virgin credit card

glitterygert

Hi,

Virgin offered me a credit card so applied and was accepted, they have sent me my pin, and I am awaiting my card, but also in the letter it said they where sending me a cheque book, i'm a bit confused about the cheque book thing, can anyone explain this for me.

Many thanks

BaileyB

A Credit card cheque is treated like a cash withdrawal. If you are using the Virgin CC for 0% BT do not use the cheques. Or the card at all for that matter.

mitrant

Some credit card companies also issue cheque books too which allow you to pay for things via a cheque that is charged to your credit card like a cash withdrawal.

Cap One sent me out some recently. I just locked them away in the filing cabinet where they shall never see the light of day again.

YorkshireBoy

BaileyB wrote: »

A Credit card cheque is treated like a cash withdrawal. If you are using the Virgin CC for 0% BT do not use the cheques. Or the card at all for that matter.

Good advice...in general. However, it's not true for this particular product/deal.

Firstly, the cheques have the same T&C's as a balance transfer, ie 0% for 16 months with a 2.98% fee.

Secondly, during the intro period the card has a positive payment hierarchy meaning any purchases made in the first 3 months will not affect the BT/cheque deal so long as they are repaid in full before the 3rd statement date.

glitterygert

thank you very much, I've never done a balance transfer, so do I phone them and tell them how much I want to transfer, and from where.

td_007

glitterygert wrote: »

thank you very much, I've never done a balance transfer, so do I phone them and tell them how much I want to transfer, and from where.

Depends what you want the money for:
-if it is to take it off another card then give them a call
- if it is to transfer to your bank account then you can write out one of the cheques for the amount you want to transfer that you get to yourself and present it to your bank or ofcourse by calling them as well

- you will able to BT max 95% of your credit limit

glitterygert

it's not much abt £800, do I have to pay something evry month?

CannyJock

glitterygert wrote: »

it's not much abt £800, do I have to pay something evry month?

Yes, you need to make the minimum payment just like any other credit card. If you read your T&C's you'll see what the minimum repayment is, your first payment will be £ 25 + 2.98% fee followed by 15 further payments of £ 25 per month. Personally, I'd set up a direct debit to make sure I never miss the repayments.

Remember if you don't repay the card in full before the 0% period expires then they'll hit you with hefty interest charges.

If you have a look around you'll find another half dozen threads all asking questions on the Virgin Money/MBNA cards.

YorkshireBoy

CannyJock wrote: »

...your first payment will be £ 25 + 2.98% fee...

I don't think they take the fee with the first minimum payment these days CJ (T&C's revised but can't remember when), meaning the first is also £25.

CannyJock

YorkshireBoy wrote: »

I don't think they take the fee with the first minimum payment these days CJ (T&C's revised but can't remember when), meaning the first is also £25.

Ah, cool, cheers on that. If they come up with a decent repeat offer on my Virgin Money card I'll be able to test that one out

System

the cheques have an interest rate of nearly 22% , OH got some with his card but we shredded them.