Running two 0% promos at same time....

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Question,

if you had say £1000 on a 0% offer till Dec,

you then put £1500 now on another 0% offer that expires in May.

Come Dec, you pay off £1000.

will this clear the original offer or not?

whats everyones experience?

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Iand1 wrote: »
    whats everyones experience?
    In general, or do you have a specific card in mind (that you've forgotten to mention)?
  • Iand1
    Iand1 Posts: 170 Forumite
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    in general, for the usual players, MBNA, RBS Halifax if poss
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Is this because you're planning to apply for one of these products or do you already have them?
  • Iand1
    Iand1 Posts: 170 Forumite
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    I've got the virgin at the moment.

    The current offer expires 10th Dec, outstanding balance will be cleared before then.

    But got new offer till oct 2011, so want to do that now.

    The problem I see is that I pay off the old offer at beginning of Dec, and will this money go towards old offer or new one?

    Plus Halifax keep doing the same, so was looking at this for future ref.
    Thanks
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    edited 13 October 2010 at 7:37PM
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    Iand1 wrote: »
    I've got the virgin at the moment.
    See your T&Cs, section 2, specifically 2g (and 2f if one of the balances is interest bearing).
    Plus Halifax keep doing the same
    Do you have your T&Cs to hand? If not, they're on their website. If they don't cover 2 promotional rates you may have to contact them and ask. I'd suggest doing so in writing.

    You are aware the 'rules' change in January (for everyone...although MBNA have gone early last month) regarding 'order of payments'? These will work in your favour should one of the balances be interest bearing.
  • Iand1
    Iand1 Posts: 170 Forumite
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    the prob i see is that if I pay off while both still 0% that they may no apply payment to the oldest.

    Thanks.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Iand1 wrote: »
    the prob i see is that if I pay off while both still 0% that they may no apply payment to the oldest.
    And you still think that after reading condition 2g (2nd bullet)?...which clearly states the one with the earliest start date is repaid first.

    Or maybe you haven't access to your T&Cs at the moment? If so, they're on the Virgin website (just hit 'apply now' to see them).
  • Compingirl
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    Ive done this twice with Asda (Santander) and each time ive paid the original 0% off when it was due without incurring any charges. The first time I did it I was very clear with the woman on the phone and specifically asked if all payments I made would go towards the original 0% and not the new one. I prefer doing it this way 'cos I don't have to apply for a new card. cg
    CC Debt: Jan 10 £21,660 now £8,170 hurrah!
  • splatt30
    splatt30 Posts: 339 Forumite
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    I have 5 0% offers running on my virgin card currently.
    Needless to say i spent ALOT of time ensuring I had understood their allocation of payments clearly before doing this, and sent several emails getting confirmation.
    I can confirm that in this situation (where you have multiple 0% offers ending of different dates and no other balances), Virgin, will apply your payments to the 0% offer ending FIRST.
    So yep, start using your new offer that runs til next October. Your minimum payments between now and December will go to the original balance, clear that balance by the December statement date and you will pay no interest.

    In addition, Virgin have now changed their other T&Cs around allocation of payments. They now allocate payments to HIGHEST interest balances first (this is still quite unusual). So even if you don't clear all of the initial balance come December, your future payments will be allocated to that balance first (as it will then be SVR) leaving the balance on the new offer until next october interest free.
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