VM Balance Transfer Offers, order of repayment.

born_again

To transfer & pay off OD. You can not do a balance transfer. That only works between credit cards.

 You would need a Money transfer card, which allows you to transfer cash to your bank account.
If you do this from a normal CC, you will not only get hit by a fee, but also interest from day one @ the higher cash rate.

MSE guide

https://www.moneysavingexpert.com/credit-cards/money-transfers/

CliveOfIndia

Dandytf said:

@born_again

I forgot to make CC Payment, caught up in excitement of Alta label after unclipping heater.

I'm not sure how installing a new heater could be so exciting that it makes you forget to pay your credit card - but do you not have a Direct Debit set up (for the minimum amount at the very least, ideally the full amount) to prevent just such an occurrence?

Dandytf

CliveOfIndia said:

Dandytf said:

@born_again

I forgot to make CC Payment, caught up in excitement of Alta label after unclipping heater.

I'm not sure how installing a new heater could be so exciting that it makes you forget to pay your credit card - but do you not have a Direct Debit set up (for the minimum amount at the very least, ideally the full amount) to prevent just such an occurrence?

I did use VM DD to schedule repayments during last years 0%.
I cancelled DD once Balance was cleared, No Min DD which helped me forget about that card -until latest offer has made Cooker possible.
I should have repaid cc yesterday, didn't really consider any financial stuff yesterday.
What I could do is repay Similar smaller payment anyway, though think I'll allow 1-2 weeks and make medium payment before Transfer.
Though for Non VM CC  There is min DD, not enough to clear small balance.
This is what I don't enjoy, Min repayments from very low %'s these should always have been set higher by CC Providers. though lots of providers to set from £25 Min which is much better for Balance users such as myself,.

born_again

Dandytf said:

CliveOfIndia said:

Dandytf said:

@born_again

I forgot to make CC Payment, caught up in excitement of Alta label after unclipping heater.

I'm not sure how installing a new heater could be so exciting that it makes you forget to pay your credit card - but do you not have a Direct Debit set up (for the minimum amount at the very least, ideally the full amount) to prevent just such an occurrence?

I did use VM DD to schedule repayments during last years 0%.
I cancelled DD once Balance was cleared, No Min DD which helped me forget about that card -until latest offer has made Cooker possible.
I should have repaid cc yesterday, didn't really consider any financial stuff yesterday.
What I could do is repay Similar smaller payment anyway, though think I'll allow 1-2 weeks and make medium payment before Transfer.

If there is no balance, then nothing is taken 🤦‍♀️
So cancelling make no sense.

Dandytf

born_again said:

Dandytf said:

CliveOfIndia said:

Dandytf said:

@born_again

I forgot to make CC Payment, caught up in excitement of Alta label after unclipping heater.

I'm not sure how installing a new heater could be so exciting that it makes you forget to pay your credit card - but do you not have a Direct Debit set up (for the minimum amount at the very least, ideally the full amount) to prevent just such an occurrence?

I did use VM DD to schedule repayments during last years 0%.
I cancelled DD once Balance was cleared, No Min DD which helped me forget about that card -until latest offer has made Cooker possible.
I should have repaid cc yesterday, didn't really consider any financial stuff yesterday.
What I could do is repay Similar smaller payment anyway, though think I'll allow 1-2 weeks and make medium payment before Transfer.

If there is no balance, then nothing is taken 🤦‍♀️
So cancelling make no sense.

To avoid, 'I 'll buy this item anyway' as I have DD in place anyway.

CliveOfIndia

Dandytf said:

CliveOfIndia said:

Dandytf said:

@born_again

I forgot to make CC Payment, caught up in excitement of Alta label after unclipping heater.

I'm not sure how installing a new heater could be so exciting that it makes you forget to pay your credit card - but do you not have a Direct Debit set up (for the minimum amount at the very least, ideally the full amount) to prevent just such an occurrence?

Though for Non VM CC  There is min DD, not enough to clear small balance.
This is what I don't enjoy, Min repayments from very low %'s these should always have been set higher by CC Providers.

Why not just set up a DD for the full balance then?  Set it up once and you can forget about it.

The only time it may be an issue is if you don't use the card for 24 months, then the DD would become dormant and you'd need to set up up again.  But if you're using the card (and hence the DD) regularly then it's no problem.

born_again

CliveOfIndia said:

Dandytf said:

CliveOfIndia said:

Dandytf said:

@born_again

I forgot to make CC Payment, caught up in excitement of Alta label after unclipping heater.

I'm not sure how installing a new heater could be so exciting that it makes you forget to pay your credit card - but do you not have a Direct Debit set up (for the minimum amount at the very least, ideally the full amount) to prevent just such an occurrence?

Though for Non VM CC  There is min DD, not enough to clear small balance.
This is what I don't enjoy, Min repayments from very low %'s these should always have been set higher by CC Providers.

Why not just set up a DD for the full balance then?  Set it up once and you can forget about it.

The only time it may be an issue is if you don't use the card for 24 months, then the DD would become dormant and you'd need to set up up again.  But if you're using the card (and hence the DD) regularly then it's no problem.

DD's become dormant after 13 months of inactivity 👍

Not using card for 24 months could well make the CC dormant & need to reapply again depending on the provider.

born_again

Dandytf said:

To avoid, 'I 'll buy this item anyway' as I have DD in place anyway.

Makes no sense, as you have just used card with no DD in place & forgot to pay, which could be 50 odd days after buying heater & around 20 days after statement was produced🙋

If you want to avoid the "'I'll buy this item anyway" Cut up & destroy the card 👍

Dandytf

born_again said:

Dandytf said:

To avoid, 'I 'll buy this item anyway' as I have DD in place anyway.

Makes no sense, as you have just used card with no DD in place & forgot to pay, which could be 50 odd days after buying heater & around 20 days after statement was produced🙋

If you want to avoid the "'I'll buy this item anyway" Cut up & destroy the card 👍

I haven't yet re used VM card until Transfer from used cc is requested.
I had been following clear close then cut in recent years, maybe I can continue albeit  slower pace.
VM is basically one card I did keep, 0% offers don't last forever, and it is serving purpose of low cost heating renewal.

CliveOfIndia

born_again said:

CliveOfIndia said:

Dandytf said:

CliveOfIndia said:

Dandytf said:

@born_again

I forgot to make CC Payment, caught up in excitement of Alta label after unclipping heater.

I'm not sure how installing a new heater could be so exciting that it makes you forget to pay your credit card - but do you not have a Direct Debit set up (for the minimum amount at the very least, ideally the full amount) to prevent just such an occurrence?

Though for Non VM CC  There is min DD, not enough to clear small balance.
This is what I don't enjoy, Min repayments from very low %'s these should always have been set higher by CC Providers.

Why not just set up a DD for the full balance then?  Set it up once and you can forget about it.

The only time it may be an issue is if you don't use the card for 24 months, then the DD would become dormant and you'd need to set up up again.  But if you're using the card (and hence the DD) regularly then it's no problem.

DD's become dormant after 13 months of inactivity 👍

It always used to be 13 months, but during Covid most banks changed the dormancy period to 24 months.  I think most have since kept it at 24 months, though I may be wrong - but probably worth checking for anyone who may be affected by it