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  • FIRST POST
    • Fleur52
    • By Fleur52 4th Mar 18, 8:02 AM
    • 19Posts
    • 0Thanks
    Fleur52
    Money Transfer fees
    • #1
    • 4th Mar 18, 8:02 AM
    Money Transfer fees 4th Mar 18 at 8:02 AM
    Hi can some please advice on money transfer deals.
    I would like to get a Virgin CC with 0% MT with 2.75 fee. Is this fee for a month or for the duration of the deal, for the year?

    Thanks
Page 1
    • Weybridge78
    • By Weybridge78 4th Mar 18, 8:32 AM
    • 150 Posts
    • 41 Thanks
    Weybridge78
    • #2
    • 4th Mar 18, 8:32 AM
    • #2
    • 4th Mar 18, 8:32 AM
    What do you mean? If you transfer 1000 into your bank account then the 2.75% fee of 1000 is added on and forms part of your balance which needs to be paid off in the time of the 0% interest period. Having just looked at the Virgin Money website, there isn't a money transfer card with a 2.75% fee.
    • Superscrooge
    • By Superscrooge 4th Mar 18, 11:08 AM
    • 1,081 Posts
    • 775 Thanks
    Superscrooge
    • #3
    • 4th Mar 18, 11:08 AM
    • #3
    • 4th Mar 18, 11:08 AM
    It's a 'one-off' money transfer fee. So with a 2.75% fee. If you were to transfer 1,000 to your bank account, you would have a debt of 1027.50 on your credit card.

    No other fees during the 0% period, as long as you make the minimum payments.

    Make sure you can pay off the debt before the end of the 0% promotion, otherwise you risk paying high interest rates.
    • bengalknights
    • By bengalknights 4th Mar 18, 12:48 PM
    • 4,332 Posts
    • 1,592 Thanks
    bengalknights
    • #4
    • 4th Mar 18, 12:48 PM
    • #4
    • 4th Mar 18, 12:48 PM
    Its a one off fee charged when you do the MT it will be deducted off the amount being transferred
    • ceredigion
    • By ceredigion 4th Mar 18, 3:44 PM
    • 2,690 Posts
    • 3,560 Thanks
    ceredigion
    • #5
    • 4th Mar 18, 3:44 PM
    • #5
    • 4th Mar 18, 3:44 PM
    Its a one off fee charged when you do the MT it will be deducted off the amount being transferred
    Originally posted by bengalknights
    NO it wont,
    • jonesMUFCforever
    • By jonesMUFCforever 4th Mar 18, 4:04 PM
    • 24,752 Posts
    • 11,967 Thanks
    jonesMUFCforever
    • #6
    • 4th Mar 18, 4:04 PM
    • #6
    • 4th Mar 18, 4:04 PM
    No it will be added on to the transfer as per post#3.
    What goes around - comes around
    give lots and you will always receive lots
    • Fleur52
    • By Fleur52 4th Mar 18, 6:06 PM
    • 19 Posts
    • 0 Thanks
    Fleur52
    • #7
    • 4th Mar 18, 6:06 PM
    Money transfer fees
    • #7
    • 4th Mar 18, 6:06 PM
    Many thanks everyone for your responses.

    OK i understand it now. Thought I would have to pay interest on the fees every month. That would not be worth having the CC if monthly fees involved.

    Can I pay more than the minimum or is it not worth it?
    • Superscrooge
    • By Superscrooge 4th Mar 18, 6:35 PM
    • 1,081 Posts
    • 775 Thanks
    Superscrooge
    • #8
    • 4th Mar 18, 6:35 PM
    • #8
    • 4th Mar 18, 6:35 PM
    There is nothing to stop you paying more than the minimum.

    Say the credit card balance was 1027.50 as in the example, and the 0% offer was for 12 months. You could repay 100 a month and be confident of repaying the balance during the promotional period.

    But to make maximum use of the money transfer, and as long as you trust yourself to have the funds available. Just make minimum payments and keep any spare cash in a high interest account and pay off the balance at the end of the promotional period
    • Fleur52
    • By Fleur52 4th Mar 18, 7:40 PM
    • 19 Posts
    • 0 Thanks
    Fleur52
    • #9
    • 4th Mar 18, 7:40 PM
    • #9
    • 4th Mar 18, 7:40 PM
    Thank you.
    Can you recommend any high interest accounts please. I have read about the Nationwide 5% account. But what if I need to use some of the money would I still get the 5% for the remainder of the money?
    • Ben8282
    • By Ben8282 4th Mar 18, 9:26 PM
    • 2,276 Posts
    • 1,015 Thanks
    Ben8282
    Its a one off fee charged when you do the MT it will be deducted off the amount being transferred
    Originally posted by bengalknights
    No the fee will be charged separately and added to the account. If you transfer 100 the full amount will be paid into your account and your statement will show a balance of 102.75.
    As has already been pointed out there is currently no Virgin Money card offering money transfers with a 2.75% fee so suggest you double check what you think you have seen.
    Thank you.
    Can you recommend any high interest accounts please. I have read about the Nationwide 5% account. But what if I need to use some of the money would I still get the 5% for the remainder of the money?
    Originally posted by Fleur52
    Why do you actually want this money transfer? Do you actually NEED to borrow this money? The nature of your questions would imply you have very little knowledge of both credit cards and interest paying bank accounts. Are you sure stoozing is for you?
    Last edited by Ben8282; 04-03-2018 at 10:00 PM.
    • Fleur52
    • By Fleur52 5th Mar 18, 7:26 AM
    • 19 Posts
    • 0 Thanks
    Fleur52
    Thanks again everyone.
    I am someone who plays safe and manage with what I have and do not have any debts. Have ISA and savings and only a couple of years ago was brave enough to change bank accounts to a one with rewards/interest.

    The reason I was asking about the credit card was that I would like to bring my credit score to a higher level. I had a credit card for several years and it had zero balance and was not used for a while. Recently I asked the CC Company to cancel and close the account. I had no idea that it would impact my scoring and recent check on CR file revealed that my score was low and had a negative remarks to show that I have no credits. Further research into it showed that getting a new CC would improve the score hence the reason for getting a new card.

    Secondly, I would like to redecorate the house and thought getting a 0% would be good as opposed to using the savings.
    • PeacefulWaters
    • By PeacefulWaters 5th Mar 18, 8:03 AM
    • 8,320 Posts
    • 10,636 Thanks
    PeacefulWaters
    Don't get hung up on your mythical credit score.

    A card where you utilise it and pay no interest will look good to most lenders.

    Scores are pretty much random number nonsense.
    • Fleur52
    • By Fleur52 5th Mar 18, 12:36 PM
    • 19 Posts
    • 0 Thanks
    Fleur52
    Money transfer fees
    Thank you.

    I think the CR agencies should only change the scores if you are in danger of losing control of debts so as to deter people. Otherwise they should leave the scores as they are.
    • zx81
    • By zx81 5th Mar 18, 12:40 PM
    • 16,788 Posts
    • 17,797 Thanks
    zx81
    They should scrap the scores altogether or clearly advise that they are purely for entertainment purposes.

    They could add in your horoscope while they're at it.
    • nic_c
    • By nic_c 5th Mar 18, 12:56 PM
    • 1,438 Posts
    • 787 Thanks
    nic_c
    They should scrap the scores altogether or clearly advise that they are purely for entertainment purposes.

    They could add in your horoscope while they're at it.
    Originally posted by zx81
    (Adapted from Horoscopes.co.uk for today)
    Sagittarius Daily Monday 5th March 2018
    It may feel as though you're rising a wave over which you have no control. Emotionally - and financially - you could feel drained. Why not see what card offers are available through our eligibility checker, and prepare for those life changing events with a new card today.

    • nic_c
    • By nic_c 5th Mar 18, 1:09 PM
    • 1,438 Posts
    • 787 Thanks
    nic_c
    Thanks again everyone.
    I am someone who plays safe and manage with what I have and do not have any debts. Have ISA and savings and only a couple of years ago was brave enough to change bank accounts to a one with rewards/interest.

    The reason I was asking about the credit card was that I would like to bring my credit score to a higher level. I had a credit card for several years and it had zero balance and was not used for a while. Recently I asked the CC Company to cancel and close the account. I had no idea that it would impact my scoring and recent check on CR file revealed that my score was low and had a negative remarks to show that I have no credits. Further research into it showed that getting a new CC would improve the score hence the reason for getting a new card.

    Secondly, I would like to redecorate the house and thought getting a 0% would be good as opposed to using the savings.
    Originally posted by Fleur52
    The fee gets added to the balance (which is why they say you can only use 95% of your limit), it is one off but you may want to double check the interest free period includes the fee. I took up HSBC with a BT offer years ago and found that whilst the transfer was interest free, the fee wasn't and incurred the monthly interest. That said all the other cards I have taken out since include the fee in the 0%, its just worth checking

    Taking a MT for a year and putting it in the Nationwide account would mean you pay 2.75% on the transfer but get 5% if its there for the full year. You would need to remember that Nationwide have conditions, DD & minimum monthly income to ensure you get the rate (you could simply transfer wage in and out or do a 100 transfer several times over the month in both directions with the same 100 to meet this), and its only on 2500, so balance above this gets 0% and if you dip into the 2500 it means earning less interest.

    How much of the money is being used for redecorating, as a 0% purchase card would mean you could use it for the redecorating fee free. You could also use it for normal spend and divert the cash you would have used to pay for the shopping etc into the bank account.
    • Fleur52
    • By Fleur52 5th Mar 18, 3:55 PM
    • 19 Posts
    • 0 Thanks
    Fleur52
    Money transfer fees
    :

    I agree. They should scrap the scores and just put some remarks to say whether you need to improve the financial positions and until such time no more credit available or something.:
    Thanks for your response.
    • zx81
    • By zx81 5th Mar 18, 3:57 PM
    • 16,788 Posts
    • 17,797 Thanks
    zx81
    They shouldn't do that either. Remember that the CRAs don't know lender criteria, or your financial situation. CRAs don't make any lending decisions.

    They basically guess at ratings, and quite badly at that.
    • Fleur52
    • By Fleur52 6th Mar 18, 8:05 AM
    • 19 Posts
    • 0 Thanks
    Fleur52
    Money transfer fees
    Thank you Nic-C for your response.

    Yes, that was what was thinking, to put the money into Nationwide and earn the 5%. I would only need 1.5K so I can manage everything. Also hoping to change the bank account that pays 125 cash back and put that money into the pot as well. I will have these accounts separate to my other accounts so I know that this is for this purpose only, and won't be tempted to go shopping or spend on day- today expenses. I have set up a budget and hope to stick to this.
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