credit card cheques - Virgin

physio_ryan

Hi - I'm a newby at credit card stuff - just got a big overdraft and want to pay it off the easiest way... I wondered if any one of you would be able to help? I would appreciate it! I've scoured the forums and no-one seems to answer this question. Here it is:
If I open a Virgin CC account and use their credit card cheques to pay off my overdraft in my bank account, will that count as a purchase and therefore give me the 9 months 0% on the Virgin Credit Card?

Many thanks for your time and help! :hello:

Ryan

Paul_Herring

Money laundering is the practice of engaging in financial transactions in order to conceal the identity, source and destination of the money in question.

http://en.wikipedia.org/wiki/Money_laundering

Clariman

physio_ryan wrote:

Hi - I'm a newby at credit card stuff - just got a big overdraft and want to pay it off the easiest way... I wondered if any one of you would be able to help? I would appreciate it! I've scoured the forums and no-one seems to answer this question. Here it is:
If I open a Virgin CC account and use their credit card cheques to pay off my overdraft in my bank account, will that count as a purchase and therefore give me the 9 months 0% on the Virgin Credit Card?

Many thanks for your time and help! :hello:

Ryan

Almost definitely not. Check the Ts & Cs of the credit card cheques but they are usually treated as cash advances and incur a cash advance fee and interest from day 1. There is a much easier way to pay Virgin credit card money into your bank account and that is to do an overdraft balance transfer from your bank to the Virgin CC.

Clariman

mrcow

I also think that Virgin charge a percentage of transaction (2%?) for their credit card cheques so don't do it that way.

All you have to do is call Virgin once you've been accepted and request a balance transfer to your bank account.


I don't understand post #2 in this thread? What this got to do with money laundering? What am I not getting?

matrix999

Virgin Credit Card Cheques do count towards your 9 months balance transfer and there is no BT Fee!

physio_ryan

Many thanks for your replys... really my hesitation was actually telling Virgin over the phone that I wanted to pay my overdraft off by using their credit card. But if their OK with that then thats fine. So, they don't mind where their money goes? (not just to another credit card..?)

YorkshireBoy

matrix999 wrote:

Virgin Credit Card Cheques do count towards your 9 months balance transfer and there is no BT Fee!

This is not my understanding. From the Virgin summary box...

============================
2% handling fee (min. £2, max. £35) for credit card cheques and some balance transfers.
============================

I take this as a "definate" fee for cheques whereas it's only applied on "some" BT's (eg, after the intro period).

By way of comparison, and albeit "slightly" different wording, from the Abbey (also part of the MBNA stable) summary box...

============================
2% (min. £3 , max.£35) may apply when you transfer balances and will always apply when you write a credit card cheque.
============================

I've always been advised (directly and indirectly) on this board to avoid using the cheques *at all costs*.

W1zz

I got my Virgin cheques through the other day.

There's a charge of 2% (min £2, max £35) of the cheque amount for using them and interest is charged from the date a cheque is received, until the date it is paid in full.

I shreaded mine.

W1zz

mrcow

W1zz....that won't stop them sending loads more to you at every given opportunity

YorkshireBoy

W1zz wrote:

I got my Virgin cheques through the other day.

Quote:
There's a charge of 2% (min £2, max £35) of the cheque amount for using htem and interest is charged from the date a cheque is received, until the date it is paid in full.


I shreaded mine.

W1zz

We seem to have a little confusion here today regarding the Virgin T&C's. So, again from the Virgin summary box...

=========================================
0% p.a. on balance transfers and credit card cheques for nine months from account opening - that's 0.0000% a month, provided you operate your account within the terms and conditions.
=========================================

So, according to Virgin, the only difference between BT's and cheques in the Virgin introductory period is that cheques have a 2% (max £35) fee and BT's do not. Both are 0% for 9 months.

W1zz

I was going by the T&C on the leaflet that came with the cheques - I guess this is a standard leaflet and doesn't really concern people who are still in their 9 months 0% introductory period.

[update]

These are the t&c from the letter my Virgin CC was attached to:

2b The interest we will charge on transactions, including for introductory promotions, will be as set out below. Note that we will not increase any promotional rate during the promotional period, unless you do not keep to the terms and conditions. If you do not keep to the terms and conditions, we may totally withdraw any promotional rates which apply to your account and apply the standard rates shown below.

• Card purchases: In the first 09 months from the account opening date, we will charge interest at the rate of 15.9% p.a. (a year). After that, we will charge a standard rate of 15.9% p.a. (a year).
• Balance transfers: In the first 09 months from the account opening date, we will charge interest at the rate of 0.0% p.a. (a year). After that, we will charge a standard rate of 15.9% p.a. (a year).
• Cheque transactions: In the first 09 months from the account opening date, we will charge interest at the rate of 0.0% p.a. (a year). After that we will charge a standard rate of 15.9% p.a. (a year).
• Cash transactions: In the first 09 months from the account opening date, we will charge interest at the rate of 15.9% p.a. (a year). After that, we will charge a standard rate of 15.9% p.a. (a year).

2c We may charge a handling fee for balance transfers. We will charge a handling fee for all cheque transactions and cash transactions. All handling fees will be 2.00% of the amount of each transaction, and will be at least £2.00.
For cheque and balance transfers the handling fee will be no more than £35.00. There will be no maximum handling fee for cash transactions. We will charge an annual fee of £0.00.

W1zz