Last year, buying 3V Virtual Visa cards from Tesco was very profitable. For £50, you got £50 of Visa gift cards. Tesco also gave you 150 bonus Clubcard points and (if you had an Amex sign-up bonus to meet) you got to spend £50 on your Amex card at Tesco. You could then liquidate your 3V cards by paying them into certain bank accounts or paying your tax or council tax bills.
Back in December, 3V suddenly stopped letting people use their cards for ‘financial’ transactions. This left some people holding large stocks which were now trickier to use up. It also made them less attractive to buy.
If you are still sitting on some 3V cards, help may be at hand – but you must act today.
On January 3rd, 3V sent an email to all registered customers.
It outlined the changes to the regulatory regime governing 3V cards. It also placed a limit on the number of cards you could buy in a year of £25,000.
These changes amounted to a change in the terms and conditions governing 3V cards. Clause 8.3 of the Terms and Conditions for 3V cards states with regard to changes to their terms and conditions:
“If You are not happy with any such change to these Terms and Conditions, You may, without notice, within sixty (60) days of the date of notice of such change, cancel Your 3V Visa Number and terminate this Agreement. In such cases, You will not be subject to any Redemption Fee in accordance with Clause 6.”
Basically, you must act TODAY (4th March, which is 60 days from the date of that email) if you want 3V to reimburse you for your entire balance of 3V cards, with no redemption fees.
3V is already doing this for people. They have no choice, it is in the rules. Importantly, it does NOT just apply to cards you had bought before January 3rd. Even cards bought after that date can be refunded.
You need to email 3V Customer Services. They are giving people two different routes:
They may ask for the 4-digit security code of each of your 3V cards and the IBAN number of your bank account. (IBAN is the global ID number for your bank account. It should be printed on your bank statement or will be visible via online banking. It is required for wiring money from outside the UK.) Once done, you will receive your money within 7 days.
Alternatively, they may ask you to register all your cards online. They will then, once you confirm it is done, trigger a redemption for you without adding the fee.
I apologise for the very short notice here, but I have only just found out about this option myself.