Virgin Credit card/Balance Transfers

jon200

Hi guys,

This is probably a silly question, but here goes.

Looking to transfer my balance of £1700 from my Halifax One card, and Virgin are offering 0% on balance transfers for 15 months, and 0% on purchases for 3 months.

Now does a balance transfer mean i can transfer my £1700 over to it and i won't have to pay any interest on it for 15 months?

GreyPilgrim

jon200 wrote: »

Hi guys,

This is probably a silly question, but here goes.

Looking to transfer my balance of £1700 from my Halifax One card, and Virgin are offering 0% on balance transfers for 15 months, and 0% on purchases for 3 months.

Now does a balance transfer mean i can transfer my £1700 over to it and i won't have to pay any interest on it for 15 months?

hi Jon, yes this is the case. There'll probably be a 3% charge for the transfer (about £50), and as long as you keep up the minimum payments (probably about £25 per month), you won't be charged any interest on the outstanding balance for the 15 month period.

DO NOT MAKE ANY PURCHASES ON THE CARD THOUGH!!!!!!!!

YorkshireBoy

jon200 wrote: »

Now does a balance transfer mean i can transfer my £1700 over to it and i won't have to pay any interest on it for 15 months?

Yes, providing you keep to the T&c's, ie don't miss a payment.

Your first minimum payment will be 3% of the balance (which is made up of the amount BT'd plus the 2.98% BT fee), so £52.52.

Second and subsequent minimum payments will be £25.

Your 0% end date will be your 15th statement date...NOT the 15th payment due date.

Set up a minimum payment DD for peace of mind, and diarise to pay the remaining balance/BT the debt away BEFORE the 15th statement date.

GreyPilgrim

Yes, I forgot that the initial payment is higher than the subsequent ones Jon. Sorry about that .

As per last poster...either set up a DD to make sure the minimum payments get there on time or diarise it, otherwise the deal falls over and you'll be charged the full interest rate

Trowel

GreyPilgrim wrote: »

DO NOT MAKE ANY PURCHASES ON THE CARD THOUGH!!!!!!!!

I've just been approved for the Virgin cc which I'm planning to SBT my overdraft onto. However I'd also like to take advantage of the enhanced Virgin Miles offer by purchasing a couple of flights on the card.

Am I right in thinking I can pay for the flights on the card then straight away pay off the balance from my overdraft, and once I have a zero balance statement back from Virgin it's safe to transfer my overdraft (now including the cost of the flights ) back onto the card, so the full debt will now be at the 15 month 0% rate?

YorkshireBoy

Trowel wrote: »

Am I right in thinking...

Yes, although it may only be 14 months by the time you complete on the SBT.

Trowel

Cheers - this is going to save me a small fortune... which no doubt the missus will spend when we get to Vegas :rolleyes:

jon200

Thanks for the help guys, i think i'll transfer my balance onto this card. It seems like the best deal out there.

How long before my current 0% deal with Halifax runs out should i apply for the Virgin Card?

YorkshireBoy

jon200 wrote: »

How long before my current 0% deal with Halifax runs out should i apply for the Virgin Card?

4-6 weeks (but closer to 6 than 4 to be safe).

Good luck.

clio

Y-B
My friend has a virgin card and i saw that there first direct debit is a strange amount so told him and he asked me to ask
how much will his 1st payment be if he B/T'd £1500, does it work out around £99 ie: 3% of 1500 + 1500 bt fee at 2.98 %

YorkshireBoy

clio wrote: »

how much will his 1st payment be if he B/T'd £1500, does it work out around £99 ie: 3% of 1500 + 1500 bt fee at 2.98 %

It's the lesser of...

3% of the balance

or

the 2.98% fee + £5

The 'tip' point balance is around £4,570, ie anything less than £4,570 and it'll be based on 3%...and anything more than £4,570 and it'll be based on the 2.98% + £5 method of calculation.

So, your friend, with their £1,544.70 balance (£1,500 x 1.0298) will see their 1st minimum payment calculated as 3%, ie £46.34 (because the £44.70 BT fee + £5 is greater at £49.70)

Second and subsequent minimum payments will be £25.

Make sense?