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If you requested a balance transfer or money transfer when you applied for your credit card, we’ll always try to complete these transfer requests for you. Sometimes though, we’re not able to.
Once your application has been approved, we’ll send you an email to let you know your credit limit, and which of your transfer requests we’re able to complete. Sometimes, we’re not able to complete a balance transfer or money transfer for the amount you requested. There’s a couple of reasons why this might happen:
1) We were unable to give you a credit limit large enough to cover all the transfers you asked for
To determine your credit limit, we consider a range of factors including affordability, late and/or missed payments and changes to your credit score and report. We also receive updates from Experian (a Credit Reference Agency), about how you manage other accounts outside Virgin Money.
We can only allocate up to 95% of your credit limit for balance & money transfers (excluding fees). If this isn’t enough to cover the transfers you’ve asked for, we’ll transfer as much as we can. This means some transfers might be completed with a lower amount, and some might not be completed at all (these will be shown as £0).
When we are completing transfer requests, we’ll pay any money transfers first, so these always take priority. We’ll then pay any balance transfers in the order you listed them in your application.
If you wish to appeal your credit limit decision, please contact us within 14 days of opening the account. We will need to know why you wish to appeal, and what additional information you can provide that would support the request for a higher credit limit.
2) There was a problem with the transfer details you gave us
If we’ve given you a credit limit large enough to cover the transfers you’ve asked for, but you still have a transfer showing as £0, then there may be a problem with the transfer details you gave us.
It might be because we can’t complete a transfer to the card details you provided:
• We’re unable to complete balance transfers from any other Virgin Money, Clydesdale Bank, Yorkshire Bank or B credit cards, or from non-UK financial organisations (including some Amex cards), or store cards which don’t have the VISA or Mastercard logo.
• We can only complete balance transfers from cards in your name, or the name of any additional cardholders. For information on adding an additional cardholder see here.
Or you might have entered the transfer details incorrectly when adding them to your application - if that’s the case you can make this request again by getting in touch with us.
If you’re still unsure why your transfer can’t be completed, then you can contact us to find out.
We appreciate that it can be frustrating when we are not able to do the things you ask us. If we’re not able to complete the transfers you’ve asked for, and you change your mind about continuing your application, you have the right to withdraw from your agreement within 14 days from the day after you receive your card.
If you’re happy to continue with your application, then we’ll assess your credit limit every six months to see if it can be increased. You’ll also be able to use any available credit you have to complete money or balance transfers, which you can do in the Virgin Money Credit Card app.
Please continue to pay your credit or store cards as you normally would until any balance transfers show on your account. To confirm if a transfer is complete, you’ll need to check with your credit or store card provider in the usual way you manage your account.