Paying off Credit card Promotional rates?

ellen1089

Hi, hopefully someone will be able to clear this up for me, but i just wanted to check something! I took out a Virgin card with 16 months interest free on balance transfers, for just over £1,000. I then took advantage of another promotion that they were offering just before Christmas, 0% on purchases over £250 until June, adding another £1,200 to the card.

The balance remaining on the card is £800, am i correct in thinking that i have until October to pay this all off before incurring additional charges, or do i need to have paid £1,200 off since I've added the the Christmas spending?

CannyJock

Your card T&C or Summary Box will say something like:

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.

If I'm deciphering this right, what you're saying is that you took out a £1000 BT in June 2009 at 0% until October 2010, and then another £1200 in purchases in December 2009 at 0% until June 2010?

So up until December 2009 you were making payments to the 0% BT and then when you took on the additional promotion, your payments were being allocated against the 0% purchases.

Not clear what the balance on the card was when you took up the additional promotion in December 2009 or what you've paid to it and when, but it sounds like you'll have repaid the 0% purchases before June 2010 so whatever you've got left will be the 0% BT until October 2010. Or to put it another way, if you've paid £1200 to the card between January 2010 and June 2010 then the 0% purchases will be cleared and whatever else is the 0% BT.