use Virgin again after Branson threw his toys out the pram over Brexit.

I'm thinking of applying for the maximum amount and transferring to my Santander 123 account. I've calculated the amounts you could earn and thought it may be useful to somebody. It's based on 5k, 10k and 15k over 32 months, assuming you pay back the minimum (1%pm) and taking compound interest into account (0.25%pm). It's important to note that I haven't included the Santander fee in my workings because personally my mortgage and utility bill cashback more than cover this. However just deduct £160 from the totals if you want to account for this (£5pm x 32)
£5000 = £272.31
£10'000 = £544.61
£15'0000 = £816.92

My barclaycard offers until 01/04/2018 0% for money transfer to bank account for a fee of 0.9%
does this beat that?

I believe this is more of an "advisory", ie the calculator is warning you that a small amount will take 10+ years to pay back. I'm pretty sure the T&C's just said the usual, whichever is the lowest amount between x and 1%.

dodgymix I could kiss you!! just when I was looking for a cheap loan! I got approved for £10800 :smiley:

both me and the husband were rejected, recently moved home and both with a new spending card within the last month :-( Although we pay cards in full each month.

Applied, was told expect decision in few days

if i open the pdf for this card it says in one section as charges as 3.5% handling fees for Balance trasnfer so is it something we need to pay above 1.69% for applying the card and then doing a balance transfer, seems like i am confused here

anyone in the know abit of advice. could do with borrowing 15k. easy to pay back within 12 to 18 months. but what would the minimum monthly payments be? isn't massively important. I just like to know everything before I apply

nice!

​thanks!

Has anyone got a list of all the **** that people are now buying?!

Thanks bigriggers, that was helpful.

Thanks to OP, great deal for me to clear a couple of loans and get remaining time interest free.
Only problem is I'm on holiday until next week and wanted to check some figure at home before applying.
Anyone know if this deal will still be available in a week or so? Can't find a timescale for it on their page, was wondering if it had been mentioned elsewhere?
Thanks for any help

Quick question
If i was to get a loan for say £15,000. In 32 mo ths i have paid 10k and have 5k remaining.
Would i be charged interest for the full amount i took or just the remaining?
And how much interest would i be paying for £5000 per month?

Just whatever is left owing

Just applied and got £12500. I didnt request a balance transfer so i suspect i'll have to wait until i get the account details to then transfer the amount i want. Great offer though to finance a car.

Thanks for posting this,I can now buy that motorhome I've been saving towards a year early

I'm a huge worrier when applying for stuff online. can I just confirm im applying for the 5th card down saying " 32 months 0% on money transfers" also says it's "3.5% then 1.69 after refund" how does that work?

Can you pls post a link for lets say to borrow £10000. there are so many cards to choose from and i really dont get along with maths...sorry....

Great deal, currently making 6-8% per month from FX trading so will apply for the 15k...free money in effect as will walk away with the £15k loan at the end of the year, voted hot OP

First ever comment, I want to thank the poster for this. Just got approved for £7200 which will be used to boost my deposit for my first house. Thank you so much.

My thinking is, I've got 3 years to pay this off before interest starts and can make £200 monthly payments so repay this within that timeframe. This just allows me to put a bigger deposit down...

You can't use loans / credit cards / dividends for residential mortgage deposits.

Your credit file is checked for loans etc.

What you could do it 'borrow' money from a parent that has taken this loan. Depending on the bank, the source of the money will be looked into. Obviously check their T&Cs to make sure its allowed and you're not breaking the agreement.

Nonsense

Divs are earnings...
Loans could be anything.. Tell them you've just bought a car..

As long as you have the deposit and your credit search is ok (and obviously you can afford it) you won't have any problems

As regards savings how can a mortgage company challenge you whether you had it last week or 2 years?

If I apply for one of these how long do I have to apply for the transfer?

Anyone with mortgage knowledge.... I've got 3 BTLs. after my fourth now. got this deal in my mums name but only gave 6800. could do with that again. if I apply for it, and take the money out, how much would this affect my credit score? currently at about 500.

or, could I apply for it. Then not actually take any of the money yet, wait till mortgage accepted and about to complete and do it then? Could borrow money of a friend for the "proof of funds" for deposit.

i feel like stupid to ask this but , please allow me to ask.......
so I have credit card which I need to repay £2500 till next december..
And i can really do with some extra cash which i need about £7000....
how can I reach my goal with this deal????....
I m terrible understand this kind deals...
Please ,please can someone explain to me step by step plz.
Many tHANKS
bILO

I actually got this a few months ago in March.

i applied for £7k but could probably have got higher (excellent credit history). You do in fact get payment into your designated bank account and then start paying a minimum amount per month.

My monthly minimum payment is about £70 so please ensure you can meet the minimum payment.

I used it to consolidate ie paid off other interest bearing bills. It's a good deal for that kind of purpose, so long as you are confident you can pay it all off before the interest free period finishes.

I can confirm that if you're (like me) an MBNA customer who used to be a Virgin money customer (Virgin passed a load of accounts over to MBNA about 2 yrs ago), still having a balance on the MBNA (Ex-Virgin) card does NOT prevent you from obtaining this.

Where does this mention the refund to get it to 1.69%?

In the T&Cs it says there is a 3.5% charge for money transfer (http://uk.virginmoney.com/virgin/assets/pdf/M15025.pdf) ?

Voting hot as this seems very useful for a lot of people.

Quick question, apologies if it's already been answered. I have tried to read most of the comments, but didn't see a definite answer.

I have a very good credit score, but thought I could use the bank transfer as a way to save in various savings accounts.

Would taking a large sum (e.g. £10k) significantly affect my credit score? (I am not planning on applying for a mortgage in the near future)

Hi, I noticed in the summary box: http://uk.virginmoney.com/virgin/assets/pdf/M15025.pdf that it mentions a 3.50% handling fee. I've never done a money transfer before, so can anyone tell me if this 3.50% would be another fee on top of the 1.69% fee?

Money is in :smile:

I personally found myself in a position were i cant get a decent mortgage rate as ive repaid so much over the last few years.

I think the OP is just letting us know how financially smug he is

Does anyone know roughly how long it takes to go into the bank, I applied on Sat and was accepted straight away and had email this morning but doesn't say when the money will go into bank account as it was a money transfer, Thanks.

Checked my account this morning, funds were there

When did you apply. Thanks

a loan shark near me will do similar terms...just the non repayment penalties are a tad more brutal

Apparently I need to ring them... might be fact I put £0 on mortgage/rent

Nope, apparently I'm a ****. Entered card details for some reason instead of bank account.

Got a £12k limit which is nice though.

Ok thanks.

Computer says no :disappointed:

Money in :smiley:

thanks for your time and reply,,,i really appreciate for all this information

Money in today too.

Now the race is on to make this 10k into 20k in the next 3 years :sunglasses:

Why not take out a larger offset mortgage >25K and then put what's not needed in the offset savings account thereby securing a mortgage and only getting charged on the difference? Simplest to say the extra is needed for home improvements at some future date. Could ask the provider to reduce the monthly repayments and once the initial term has expired pay off the lot.

Hi guys!

First of all great deal!

Could you please help me, I have a mortgage with different bank on 3.09% and I would like to borrow approximately 5000 GBP and transfer it to my lender to reduce monthly payments, what deal should I chose and how much money monthly I need to payback to avoid unnecessary costs and get money as cheap as possible?
Does it matter if I don't have any balance on any other credit cards?

Many thanks for the help
Best Regards
Marcin

Hi Got the text message today to say the transfer is being processed but not had the funds in my bank a/c. I did provide bank details and the text says nothing else needs to be done so how long does the 'process' take before the funds are in my a/c?
Also where does the fee sit? is it on the credit card or do they include it in the transfer?

All help appreciated thanks

Same here. Has anyone actually see the money in bank?

I got £6050 today. Doesn't take long. Be patient.

Brilliant. Been on it for a few years with Virgin. Debt coming right down now.

Approved for a limit of £6300, brilliant I have a £700 very account debt that needs paying by septber so this will do it!! Lovely!

Homeowner, good credit, £23k income, got approved for £10300, 95% is the maximum Virgin will transfer to your bank which they did. I received £9750 within about 3 working days since the application straight into my bank. Card will arrive in about a week with all details such as PIN and online banking info so I can start paying it off at my own pace.very pleased.

Can anyone who has been successful tell us about the fees they've paid? Does the 1.69% fee get added to the amount you borrow? And what about the 3.5% handling fee?

Applied Saturday eve, accepted for £5k immediately (plus a small existing card transfer), cash in account this morning - not sure about the fees yet.

Cheers OP

Applied Saturday also, didn't ask for that much as it's not really needed. Got accepted for £3600 and have just had £2900 put in to my account. What i was wondering was, i will be paying back around £90 for 32 months can i pay some extra ? For example i get paid on a weekly basis and the £90 a month is easily covered but could i if i wanted to pay an extra £25 a week for 3 weeks of the month then pay the £90 on the fourth week. Then with the start of a new month pay £50 on the second week and then the £90 on the fourth week. These are just example payments i may pay more or less just depends how finances are that week, i know i could just set up a new direct debit for a new amount which would pay off quicker rather than me just doing it weekly but as i say it could be more or less each week.

Also heat added to the OP thanks for sharing.

I just wanted to know if it was an option more than anything it obviously wouldn't be every week but it would be nice to get it down quicker that's all i was thinking even though i know i have enough time anyway.

Just got approval for 8.8k.

Seeking new business venture now hehe

During the application process it refers to the 3.5% fee and says that it will initially track at this, but you will be refunded within 14 days (or so), such that it is only a 1.69% fee in the end.

bank of england going 0% in next few days...

So I've decided on this... 7k into an ISA... keep on building the isa with my own cash on a monthly basis, at 32 months borrow the cash from family member and pay back virgin... at 36 months pay back family member and il have a nice tidy profit in there! :smiley:

I've not decided yet looking for best option still... I can put in £200 a month so would have 7200+7k+ interest - (family borrowing of 7k)

I know it's a question no one can answer, but I have an Amex with a limit of £3.5k taken out in 2011 when our joint income was only on the threshold of acceptance for an Amex (I'm now much higher than that).

I've also got a Halifax mastercard, £1.5k limit. Both are paid off in full each month and are only held for cash back type offers/taking advantage of the interval between statement date and pay day.

I know there's a million and one factors, but given the amounts of credit being banded about on this thread, either I'm in with a realistic shout of getting a decent figure from Virgin Money, everyone else on here has got a cash surplus of thousands at the end of the month, or I'm doing something drastically wrong with my finances?

No other loans (other than student), have a mortgage but that's about it.

Can't believe this is available.

I'm a homeowner, having bought my flat a year ago for just over £20k (Scotland)

I've just applied for £6000 loan, I used MSE's mortgage overpayment calculator and making a lump sum payment of £6k right now will save me £3.5k in interest over the rest of my 15 year mortgage.

I hope my application is accepted as this would be brilliant!

Thank you for sharing, OP.

Hi. I asked for 15k and they offered 17200. I have received email acceptance and a text msg. Virgin said cards and pin will arrive soon. My question is now that I know I can get 17k rather than 15k. How do I request this?

Thank you - it does make sense. The repayments shouldn't be too much. The hope is to keep 'tarting' the money while investing for the long term.

Thanks OP. Got £16700 to pay off my car and kitchen... I have been overpaying both of these (wanting to reduce the interest payable) for the last couple of months but have now cleared them & the monthly repayments are lower than they were.

If i already have a virgin bank transfer that im still paying off on a virgin credit card that i recieved 12 months + ago can i still go for this too ?

Credit card arrived just seen it lay on the mat when I went to lock up!

I had a quick look and it only mentions 3.5% :confused: did I dream it or did Virgin say it would show this but it would refund the difference?

accepted, is there anything else to do to activate the deal and only pay £169 at stated?

silly question but if the funds are going to be transferred into my bank account - they send us their card so we can check how much remaining balance is to be paid? first time with CC's - this just seemed like a no brainer.

Hi. I asked for 15k and they offered 17200. I have received email acceptance and a text msg. Virgin said cards and pin will arrive soon. My question is now that I know I can get 17k rather than 15k. How do I request this?

Now then who has the balls to put it all on RED!! :smiley:

I believe that 3.5% fee is retained on the card itself hence only 95% is transferred to your bank.You must do transfer within 60 days to retain promotion. Your fee is actually 1.69%, but initially you are charged 3.5% and the difference will be refunded by virgin within 14 days.By my calculations, I was approved for £10300 credit, I received £9750 in cash for which fee is 3.5% (£341.25) and that stays on my card . Virgin will refund me 1.81% within 14 days so my card balance then will change to (£341.25-£176.47)=£164.78.All that means that in 14 days I will owe virgin £9750 which I already have in bank + 1.69% fee which is on the card(£164.78) =9914.78.I will still have spare credit which is what they approved me for - what I owe them (£10300-£9914.78=£385.22). I personally set up direct debits for myself to make sure I clear all my debt £9914.78 within 32 months which is at 0% interest. £9914.78/32=£309.84. You can manage your own payments online once you receive all info in post and you can regulate yourself how much you pay off every Month (minimum 1% of balance, currently £99 which will go down with monthly payments) as long as you clear it all off within 32 Months you will be absolutely fine and can not beat this offer, it is amazing, I am very pleased.

Thank you tonkocook9!

Has anyone who didn't get an instant decision heard back from them yet?

Just applied and accepted, how long does money take to show does anyone know?

Applied on Saturday and had money into account yesterday.

Got approved for £17k - along with others I'll put it into a Santander 123 account and should get enough interest to cover the fee as well as over £800 in free cash. I set up a DD to pay the minimum balance only.
Top banana.

Card turned up yesterday and now the PIN has turned up today.

Applied Thursday, money received in bank account on Monday and have already received the Transfer Fee Refund.

Cheers OP.

I hope someone can help me. My grandad needs around £5000/10000.

Can someone please kindly explain how this all works so I can then explain it to him.

I clicked on 'get deal' and all the options that came up confused me.

I think you have made a mistake there. You should have waited until your mortgage is approved then you can do the cash transfer. The overall amount you could borrow is now significantly reduced because you now owe debt of £7,200.

Any idea how they calculate available balance? Need windows doing and boiler replacing/moving doing but still paying off 2 car loans. Saving 285 a month at the mo which would give me roughly 9k in 32 months but would prefer sooner rather than later and thinking this card might be the best option

Thank you so much. My grandad also said to thank you :smiley:

Applied on Friday, had to contact them as I already had another Virgin credit card that has been dormant since 2013 but I had to get that account closed, email today to say all approved and £15k will be put into my account. Like others it will be sitting nicely in my 123 account earning me some money :smiley:

Just got a letter today asking me to send off some identification. Going to send them a copy of my passport and keep my fingers crossed!

Mone has gone in bank today. 5k cheers op!!

Hotel

Applied last Friday and had an e-mail yesterday morning saying declined. I have a flawless credit history and have never been turned down for anything in the past. Healthy income, mortgage, no outstanding credit card balances (paid off every month), been at my address for ages, same employer for ages, etc.

Phoned up to ask why and they couldn't give a reason; all they offered was for me to waste my time writing in to their underwriting department to 'appeal' the decision, to which I politely suggested they go procreate with themselves... :man:

Having. I fantastic credit rating usually plays against you when applying for things like this... the company realise there is a literally no risk of you not paying back the money in time hence they can't make anything out of you...

Would you lend someone 10k who has a flawless history of paying no interest. No I wouldn't either.

I'll be honest I don't understand this money related stuff too well.

I currently have a loan with my bank (lloyds tsb). Would I be able to use this to pay off my Lloyds loan early (where i've got a quote from them to end for a lesser amount than if i paid as normal)?

Brilliant! Thanks

Would have found about £3.5k useful. Applied for £15k just to see what happened. Got accepted. For £3k. Cheers OP. Plus I'll now have a nice Sex Pistols card to put in my Anti Nowhere League wallet!

I got instantly accepted a week ago, not heard anything since, then get a letter in the post today asking me to contact them! (WTF? it's 2016 not 1975....they have my email address!!) :neutral_face:

Rejected me. Branson can do one. Would've saved me about 400 over 32 months too.

Declined as well, received the e-mail 8 days after I had submitted my application. My Experian score is 999/999, are they genuinely avoiding people who pay their lenders on time? Is this a problem with other lenders as well?

I got my money a few days ago. The letter arrived yesterday & the money transfers on the card state 3.5%, but when I applied it was 1.69%. I expect the lower rate was an online deal, but going forward with the card it's 3.5%. Regardless, it's still a low % with 32m @ 0%.

Ignore all the above, just logged in & can see Virgin charge you 3.5% but then give you a credit making it 1.69%


For those that are getting rejected, I suspect they are trying to stop the deal following a surge in demand.

Thanks Op, helped me out with the balloon payment on the wife's car :smiley:

I got a credit limit of £3300, but they put £3100 into my account on Friday. Do they have a minimum fee?

They will only transfer a maximum of 95% of your credit limit.

I've received my pin and now my card, but I'm unable to register the card or create an online account because I don't have a registration code - is this sent through the post and should I have it by now?

It's emailed to you. You can re-request it online.

Ended up calling them - basically they had the wrong date of birth for me o0.

On the summary box (rates and fees) PDF it says promotional rates: 3.50% handling. What's all this about?! Someone please explain.

I asked this earlier - apparently the 1.69% fee is a promotional rate that replaces the 3.50%. They charge you 3.50% initially, then refund the difference so that you only pay 1.69%.

when you apply and put that you want to withdraw the maximum (im just going to put 10k), does it confirm you credit limit before charging you the fee and putting the money in your account?

Got rejected for 5k with an immaculate credit rating and it's not the first time I have been rejected either.

Also got rejected.

My credit score is above average. No missed payments. Currently building it up from not really having a credit score.

Please note 3.5% fee taken straight away and thern difference refunded within 2 weeks to bring it down to 1.69%

Asked for 16500, got given 13300, not the end of the world, but wanted more :P

Quick question.

Does anyone know If I was to take the extra 1k out that they gave me over my request would they charge me a straight 3.5% fee?

I requested a set amount on applying for the card and they have refunded me to make it a 1.69% fee but just wondered If they would do so again now I'm set up online and transferred to my bank through the site.

I think someone mentioned the promotional rate is for 60days so I presume you can take out as much or as little you wanted during that period on separate occasions and still the rate would be 1.69%.

Thanks OP, card arrived today and amount was transferred earlier this week. Great way to leverage capital, the amount I'd accrue from my Santander 123 account will pay off the fee in no time!

good show. my cars playing up and I either spend 500 getting it through another 6 months bearing in mind it's not worth more than 750 quid or bite the bullet and get a newer car.
just applied asking for 10k, instant answer telling me I can have 13.5k.
easy enough. now to keep looking for the car I want at the price I want. heated.

​did you get instant confirmation through the website?

I have taken extra out, if you do it in the 60(?) day promotional period they will charge you 1.69% - they initially charge 3.5% and refund the difference after a day or 2.

Thanks op asked for £10000 got £6900 (£6550 transfer) was going to pay off car but due to it only being 0.9% from ford actually better for me to put the money in high interest current accounts. £2000 X 2 in to 2 TSB 5% accounts (mine & joint) and £2500 nationwide 5% earning about £25 per month interest transfer only costing me £110 so by January I would have made money on the loan.

Super, thanks! Just saved me £100's on my car loan!

Just wanted to check with other people who got this card - there was an option to repay the minimum monthly amount on the application wasn't there? Set this up 2 weeks ago and seem to recall I took such an option but I can't see nothing on the online account.

Just got accepted for £16,700! Now to throw it all in to a Santander 1-2-3 and top it up to £20k!

Has anybody got their first payment date yet? Just wondering because I'm away and didn't get the card through before I went so couldn't register for online services to check. I had the money transferred into my account on 8th of July.

Yea think so, I setup a DD to pay the minimum which is 1% (plus any additional fees).

I started with £10k debt plus £350 fee (i.e. 3.5%)... then they refunded me £181 the following day so the fee works out as £169 (i.e. 1.69%). My statement is on 13th of each month and my DD is setup to pay off 1% on 1st of each month.

Applied over 2 weeks ago, sent off proof of identity last Tuesday, just got approved for £11500 (requested £10k)! Thanks op! FYI if you're still waiting, I called earlier in the week and apparently there's a significant backlog.

I have heard that banks will often reject applications from those with immaculate credit ratings - they want to make money after all. Or if they accept, there will be a sh*t credit limit..

They would rather go for people with more average ratings so that they can get trapped and start paying some next level interest.

It makes sense if you ask me..

COLD

Santander to cut interest to 2% from 3%

This may make stooging not as profitable

"The other benefit is your house will belong to you as no lender will have a charge on it"

They can apply for a charge.

Thanks for the link, the potential rate cut is annoying but depressingly predictable given that no one else is offering anything close.

Applied last week, got a letter asking for ID proof, sent a copy yesterday. Does that mean my application has been approved and they just wanted to see my ID proof ?

Cant see any credit search on my credit file from Virgin

Thank you OP for this. Fantastic offer. :sunglasses:

If i get approved do I still have to go through with it??? Is there a cool down period

This seems like a great deal, but I'm confused about how the fee is refunded?
If I want to take out a 10k loan over 40 months, the fee is 4% so £400, how do I get that down?

Any help would be much appreciated!

There isn't, the 32 month period is the only one with the low rate. Go for that because even if you have 8 months of repayments left when the interest free period ends the interest paid on the remaining balance for those last 8 months + the 1.69% fee is still lower than a 4% fee and you may always be able to do another balance transfer in 32 months of the remaining £2000

im 25 with a decent credit rating. applied for £15k and just been approved for £16700! :smiley:. good times eh! hah

Applyed but got rejected with a good (not excellent) credit score. Website said I would get email with reason as to why but nothing yet.

applied 1 month ago, 3 rd time they require the same damn security check. The money never transfers. How long should this take?

Got approved. Money in the account in 2 days. Thanks op, saved a bit of interest on my loan.

guys, which one to select, to get this rate, from the options provided on this page?

http://uk.virginmoney.com/virgin/credit-cards/money-transfer-cards/#

Which one??

The one at the top of the screenshot, it's hardly complicated. Above all that red and yellow stuff underlining it.

If anyone is still having trouble picking the deal just send me all your details and I'll sign up for it for you.

[email protected]

Got declined for this with a near perfect credit score. They have some strange criteria. I did got for 15k mind but expected for them to decrease it from their side if they wanted to.

Once you've been excepted, how long does it take for the money to go into your account?

Same as you and for same amount. Was pretty peeved to say the least.

I've only just seen this thread, but missus got this credit card a week ago with a £2500 limit. Can someone please help me answer a question:-

Our mortgage rate is 2.24%, so if we borrowed £2000 from Virgin card and transferred it to the mortgage to reduce the balance, is that worth it or would we lose out because of any other fees?

If possible, I would really appreciate if you could please help provide a breakdown calculation

Thanks

You'll save £119.47 in interest and pay £33.80 in card fees in the 32 month period.

Thanks very much BigYoSpeck for clarifying that. It sounds like an excellent deal.

Would you know if once the 60 day introductory offer runs out, do virgin ever give existing customers these offers again or is this just a one-off to entice customers?

3 days

Hi guys,

I believe no one on here mentioned that part of VM T&C are that you can't transfer money to pay off a debt such as a mortgage or loan...why?

got declined. joke. very good credit rating. 28k a year

What other loans/payments do you have and how much did you ask for?

Amex just tried to increase my limit by £1700, I rang up to cancel it as I want to make use of this Virgin offer but not sure how much available credit affects it.

Probably directly

You can transfer funds to your bank account and then up to you what you do with it although as a responsible lender they should ask you why you require £x

Desperately need an urgent answer please. I already have a virgin cc with balance payable. Can I apply for this as a second card?

Been approved, was worried moving house might affect it, but asked for a £6300 transfer and was given a £7600 limit. Not sure if the two are tied and I was just fortunate to pick a bank transfer amount under a potential credit card limit.

Sorry to ask for even more information but I haven't ever been in the situation where I am looking to borrow money (fortunately).

I am looking to borrow around £5000 for some home improvements so if I get approved for the full amount the APR will be roughly £84.50 and do I pay this at the end of the year ?

I have worked out that the monthly repayments will be £156.25 to pay off within the 32 month period is there anything else I will have to pay ?

Many thanks in advance, please excuse my ignorance.

Rich

What will happen is they will need to approve a limit above £5000 for you to be able to have that as a cash advance. Then what will happen is £5000 will be transferred to your nominated account, and the Virgin Credit card balance will be £5084.50 that you need to pay off. The 1.69% fee is just added to the owed balance you don't pay that seperately.

They will then take monthly minimum payments which I think is 1% of the balance by direct debit. that won't pay the balance off in time so you will need to make additional payments to make sure it is cleared within the 0% period.

Cheers for the reply mate so the only interest I will pay over the 32 month period is the initial £84.50 ? That's unbelievable !

but you'll obviously have to make your monthly minimum payments

Applied for this - got £9000 approved.

Awaiting email for my details so i can log into online - How long does that typically take?

Cheers got approved for £3300 and transferred £3100 set up a £100 direct debit and will pay the odd £50+ in the final interest free month.
Thanks again for posting this is a truly great deal

Hi all. Just applied for this. I did the pre-approval thing and it said "YOU WILL BE ACCEPTED".

I did the application, and stated a £10k cash transfer. I got an email and message now saying:

"Thank you for applying for a Virgin Credit Card. We are considering your application based on the information you have provided, and will be in touch again soon."

Anyone else had this? My experian score is 999/999 and I am home owner. Was expecting an auto approval... so a bit worried now.

Does anyone know if virgin ever re-offer the introductory offers after you've used up your first offer?

Also I only got £2k credit approval, so how easy is it to increase the credit limit? Any tips

Applied last Friday and heard diddly squat since. Really poor customer service!

4 clear working days and not even a request for information, update, or anything?!!

I have been with them just over 12 months my limit was 3k i got a letter this week saying they have increased my limit to 7k amd i havent even finished paying off what i owe

A whole week has passed and heard nothing. Called them today and they say it's in a queue to be looked at. Seems a long wait for a decision?!

Anyone else notice a credit then a debit on their account on the 28th October ?

I had two for the same amount on the same day with the description ''Sorry our mistake'' and ''Mistake all fixed''.

There's a banner at the top of that page that explains

Thanks didn't notice that.

What's the waiting list for this of late?

What do you mean by waiting list?

I applied around 10 days ago. Got a letter yesterday asking for proof of ID! Can only be sent back via post...so more waiting to come...and still no decision!

18 days have passed. No reply from Virgin. Sent my ID back 10 days ago. What a joke!

Finally got email to say I was accepted. £169 to borrow £10,000 over 3 years - happy with that. Thanks OP