Read the info - Post Office Card

cos_2

Hi all,

I've a Virgin Money 16-month interest free card where the interest-free balance reverts to 15 odd per-cent next March. I was trying to plan ahead and saw the Post Office card, through Bank of Ireland, would give me another 12 months if I transfer my balance within 3 months of opening the account.

Well, it's just turned December, my deal runs out in March, so I duly applied. Good news - I'm accepted for the card, although they say they'll provide my limit by letter in the next 7 days. (Hoping for £4750.)

The thing to watch for is something I missed during applying - the 12 month interest free period runs from the date of acceptance, not, as I stupidly thought, from the date of the BT within the first 3 months. It means I'll get about 8 months out of the deal. Ah well...

Not blaming the Post Office for this at all as the information was there. I just want to remind folks to read before you hit the enter key!

Mea culpa

speedbird1973

It's the same with all cards. However you have (hopefully) another 8 months peace of mind. Then get another virgin card and hopefully you'll be debt free by then!

exel1966

cos wrote: »

The thing to watch for is something I missed during applying - the 12 month interest free period runs from the date of acceptance, not, as I stupidly thought, from the date of the BT within the first 3 months. It means I'll get about 8 months out of the deal. Ah well...

Not blaming the Post Office for this at all as the information was there. I just want to remind folks to read before you hit the enter key!

Mea culpa

Never assume when dealing with BT's. All cards operate very differently in this respect.
Some will run from application acceptance date, some from transfer date, some from application date.
Dates also differ as to when the offer period actually ends. That has to be checked very carefully as again it does differ quite significantly.

I fail to understand how you'll lose 4 months out of a 12 month deal though or are you saying you wont do the BT til the end of the 3 months ?
If that's the case, then why apply for the card now if you can't do the BT yet ?

cos_2

My deal with Virgin expires in March 2010 so I was looking to get a 0% replacement set up. I misread the stuff from PO and thought I could apply now but wait until Feb to do the transfer, and then get a full 12 months 0%. As it turns out my 0% with PO is up and running right now (albeit don't have the card yet) and will expire in either Nov or Dec 2010.

So, yes, I had hoped to do the transfer after 3 months, but it won't quite work out as I had thought.

Not to worry - I like the idea of reapplying for Virgin, assuming such a deal will still be around next year!

Thanks for your responses, folks!

cos_2

Final update to say the card came through and the credit limit is enough to transfer the Virgin balance. Their website is a bit archaic but I can phone

td_007

cos wrote: »

Final update to say the card came through and the credit limit is enough to transfer the Virgin balance. Their website is a bit archaic but I can phone

Be aware that the BT has to take place within the first 3 months of acceptance to get advantage of the 0% rate - "1 Only in respect of Balance Transfers made within 3 months of Date of Agreement."