0% Purchases and Balance Transfers-Can I purhcase and then transfer?

mona0520

Hi,


I am looking into getting a new credit card with Virgin with 0% on balance transfers and purchases. I know the golden rule is not to purchase on the card but would it be possible to make a few purchases, clear that debt with a payment and then transfer the money? That way the money will be paid of and not build interest until the cheaper transfered debt is paid off.


Hope this makes sense!

Thanks

NickX

mona0520 wrote: »

I know the golden rule is not to purchase on the card but would it be possible to make a few purchases, clear that debt with a payment and then transfer the money? That way the money will be paid of and not build interest until the cheaper transfered debt is paid off.

Yes. This is a good idea and should work. To be absolutely safe you should ensure that you receive a statement with a zero balance after you have repaid your purchases before actioning the Balance Transfer.

You are effectively keeping the 2 promotions separate. Good Luck.

Idiophreak

..and make sure there's no time limit on the balance transfer promotion - often these only apply to transfers made within 30-90 days of account opening...

NickX

Idiophreak wrote: »

..and make sure there's no time limit on the balance transfer promotion - often these only apply to transfers made within 30-90 days of account opening...

Absolutely, Good Point.

When you make the Balance Transfer, I would do it on the phone and ensure that the CSA agrees that it is on the promotional 0% rate.

CannyJock

Idiophreak wrote: »

..and make sure there's no time limit on the balance transfer promotion - often these only apply to transfers made within 30-90 days of account opening...

From the Virgin summary box :

The introductory rate for balance transfers, cheque transactions and money transfers applies to transactions made within 60 days from the account opening date.