Virgin Money new promotional money transfer rate

JLK1996

Hello!

I currently have a Virgin Money 0% Money Transfer Rate which is active until 31/03/2024. This currently has £650 owing on it. I've now been offered a new promotional rate which 0% until 30/09/2024 for any new transfer.

I just want to know if I'm correct in thinking the £650 will still have the same promotional rate as current ending 31/03/2024 and any new transfer balance, say £1,000 will have the 0% rate until 30/09/2024? Therefore, they will be separate even though same card and consolidated balance.

Or

Will my full balance, for example £1,650 be moved to the new promotional rate ending 30/09/2024? 

I'm struggling to find a definitive answer online or in the terms and conditions. 

Kind Regards. 

MorningcoffeeIV

Each balance remains on its own terms.

CliveOfIndia

JLK1996 said:

I just want to know if I'm correct in thinking the £650 will still have the same promotional rate as current ending 31/03/2024 and any new transfer balance, say £1,000 will have the 0% rate until 30/09/2024? Therefore, they will be separate even though same card and consolidated balance.

This is correct.  As per the reply from MorningCoffee, any new promotional offers will be separate from, and have no effect upon, existing promotions.

Just read through the T&Cs carefully to make sure you understand how payments are allocated.  As a general rule, any payments are allocated to the highest-interest debt first.  But where you have two 0% promotions running concurrently, different cards do it differently.  Some will prioritise the offer that started first, some will prioritise the offer that expires soonest.

I suspect it will actually make little difference in your case, as the one that started first is also the one that expires soonest.  But it's as well to read the T&Cs, just to be doubly-sure.

And of course, do make sure you clear the balance(s) before the promotional rate expires - you may be able to do a further BT for any remaining balance, but there's absolutely no guarantee that you'll be able to do so.