Balance transfer cooling off period

peterbell1

Hi all
I'm new here - just wanted to ask a quick question.

I have just got a new credit card from Virgin Money which offers 0% interest on balance transfers. I applied to do a balance transfer from another card yesterday but then found out today that I'm getting a bonus from work which would have allowed me to pay off the old card balance anyway.
I called Virgin Money and they say I can't stop the transfer going ahead now and I'll have to pay the fee.
Is this normal? I know these transactions are never immediate and I would have thought there would be some way of stopping the transfer so that I didn't have to pay the fee.
Thanks in advance
Pete

anotherpaul_2

I suspect they are correct. You get a cooling off period to end the credit agreement (ie, close the card), but a balance transfer is just a transaction not a new agreement.

If the credit agreement itself is new enough, you could close the card, but I suspect you'd still have to pay the fee.

You're best option at this point is probably to put the money is as high an interest account as you can find and use it to pay of the debt just before the 0% preiod ends. You should make at least most of the transfer fee in interest - any possibly more than it.

Of course, it does rely on you not spending the money. :-)

peterbell1

Hi
Thanks for the advice - I might just do that.
Cheers
Pete