Virgin additional BT

jack290292

Hi,
Quite new to doing BT and have a question re Virgin BT offers. I did a couple of BT for the 16 mnth 0% interest but I still have a balance on another card. In my offers on Virgin log in it says I can have 0% on BT, that if I do before Oct which is 0% until May 2010.

Can I just clarify that the original transfers I made would still be 0% for the 16 months if I took up the new BT offer but cleared that amount in full by May 2010?

I dont want to mess up the original offer.

Degenerate

jack290292 wrote: »

I dont want to mess up the original offer.

That's what they're trying to temp you to do. Any repayments will be applied to the original BT first.

System

Hello,

When does the original 16 month offer expire?

I believe Degenerate is right, any payment you make will come off the original (16 month) offer first. If you can't clear your entire balance by May 2010 you will start to pay interest on the second offer balance which will been locked behind the original offer balance - if you see what I mean!

Unless both offers finish at the same time I'd say don't do it.

Regards
UNDERGROUND

iceage3

Hello

if both deals finish at same time i will do it.i can bt up to 95% of credit limit and done this as still in 16 mth contract.

oscar52

Degenerate wrote: »

That's what they're trying to temp you to do. Any repayments will be applied to the original BT first.

Actually, this is incorrect. If both rates have the same rate - 0% - they will apply payments to the rate that ends first.

jack290292

Thanks for your replies. Think it will be wait and maybe go for another 0% card in a few months time, just to be on the safe side.

iceage3

jack290292 wrote: »

Thanks for your replies. Think it will be wait and maybe go for another 0% card in a few months time, just to be on the safe side.

yes it will still be 0% ,u would have to still pay min payment .i balance transferred on different occasions and is still 0%.as long as u can pay the whole lot off by may .

GO FOR IT.

System

oscar52 wrote: »

Actually, this is incorrect. If both rates have the same rate - 0% - they will apply payments to the rate that ends first.

oscar,

You're completely right and I stand corrected!

From the Virgin Money website:

If you don't pay off your balance in full, your repayments will be allocated to balances at the lowest rates first. If you have balances attracting the same promotional rate, we will allocate your repayments to the balance at the promotional rate which ends first.
Please note, this applies whether or not the lower interest rate
transactions have appeared on your statement yet.


To the OP: sorry I gave you duff info! I'll revise my answer to say, yes go ahead! This is presuming you can clear the balance on the second offer by May.

Regards
UNDERGROUND

Degenerate

UNDERGROUND wrote: »

oscar,

You're completely right and I stand corrected!

I stand corrected too. Although, I'm sure MBNA will realise their mistake at some point and amend their t&cs to fix this oversight!

YorkshireBoy

Degenerate wrote: »

...I'm sure MBNA will realise their mistake at some point and amend their t&cs to fix this oversight!

This promotional period order of payments, as defined in condition 2f, has been around since last year (September/October if memory serves, so nearly a year now), so it looks like it's staying.

chattychappy

Slightly at a tangent, I went through this sequence with MBNA:

1. Had a small balance (£200) attracting standard interest.
2. Sent payment to clear balance. Paid extra £10 to more than cover interest that would be applied.
3. [At this stage account was in credit]
4. Did BT on 0% promotional rate. Didn't use the card again.
5. On the next statement all transactions were shown with the correct dates in the above sequence. Interest charged was about £3.80 - as expected.

I assumed I wouldn't get charged any more interest - I thought my extra £10 would cover the interest in the pipeline.

I was wrong - I got charged £1 interest each month until I cleared the BT. They told me that the £10 was applied to the BT because that was applied to the account before the interest was applied. So each month I was charged interest on the interest - and this rounded up to £1. I checked with their T+Cs at the time and it seemed consistant.

So in summary - yes a payment can be applied to a transaction that hasn't appeared on a statement yet. But it won't be applied to a transaction that hasn't been applied to the account yet. Kinda obvious now.