New Balance Transfer Discussion Area

gtds

Hi

Quick question regarding balance transfers, to which I haven't found an answer on the website.

Example: a credit card is offering balance transfers at 0% for 9 months and 10% on purchases. If I transfer £1000 pounds and spend, for example, £200 on purchases, does that mean I will be charged interest on the £200 alone during the first 9 months (and no interest is applied to the £1000)?

Many thanks..

Kind regards
gtds

_Gerry_

Just tried Virgin card as an existing customer. Best deal they would offer was 2.9% for 6 months on balance transfer of £6k. Not very exciting. Not what I would call good either, unless someone knows how to get a better deal with them ?

Viz_2

gtds wrote:

Hi

does that mean I will be charged interest on the £200 alone during the first 9 months (and no interest is applied to the £1000)?


gtds

Yes i'm pretty sure you only get charged on the new purchases and nothing on the balance transfer of £1000.

Viz_2

_Gerry_ wrote:

Just tried Virgin card as an existing customer. Best deal they would offer was 2.9% for 6 months on balance transfer of £6k. Not very exciting. Not what I would call good either, unless someone knows how to get a better deal with them ?

Why not balance transfer to a 0% card ?

JaneL_3

I have just received notification that my application for a Virgin Credit Card (9 months 0% interest) has been accepted with a credit limit of £10K. I want to become a Stoozer and do a Balance Transfer for the full amount to my Internet bank account. Should I have requested that I wanted to do a Balance Transfer at the beginning of my application?

djmozy

Hi there Jane. I have also just applied for a virgin credit card and got a 9K credit limit (highest I have ever received for any credit card). You can do a balance transfer for free at any time during the first 9 months.

I read on the terms and conditions that they may impose a 2% fee on some balance transfers but when I phoned the customer services representative he said that at present there are no fees and that they have no plans to impose the 2% fee in the forseeable future and just that they would like to keep the option open in the terms and conditions. They will tell you beforehand if a balance transfer will incur a fee which at present should be never.

Big_Penny

Hi,all.I'm a new poster,so please bear with me.
I currently have £1582.47 on a Barclaycard @ 0% due to end in Aug.
Plus £3164.64 on A+L @0% due to end sooner,I have just been turned down
for a Virgin card,does anybody know my next best move?
I am contemplating M&S,or a personal loan,as I also need another £1000 cash
if poss.Any suggestions please.

weimaranermerlin

After reading the article on Egg's balance transfers and teh loophole for existing customers I went ahead and tranferred £5000 from our current account onto our existing Egg card (the balance was 0 at the time). When I just checked my statemet online Egg has charged me 1.167% for the month (£3.84!)! I have sent them an email querying it but so far no response...
Any ideas?
Thanks a lot!

Chadsman

The bit you read about existing customers not being charged probably related to new customers being charged a fee (not interest) of 2% on any BT. As an existing customer prior to 1st May you would not have been charged this fee but you have been charged interest since it is presumably outside your anniversary month.
Find out when your anniversary month is (if necessary send them a secure message) in that month you will be able to do a BT that will qualify for a 0% interest rate.
HTH,
Chadsman.

Mad_Morgan

Take care with Virgin that you remenber to set up a method of payment, they do not ask you for this as a matter of course when you open the account. If you wait until you recieve the statement you may not have time to set up a direct debit for example. They will then hit you with late payment fees and remove the 0% interest. They appear not to be too sympathetic re mistakes.

Also check out how long you have to wait to get an answer on the phone and what you can and cannot do online.