Virgins 0% BT question...is this cheeky?

PrincessJR

Hi,

My Husband has been a Virgin CC customer for 3 years. He received his new card recently and when he called to activate it, he was told that he had 0% on BT for 6 months (Jan 2010)

We decided there and then to transfer the balances from our 2 other cards onto the virgin one - bonus!

I went on the Virgin CC website later that evening and noticed that Virgin are offering new customers 0% on BT for 16 months, and 0% on new purchases for 3 months.

Would it be cheeky to call them back and ask why they are offering 16 months to new customers, and only 6 to current customers? or are we lucky to be getting anything at all!!??

The 0% on new purchases would be really handy at the moment too!

nzseries1

It's certainly worth a try. People definitely attempt it, with varied results.

Remember the golden rule though, don't spend on a balance transfer card. Because, after the 0% for 3 months on purchases is up, the purchases will be trapped behind the balance transfer accruing interest for the whole 16 months.

CannyJock

PrincessJR wrote: »

The 0% on new purchases would be really handy at the moment too!

Wouldn't go with Virgin on the 0% purchases. Much better to apply for a Tesco Clubcard card (full list at http://www.stoozing.com/purchases.php).

Can't repeat enough nz's point not to mix BT and purchases on the same card.

NickX

You could try and request a 6 month 0% purchases deal in addition to the 6 month Balance Transfer deal.

If they agree to this, then you can mix the Purchases and Balance Transfers because both promotions end at the same time. Just make sure all the balances are paid off before the end of the promotion.

Good Luck.

kriss_boy

nzseries1 wrote: »

It's certainly worth a try. People definitely attempt it, with varied results.

Remember the golden rule though, don't spend on a balance transfer card. Because, after the 0% for 3 months on purchases is up, the purchases will be trapped behind the balance transfer accruing interest for the whole 16 months.

Uh oh!!!!!!!!

I did a balance transfer of £2000 onto my virgin card. I also used it for a couple of cheap purchases approx £70....

NO!!!!!! *bangs head on wall*

CannyJock

You might get away with it if the purchases were made within the first 3 months, from their current summary box:

If introductory rate balances are the same we will repay them as follows:

• the one which expires first; then
• if expiry dates are the same - the one which started first; then
• if the expiry dates, and start dates are the same - the one with the lowest standard rate.

My reading of this is that the shortest promotional period will be paid first (they both started at the same time and they're both 0%). So long as you pay £130 (£70 + the BT fee) within the first 3 months I think you'll be okay. A bit of an anomaly to have a positive payment hierarchy, but I'd still stick to the general principle of not mixing them.

kriss_boy

I'll wait and see what happens.

Its put me in my place anyway, I've always thought I was pretty clued up on these things but that could have easily went badly wrong!!!

I normally have many CCs but recently I cancelled them all to just concentrate on the Virgin one.

The only annoying thing is Virgin claim I can only set up the direct debit to pay off the minimum payment of £25 per month?!?!

I challenged that but the woman claimed to over pay it I had to just phone up every month and pay extra. Doesnt make sense to me!!

CannyJock

kriss_boy wrote: »

The only annoying thing is Virgin claim I can only set up the direct debit to pay off the minimum payment of £25 per month?!?!

Yup, minimum or in full are the two choices.

fozmcfc

CannyJock wrote: »

You might get away with it if the purchases were made within the first 3 months, from their current summary box:




My reading of this is that the shortest promotional period will be paid first (they both started at the same time and they're both 0%). So long as you pay £130 (£70 + the BT fee) within the first 3 months I think you'll be okay. A bit of an anomaly to have a positive payment hierarchy, but I'd still stick to the general principle of not mixing them.

I agree, it would seem that the purchase would be paid off first. I was surprised at reading this the other day, still 3 months isn't a great amount of time if it's a large purchase.

Besides I guess if people are balance transferring in the first place, they are because they are paying a lot of interest on an outstanding debt, so spending on the card should be the last thing they should do.

Still at least it's fairer than most companies policies regarding paying off outstanding balances.

jonnyenglish

kriss_boy wrote: »

I'll wait and see what happens.

Its put me in my place anyway, I've always thought I was pretty clued up on these things but that could have easily went badly wrong!!!

I normally have many CCs but recently I cancelled them all to just concentrate on the Virgin one.

The only annoying thing is Virgin claim I can only set up the direct debit to pay off the minimum payment of £25 per month?!?!

I challenged that but the woman claimed to over pay it I had to just phone up every month and pay extra. Doesnt make sense to me!!

Although there are only two payment options through Virgin/MBNA itself, £25 or balance in full, you could set up a monthly standing order payment through your own bank for any amount you want using the Virgin account number and sort code which are printed on the reverse of the credit card statements.

fozmcfc

I've set up a direct debit for £25 as soon as I got my Virgin Card, that way you don't ever miss payment and thus lose your 0% BT..

I also though pay by debit card a further amount online because if I was paying just £25 I would never pay the debt off in 16 months.

I suppose it could be very awkward if someone didn't have a debit card and so were stuck with just being able to pay off £25 a month.