Virgin Money Credit Card

wavesandcurls

Almost coming to the end of a 0% interest free period for purchases. Does anyone know if VM will offer another deal or should I phone to see if there is a new offer. I know I can go elsewhere but been happy with them and have a decent limit with them.

[Deleted User]

What sort of “deal”?

They won’t extend you current promo and you can’t transfer within the same group.

So you would need to look to BT somewhere else if you currently have a balance

wavesandcurls

I don't have a balance at present but I do like the 0% on purchases as gives me flexibility to spread payments without interest.

They constantly give me 0% balance transfer / money transfer offers but I'm hoping for a further 20 months 0% on purchases when current deal ends.

adindas

wavesandcurls wrote: »

Almost coming to the end of a 0% interest free period for purchases. Does anyone know if VM will offer another deal or should I phone to see if there is a new offer. I know I can go elsewhere but been happy with them and have a decent limit with them.

After giving you 0% interest free period for purchases which is a loss leader for them, it is extremely unlikely they will offer you another deal or extend your period.

You get a much better chance to try other banks which are offering similar introductory deal.

Verityspinelli

wavesandcurls wrote: »

Almost coming to the end of a 0% interest free period for purchases. Does anyone know if VM will offer another deal or should I phone to see if there is a new offer. I know I can go elsewhere but been happy with them and have a decent limit with them.

The poster above is correct, i don’t think I’ve ever been given a 0% purchase offer after the initial deal ended. 0% Money transfers and balance transfers yes.
You could ring up and ask if they are willing to offer you this deal again but don’t get you’re hopes up.

Good Luck though.

Duckyduck

It’s worth asking, if they say no ask to close the account and you might find they can pull some strings. I’ve done it twice on MBNA cards, admittedly it was only a 6 month extension, but better than nothing.

System

adindas wrote: »

After giving you 0% interest free period for purchases which is a loss leader for them,

How is that a loss for them? They take a fee from every merchant for every transaction the OP makes.

LuSiVe

I've had 0% on purchases on my Virgin Money card as a short term offer between October 2018 and April 2019. Didn't ask for it, was emailed after starting to use this card for day-to-day purchases after finishing paying a balance transfer off.

adindas

beany_bot wrote: »

How is that a loss for them? They take a fee from every merchant for every transaction the OP makes.

Indeed They take a fee from every merchant for every transaction.
But keep in mind they still need to pay the payment processing to Visa, Master, Amex, etc. This is just one example. Cost of administering it, risk of default is another possible loss where they will lose they money they have been lending it to you

But probably the most cost is the opportunity cost. Let say you have maximised £10,000 to buy good, services on 36 months 0% on purchase CC in one go, within the first month of getting the card.

It is the same think they are lending you an interest free money free for 36 months. As money is a limited resources, they could have used this money to lend it to a more profitable customers who might be paying 15%+ interest.

DonnySaver

Just phone up to cancel the card. They will probably ask why are you cancelling - just them them truth - because your 0% interest free period has ended. They may well offer an extension (Sainsburys did with me).

If they don't then nothing lost. Just find another card with a a decent 0% offer.

adindas

DonnySaver wrote: »

Just phone up to cancel the card. They will probably ask why are you cancelling - just them them truth - because your 0% interest free period has ended. They may well offer an extension (Sainsburys did with me).

If they don't then nothing lost. Just find another card with a a decent 0% offer.

They might do that, if still have a lot of balance on it as they might still see the possibility to make money out of you in the later date expecting you are not able to clear it out within the extension period. But AFAIK the op have cleared the balance up.

I have done a number iteration of 0% on Purchase BT cards, none of the providers have offered me an extension when I told them I wanted to close it. So I just close it and find a new lenders and start the iteration again.