0% Balance Transfer offer on Virgin Credit Card - Does "Until" include month stated?

unidentified

Got a bit of a confusing issue here.

Virgin Credit Card with 0% Balance Transfer for 16 months, used about 1/3 of the available amount and transferred balance to it. This would be due to end in July and revert back to normal rate.

However, back in December 2009 I needed to transfer another balance, and the Virgin Card at the time had an offer which was 0% on Balances Transferred "until" April 2009.

Now my question is threefold...

1.
Does the word "until" actually *include* the month of April (ie. Do I still get 0% on that amount for and *during* the month of April or will it revert back to the full APR% on 1st April 2010?)

2.
When the first 0% period ends (ie. in April or May depending on the answer to #1), will the interest be charged on the *entire* balance or only on the balance that was transferred in December 2009?

3.
Will I be charged a full 16.9% APR interest in one lump sum and will this be added straight to the existing balance or will it simply be 1 months APR (e.g. 16.9% / 12 = 1.4083% of the total)?

Thanks :money:

YorkshireBoy

1. MBNA offers usually (always?) run until your statement date in the month quoted. However, ask them (not us) to be 100% sure. After all, it's a freephone number.

2. Your order of payments will be detailed in your personal T&Cs [2f?] (MBNA CCs can have different T&Cs depending on when they were opened).

3. You'll accrue interest daily. It'll be somewhere near (but not exactly worked out as you've done) your 1.4% figure each month. To work it out accurately take the monthly rate, multiply by 12, divide by 365, and then multiply your daily balance by this figure. Add up all the days interest and that's your monthly statemented total.

unidentified

You'll accrue interest daily. It'll be somewhere near (but not exactly worked out as you've done) your 1.4% figure each month. To work it out accurately take the monthly rate, multiply by 12, divide by 365, and then multiply your daily balance by this figure. Add up all the days interest and that's your monthly statemented total.

I'm slightly confused by #3 though, especially in regard to "daily" interest...

To put it more simply, will I be charged a full 12 months interest in 1 single month (whatever month the 0% rate ends) and will that amount be whacked onto my existing total?

CannyJock

unidentified wrote: »

I'm slightly confused by #3 though, especially in regard to "daily" interest...

To put it more simply, will I be charged a full 12 months interest in 1 single month (whatever month the 0% rate ends) and will that amount be whacked onto my existing total?

No. If your 0% promotion ended on the 10th of the month (your statement date for that month) and you paid the balance in full on the 20th of the month, you will be charged interest for 10 days, which will appear on your next statement.

Like YB says, interest is calculated daily - you're interest rate up to the end of the 0% period is 0%, interest isn't back-dated or charged in advance.

unidentified

Like YB says, interest is calculated daily - you're interest rate up to the end of the 0% period is 0%, interest isn't back-dated or charged in advance.

Okay, that's more what I was concerned about, thanks.

When you refer to "daily balance" however, what is this? Is this a portion of the overall/total balance?


When the 0% period ends, the card will not be cleared, there will still be an amount on it.

CannyJock

unidentified wrote: »

When you refer to "daily balance" however, what is this? Is this a portion of the overall/total balance?

Balance at the end of each day.

So if you started with £100 on your card at the 1st of the month, spent £90 on the 11th of the month, then another £80 on the 21st of the month and got your statement on the 31st of the month, you'd be charged interest on

£100 for 30 days (£100 x 16.9% / 365 x 30)
£90 for 20 days (£90 x 16.9% / 365 x 20)
£80 for 10 days (£80 x 16.9% / 365 x 10)

YorkshireBoy

unidentified wrote: »

When you refer to "daily balance" however, what is this? Is this a portion of the overall/total balance?

If you're still using the card after the 0% period then the balance will change each day a transaction is posted to the account.

If, however, this card was just used to make a single (or 2 in your case) BT then the balance will be static, ie the same each day, until the interest is added at statement date. In this case you could take the monthly rate (for a very approximate calculation), or multiply this monthly rate by 12, then divide by 365, then multiply by the number of days in the statement period, and then multiply by the static balance figure to get your monthly interest amount.

unidentified

The wording is quite ambiguous, reads as follows:

"When your special Balance Transfer Rate of 0% P.A. ends after your April 2010 statement date, you'll pay interest at your standard card rate on any remaining balance".

It doesn't state clearly whether this is the *entire* remaining balance or just what was transferred in Dec 2009. Sneaky $£%£$%s.

So that miniscule Balance Transfer in Dec 2009 could've cost me 3 months 0% on the card

To be on the safe side, gonna have to transfer the money away to somewhere else.

Question is now: What's the best current 0% Balance Transfer card for an instant decision?

Was going to go for Egg, but it looks like I only requested closure of my Egg Money/Egg Card account (not totally sure which) on 16th April 2009, so am guessing it's unlikely they would accept me again even if I wait until April 2010?