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Will I lose my 0% rate

edited 30 November -1 at 1:00AM in Credit Cards
8 replies 1.1K views
Leste2bLeste2b Forumite
3 posts
edited 30 November -1 at 1:00AM in Credit Cards
I recently opened a Credit card with Virgin money to carry out a balance transfer from a credit card that was nearing the end of its 0% period.

I have just realised that due to a late showing expenditure on the card I have dipped slightly over my limit (£8 to be precise) and have immediately made a payment to more than cover the amount.

My question is this: Will I lose my 0% areement for being over my limit for a few days? Bearing in mind that my statement is not due to be generated for another 10 days and my prevous statement has me well below my limit and out of danger.

Any help on this would be greatly appreciated!
:beer:

Replies

  • MallyGirlMallyGirl Forumite, Board Guide
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    I'd give them a quick call and explain. Hopefully that should keep you on the 0% rate
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
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  • jonesMUFCforeverjonesMUFCforever Forumite
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    Are you telling us that you have purchases and balance transfers on the same card?
  • binaryuniversebinaryuniverse Forumite
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    Are you telling us that you have purchases and balance transfers on the same card?

    Virgin do offer cards that have 0% on BT and purchases. One card has 28 months on both.
  • Leste2bLeste2b Forumite
    3 posts
    Are you telling us that you have purchases and balance transfers on the same card?
    Virgin do offer cards that have 0% on BT and purchases. One card has 28 months on both.


    Thank you both Yes I do have BT and Purchases 0% for 28 months. Do you think it will be a problem?
  • fozmcfcfozmcfc Forumite
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    It will depend on their rules. Some companies, allow the limit to be slightly broken by one purchase, as long as it's bought back into limit, by the time the statement is produced.

    Or it could trigger a letter immediately winging it way to you, to say that you have gone over limit and will lose the 0%.

    If that happens, many first time offenders, ring, say sorry and have the 0% re-instated.

    Hopefully someone will give you an answer, otherwise, I'd contact them.
  • dld2sdld2s Forumite
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    I have found that if you call and explain things, especially at the beginning of a new card CC companies usually give a bit of leeway when a error occurs
  • Leste2bLeste2b Forumite
    3 posts
    fozmcfc wrote: »
    It will depend on their rules. Some companies, allow the limit to be slightly broken by one purchase, as long as it's bought back into limit, by the time the statement is produced.

    Or it could trigger a letter immediately winging it way to you, to say that you have gone over limit and will lose the 0%.

    If that happens, many first time offenders, ring, say sorry and have the 0% re-instated.

    Hopefully someone will give you an answer, otherwise, I'd contact them.
    dld2s wrote: »
    I have found that if you call and explain things, especially at the beginning of a new card CC companies usually give a bit of leeway when a error occurs



    Thank you both! will get on to them in the morning
  • It's always best to call, or even go visit them. You can negotiate. They don't want to lose client
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