CreditCards Blog

I have an Abbey Zero card with an outstanding balance of 2,000. The 0% is due to run out in Jan 2009 so I am looking at applying for a Virgin card and transferring the balance to this. I have an MBNA credit card with a nil balance. Will holding this card affect me being able to get the Virgin card? Would I be better cancelling the MBNA card before applying for the Virgin card?

There's a chance the MBNA card might not show as settled in time for a Virgin application in time to BT the Abbey debt...if that makes sense?

The best two options in my opinion are:

1. Call MBNA (0800 783 1116 is the retentions/loyalty direct number) and see if they have any special offers on your existing empty card, or

2. Apply via telephone for the Virgin card and if you're declined, or the application is referred to an underwriter, then offer to shift some credit limit across from the MBNA card. DO NOT close the old MBNA card...simply leave a 500, or other nominal, credit limit on it in readiness for other offers that may come.

There's a chance the MBNA card might not show as settled in time for a Virgin application in time to BT the Abbey debt...if that makes sense?

The best two options in my opinion are:

1. Call MBNA (0800 783 1116 is the retentions/loyalty direct number) and see if they have any special offers on your existing empty card, or

2. Apply via telephone for the Virgin card and if you're declined, or the application is referred to an underwriter, then offer to shift some credit limit across from the MBNA card. DO NOT close the old MBNA card...simply leave a 500, or other nominal, credit limit on it in readiness for other offers that may come.

I have the same situation as the OP (sort off). (Abbey zero 6,000, Ulster card 3000)

I did exactly what you have suggested (last week :D )
I kept my MBNA card open as I hope to Tx the credit limit to my new Virgin card.

My application was accepted over the 'phone and I got a 4,500 credit limit.

When I call to activate the Virgin card I should be able to Tx my 11,000 MBNA limit to this new card. (The Agent suggested this too).

I will then do a Money tx (only 50.00 fee same as BT) of the full amount to my bank account (minimum of 13,000 hopefully)and then pay the balances off the Abbey and Ulster.

Hopefully I'll have a couple of grand to spare.

Unless your account is a mess, retention can normally add new rates to the card upon your request. It is always worth cal us to see what you can get on an old card before you apply for a new card.

Thanks to everyone for their advice. I applied to Virgin yesterday and got accepted straight away, and they gave me the same credit limit as my exisiting MBNA card.

I have the same situation as the OP (sort off). (Abbey zero 6,000, Ulster card 3000)

I did exactly what you have suggested (last week :D )
I kept my MBNA card open as I hope to Tx the credit limit to my new Virgin card.

My application was accepted over the 'phone and I got a 4,500 credit limit.

When I call to activate the Virgin card I should be able to Tx my 11,000 MBNA limit to this new card. (The Agent suggested this too).

I will then do a Money tx (only 50.00 fee same as BT) of the full amount to my bank account (minimum of 13,000 hopefully)and then pay the balances off the Abbey and Ulster.

Hopefully I'll have a couple of grand to spare.

All going to plan:

Activated the card and asked for the existing Mastercard limit to be transferred to the Virgin Amex card.
This was done no problem, so my Amex card limit is now at 14.800.

Have just done a money transfer to my bank account for 14,060 which cost 50.
Sorted!