Money Transfer fees

Fleur52

Hi can some please advice on money transfer deals.
I would like to get a Virgin CC with 0% MT with 2.75 fee. Is this fee for a month or for the duration of the deal, for the year?

Thanks

Weybridge78

What do you mean? If you transfer £1000 into your bank account then the 2.75% fee of £1000 is added on and forms part of your balance which needs to be paid off in the time of the 0% interest period. Having just looked at the Virgin Money website, there isn't a money transfer card with a 2.75% fee.

Superscrooge

It's a 'one-off' money transfer fee. So with a 2.75% fee. If you were to transfer £1,000 to your bank account, you would have a debt of £1027.50 on your credit card.

No other fees during the 0% period, as long as you make the minimum payments.

Make sure you can pay off the debt before the end of the 0% promotion, otherwise you risk paying high interest rates.

bengalknights

Its a one off fee charged when you do the MT it will be deducted off the amount being transferred

ceredigion

bengalknights wrote: »

Its a one off fee charged when you do the MT it will be deducted off the amount being transferred

NO it wont,

jonesMUFCforever

No it will be added on to the transfer as per post#3.

Fleur52

Many thanks everyone for your responses.

OK i understand it now. Thought I would have to pay interest on the fees every month. That would not be worth having the CC if monthly fees involved.

Can I pay more than the minimum or is it not worth it?

Superscrooge

There is nothing to stop you paying more than the minimum.

Say the credit card balance was £1027.50 as in the example, and the 0% offer was for 12 months. You could repay £100 a month and be confident of repaying the balance during the promotional period.

But to make maximum use of the money transfer, and as long as you trust yourself to have the funds available. Just make minimum payments and keep any spare cash in a high interest account and pay off the balance at the end of the promotional period

Fleur52

Thank you.
Can you recommend any high interest accounts please. I have read about the Nationwide 5% account. But what if I need to use some of the money would I still get the 5% for the remainder of the money?

Ben8282

bengalknights wrote: »

Its a one off fee charged when you do the MT it will be deducted off the amount being transferred

No the fee will be charged separately and added to the account. If you transfer £100 the full amount will be paid into your account and your statement will show a balance of £102.75.
As has already been pointed out there is currently no Virgin Money card offering money transfers with a 2.75% fee so suggest you double check what you think you have seen.

Fleur52 wrote: »

Thank you.
Can you recommend any high interest accounts please. I have read about the Nationwide 5% account. But what if I need to use some of the money would I still get the 5% for the remainder of the money?

Why do you actually want this money transfer? Do you actually NEED to borrow this money? The nature of your questions would imply you have very little knowledge of both credit cards and interest paying bank accounts. Are you sure stoozing is for you?

Fleur52

Thanks again everyone.
I am someone who plays safe and manage with what I have and do not have any debts. Have ISA and savings and only a couple of years ago was brave enough to change bank accounts to a one with rewards/interest.

The reason I was asking about the credit card was that I would like to bring my credit score to a higher level. I had a credit card for several years and it had zero balance and was not used for a while. Recently I asked the CC Company to cancel and close the account. I had no idea that it would impact my scoring and recent check on CR file revealed that my score was low and had a negative remarks to show that I have no credits. Further research into it showed that getting a new CC would improve the score hence the reason for getting a new card.

Secondly, I would like to redecorate the house and thought getting a 0% would be good as opposed to using the savings.