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

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

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

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!

What's the waiting list for this of late?

Thanks didn't notice that.

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

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''.

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?!

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

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?!!

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

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.

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

Applied for this - got £9000 approved.

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

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

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 !

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.

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

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.

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

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

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.

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

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?

3 days

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?

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

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

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

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

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.

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]

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

Which one??

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/#

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

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

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.

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

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

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!

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

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

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

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

"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.

Santander to cut interest to 2% from 3%

This may make stooging not as profitable

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

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.

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.

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.

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

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.

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

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.

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.

​did you get instant confirmation through the website?

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.

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!

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%.

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.

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

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

Also got rejected.

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

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

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?

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%.

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

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

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

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?

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

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:

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?

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

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:

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!

Brilliant! Thanks

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)?

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:

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.

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.

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:

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...

Hotel

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:

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

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!

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

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

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.

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

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.

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.

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.

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

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

Cheers OP.

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

Applied on Saturday and had money into account yesterday.

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

Thank you tonkocook9!

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.

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

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?

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.

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?

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 ?

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.

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.

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?

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.

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.

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)

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:

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

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.

Just got approval for 8.8k.

Seeking new business venture now hehe

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?

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.

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.

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

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)

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!

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

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

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

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.

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

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

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.

Money in today too.

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

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

Money in :smiley:

Computer says no :disappointed:

Ok thanks.

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.

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.

When did you apply. Thanks

Checked my account this morning, funds were there

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

Money is in :smile:

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?

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

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) ?

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.

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.

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

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?

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.

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...

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

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....

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?

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

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.

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

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

Thanks bigriggers, that was helpful.

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

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

​thanks!

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!

Applied, was told expect decision in few days

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.

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

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%.

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?

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.

how is ten grand 169 a month over 32 months

Applied 2 days ago but still no email or text ?

heat is on :smile:

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

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

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.

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.

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

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.

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

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

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%

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?

Thanks for posting.

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

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?

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

Got the text yesterday @ 11:39am

Had the text but nothing in my account :disappointed:

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

Received in my account today, happy days

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

ok thanks for confirming

just got this too.

Money just come into my account!!

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.

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

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

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

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)

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

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!

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.

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

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.

​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.."

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.

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

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.

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.

About 48 hours.

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

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?

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.

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

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 ...

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)

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

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

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!

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

Yes alright love, put your tampon back in.

Thanks to kizzaleet for the advice - applied and accepted.

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

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

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.

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

Great deal and thanks to the OP for posting it.

OK dude, whatever.

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

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

Ok whatever dude. You are still wrong.

Hot!

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

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

​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.

​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.

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.

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.

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...

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.

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

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

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

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

just a thought lol :smiley:

Damn dude that's awesome

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

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:

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

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.

Like most salaried jobs then in the private sector

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

Mines said 7 to 10 days

​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:

A crackin deal dodgymix - well done.

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

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

Greatly appreciated!

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, 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

Thanks. Will wait lol.

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.

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:

Do you like their music?

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

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.

​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%

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

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.

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

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?

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?

My first thought when I read this:

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

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?

How long usually for a decision on this??

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.

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:

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

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

Bookmark

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

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

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

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?

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.

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.

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

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.

Just got an email confirming the money transfer!

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

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.

Great, thanks

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

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?

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

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

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.

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