0% Money Transfer

Arcane2

Hi, I took out a 0% money transfer deal with a Virgin Money Card earlier this year where the 0% period ends in August 2018.

I've been sent an e-mail offering me another 0% deal until June next year.

Sorry if this is a stupid question but if I took out the second 0% deal does this mean I have to pay back the first lot of money I took out by June next year as well?

Thanks in advance.

[Deleted User]

No. End dates are specific to each offer.

fozmcfc

You might have to be careful here.

I don't have this card, but make 100% sure, that when balances have the same APR rate i.e in this case 0%, that the monthly payment you make, will go towards the 0% offer which ends first.

If it goes towards the 0% offer which started the earliest, then you won't be paying a penny off the ends in June amount, until the whole amount for the August 2018 has been paid or until your June 2017 statement.

Dobbibill

fozmcfc makes a good point around allocation of payments.

I found this on the Virgin website in FAQs.

Where we charge interest on multiple promotional balances at the same rate, we will pay off the balances in the order that the promotional offers expire (for example, a balance with a promotional rate that ends in two months time will be paid off before one that ends in six months time).

In this instance you will be fine and get the maximum out of both offers but be wary of future cards with similar offers. Always check the 'allocation of payments' section.

fozmcfc

That's good news and perhaps good news for me to, in the future, I'll be looking at a Virgin card again, since they are no longer part of MBNA.