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Money Transfer vs Spending
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jacko198
Posts: 25 Forumite
in Credit cards
So i started a thread a few weeks back on what way to finance my new Macbook.
I was wondering wether i should do a finance at 14.9% or take out a balance transfer card (wrongly thinking this was a Money transfer card)
So now i am wondering what the point in a money transfer card would be over a spending card. If they are the same term, same % then surely i should just get a spending card. Or am i missing something?
I guess a money transfer card you can transfer money to your account AND get 0% on spending as i have seen with a few virgin cards. So maybe they would be the best option?
Just wanting to check before i take the leap of faith!
I was wondering wether i should do a finance at 14.9% or take out a balance transfer card (wrongly thinking this was a Money transfer card)
So now i am wondering what the point in a money transfer card would be over a spending card. If they are the same term, same % then surely i should just get a spending card. Or am i missing something?
I guess a money transfer card you can transfer money to your account AND get 0% on spending as i have seen with a few virgin cards. So maybe they would be the best option?
Just wanting to check before i take the leap of faith!
0
Comments
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Money transfers are for putting money into your current account so you can pay something or someone who doesn't accept cards or BTs.
If you just want to buy stuff, then a purchases promo is what you're looking for.0 -
That makes sense thanks.
Looking through some T&C's, I'm a little confused. For example this card is 0% for 25 months. In the T&C's it says this under Interest Free Period
"Maximum 50 days for Purchases, if you pay the balance off in full and on time each month"
http://uk.virginmoney.com/virgin/assets/pdf/VM17260.pdf
How does that make sense if its a 25month 0% offer?
Any help with that?0 -
If you don't pay it off by the end of the maximum 50 day period interest applies. During your promotional period it is applied at your 0% rate, costing you nothing.
Their wording could be better.
It is important to make sure you meet the conditions, namely that you make the minimum payment on time every month.0 -
Yeah thats what i thought! Makes sense now thanks.
The other thing I'm wondering is looking at the T&C's, the balance and money transfers are eligible for 0% if taken in within 60 days.
With the 0% purchases, am i right in saying that anything i buy within those 25 months is interest free, as long as i pay it off by the end of the term?0 -
yes - that is right, as long as you keep up the minimum paymentsI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Cheers folks. Applied and got accepted!0
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