A Quick Virgin Credit card Question?

pinchez

Hi

I have a Virgin CC with a limit of £1500 and at the time it came with 13 months interest free on Bank Transfers. I did a bank transfer when i first got the card for about £1200 leaving £300 of available credit. Only the minimum amount is being taken off at the moment £5 per month as i have some money comming soon to pay it all off in one go.

My question is if i make a purchase using the available credit on this card what will happen to my Bank Transfer and payments? will i lose the 0% or will the Bank Transfer and and purchase be treated seperately and what about the payments, will and how will they change.

Any help would be much appreciated as i need to make an urgent purchase

Thanks

sammiboo

As far as i know, the interest will be charge on purchases only.

I have the same card.

Moggles_2

True, but this is not in the least money saving.

Martin's golden rule: never, ever, ever ... spend on a credit card after balance
transferring to it!

pinchez

What would the penalties be? as i could really do with using the available credit.

If i did spend on the card how would the payments work on paying the BT and what i spend on the card?

Thanks

dazed

call them up and ask them to transfer into your bank account. Therefore it would be at 0%.

pinchez

I've had the card for 8 months how would that work? surely i would still have to pay interest on it.

Sorry for all the questions i really don't understand the working of CC too well!

taless

Your payments will go to repaying your balance transfer first. Only when you have finished repaying your balance transfer will your payments go to clear your purchase.

So if you were to make a purchase, you will be charged at your card's purchase rate, which is likely to be 15.9% APR. The only way to get you out of paying this interest is to pay your Balance Transfer & your purchase in full.

So I really suggest that you don't use the the 300 for purchases! It is a very expensive way of borrowing money.

pinchez

Thanks taless, thats what i needed to know and i won't be using the £300 credit in that case.

dazed

pinchez wrote: »

Thanks taless, thats what i needed to know and i won't be using the £300 credit in that case.

you can transfer it into your bank at the same rate as your balance transfer!

It is classed as a balance transfer into your bank account.

YorkshireBoy

dazed wrote: »

you can transfer it into your bank at the same rate as your balance transfer!

...and it will presumably also attract a 2.98% BT fee.

They'll probably only let you BT up to 95% of your available credit*, ie £285, and the BT fee (of £8.50) will be collected with your next minimum payment (of £5) making £13.50 in total.


* Alternatively, they may only let you have a total of £1,500 x 95%, ie £1,425, meaning you can only SBT £225.

dazed

YorkshireBoy wrote: »

...and it will presumably also attract a 2.98% BT fee.

They'll probably only let you BT up to 95% of your available credit*, ie £285, and the BT fee (of £8.50) will be collected with your next minimum payment (of £5) making £13.50 in total.


* Alternatively, they may only let you have a total of £1,500 x 95%, ie £1,425, meaning you can only SBT £225.

Indeed long time no speak YB