Virgin Money Credit Card - self-employed

[scsto]

I'm self-employed and they knocked me back for a credit card. I only applied for the damn thing because they comped me to platinum based on my QF WP.

Anyone else had a similar experience?

 

[straitman]

I'm self-employed and they knocked me back for a credit card. I only applied for the damn thing because they comped me to platinum based on my QF WP.

Anyone else had a similar experience?

Not yet but I'm getting some interesting questions as a retiree.

 

[MarkD]

I think it depends on how long you have been self - employed, and ideed, as to the structure of your business.
I am a director of my company, and draw a salary, and have done for a number of years, so usually its just a call to my accountant and a credit check. however, when I traded as a sole trader, they would not even look at me for finance, it was a full on bore out and then all excuses to say no. Dont be too annoyed, they have risk guidelines, and no matter what the actual risk is, if you dont fit in their piddly little square completely, then they will decline it. I remember a few years back, when I needed a new vehicle, my usual financier declined the loan, I called, and asked why, they had some lame excuse, so I said, thats OK, Bank two is keen to refinance all the other stuff I have, so I will go with that, Can I have a payout figure please? 1/2 hr later I had an approval, and at a better rate than the other equipment I had under finance.... And I was a risk according to them !!
Personally, I think credit cards are evil, and to pay 20+% on purchases, just to get FF points is crazy.

 

[notzac]

Personally, I think credit cards are evil, and to pay 20+% on purchases, just to get FF points is crazy.

Which is exactly why running a balance on a FF card makes no sense. The points aren't worth the interest charges.

I'm fortunate in that I'm in a position to clear the balance every month on my FF cards, so 20+% on $0 is .. $0 in interest. The points are a very nice perk IMHO!

 

[kpc]

I set up direct debit to pay off all my credit cards in full every month. Have yet to pay a cent in interest.....with this new Virgin Money card, I will be getting (should anyway) 50K Velocity pts + 200Scs for a fee of $99 provided I spend $7500 with the card in 3 months; that 50K pts can be worth up to $8000 depending on how you use the points!! BTW, I feel for the OP....

Which is exactly why running a balance on a FF card makes no sense. The points aren't worth the interest charges.

I'm fortunate in that I'm in a position to clear the balance every month on my FF cards, so 20+% on $0 is .. $0 in interest. The points are a very nice perk IMHO!

 

[Major]

Not yet but I'm getting some interesting questions as a retiree.

As a self funded retiree I also had some interesting questions when applying for this CC. In the end I gave them my accountant's contact details and gave him the authority to provide Citi with what they wanted.

Card arrived shortly after

 

[froggerADL]

that 50K pts can be worth up to $8000 depending on how you use the points!!

I'd be very interested to know how you get $8000 value from 50,000 points.

 

[kpc]

I'd be very interested to know how you get $8000 value from 50,000 points.

from this: http://www.australianfrequentflyer....-a-velocity-point-worth-28000.html#post497193

50000 pts x 17.8c = $8000+ if you believe the maths:shock:

 

[straitman]

from this: http://www.australianfrequentflyer....-a-velocity-point-worth-28000.html#post497193

50000 pts x 17.8c = $8000+ if you believe the maths:shock:

I'm with froggerADL in that I'm interested to understand how the $8000 is obtained.

 

[Mogul]

I'm with froggerADL in that I'm interested to understand how the $8000 is obtained.

Have a read of the quoted thread.

Essentially $9k of flights in J for 55,000 points.

 

[N860CR]

I don't understand credit card providers sometimes...

AMEX always refuse me (I've tried three times over about five years). I'm on $100k+ these days and they still say no! I would guess that my credit file has 12 applications for the last 3 years (credit cards, mobile phones and home loans) and that must be their "no" point.

On the other hand, I applied for the GE 28 degrees card this week. I was applied for a $10k limit, they didn't ask to verify my income and didn't even do an ID check!

Very strange systems in place.

 

[straitman]

Have a read of the quoted thread.

Essentially $9k of flights in J for 55,000 points.

OK. I missed that and I'll re read it when I'm properly awake in the morning. Then the maths should make sense to me. It's just a blur of numbers tonight.

 

[elemist]

Credit Card companies are a strange bunch!

I'm self employed and got the Virgin High fligher card with a 10k limit, an additional Westpac Earth card with a 7.5k limit. But was declined by Woolies Everyday rewards card for the 1.5k or 2k limit i applied for. Go Figure!

Virgin Money weren't too finicky, they asked to speak with my accountant to verify the information but that was a 2 minute phone call. Litterally as i spoke to them one minute, then they were going to call the accountant, then they rang back to say everything was approved not even 5 minutes later. Given theres always a delay going through reception with my accountant i would assume the questions were is he a client and does he make a profit??

 

[adl73x]

I'm not self-employed - in fact I've worked for the same company for 15 years, and have no problem getting Amexes or Visa cards from other institutions, and have no debt, but Virgin Money have given me 4 weeks of the third degree for a Flyer card: wanting multiple verifications for every source of income, and every evidence of of my home and postal addresses. After 4 weeks, 9 phone calls to myself and my employer, declined with no reason offered.

Meanwhile, happy with the the Plat Edge Amex - just wanted some Velocity points for those awkward vendors that don't (yet) take Amex...