How many cards can I pay off with a balance transfer card? | Virgin Money Credit Card (2024)

FAQs

How many times can you use a balance transfer credit card? ›

As many as you want, as long as you stay below your credit limit. The best balance transfer credit cards give you between 60 and 120 days to transfer balances in order to qualify for the 0 percent intro APR offer, so try to transfer and pay down your balances as quickly as possible.

You can make a money transfer for up to 95% of your credit limit. The promotional rate and fee applies for transfers made in the first 60 days of opening your account.

Many issuers are generous, giving cardholders the ability to transfer their full credit limit, but in some cases, your transfer limit may be capped at 75 percent of your overall credit limit. Some card issuers also have internal rules for balance transfers.

Is there a limit to the number of cards I can transfer? In theory, there's no limit to the number of separate credit and store cards you can transfer over. But in practice, you're limited by the credit limit on the card. There will usually be a time limit for transferring balances though.

A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.

It may sound like a good idea to keep transferring your balance to a new card to avoid paying interest altogether. However, repeatedly opening new credit cards and transferring balances to them can damage your credit scores in the long run.

You may not have had enough available credit when you take into account any fees. Main cardholders can check their balance and credit limit in the Virgin Money Credit Card app. Additional cardholders should contact us to discuss their request. You have frozen your card in the app, or it's been reported lost or stolen.

CHAPS. With Clearing House Automated Payment System (CHAPS) payments, you can send and receive Sterling payments on a guaranteed, same-day basis for requests made at any Store before 4pm.

Sending money via e-Transfer: The minimum Interac e-Transfer transaction is $0.01 and a maximum is $3,000. There are also hourly and daily limits: For any 24-hour period, you can send up to $3,000. For any 7-day period, you can send up to $10,000.

What happens to an old credit card after a balance transfer? ›

Your old credit card will remain open after the balance transfer is complete, and you can decide whether you want to keep using it, stop spending on it, or close your account. Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser.

A credit card balance transfer allows you to take a high-interest credit card balance (or even multiple balances) and transfer it to a new credit card with a lower interest rate.

You can now see all of your Virgin Money and Virgin Atlantic Credit Cards in the Mobile App. Following registration with the card you use most, you can add up to 4 further cards via the Card screen. To add a card, tap the card image on the summary screen, scroll to the bottom of the screen and select Add another card.

They likely will check. If you overpay, they may treat the excess as a cash advance and will hammer you on fees and interest. It depends on the bank offering the balance transfer.

In theory, you can transfer balances between different issuers' cards as many times as you like, but the balance transfer fees may start to eat into any savings a lower interest rate may offer. Is it OK to have two balance transfer cards? Yes, you can have multiple balance transfer cards.

Credit card balance transfers are often limited to an amount equal to the account's credit limit. You typically can't transfer a balance greater than your credit limit—and you won't know your credit limit until you're approved for the account.