VIRGIN CREDIT CARD 0% FOR 16 MONTHS - HotUKDeals
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VIRGIN CREDIT CARD 0% FOR 16 MONTHS

truereddevil Avatar
8y, 2m agoFound 8 years, 2 months ago
The new top Virgin* credit card balance transfer deal, 0% for 16 mths plus a 2.98% fee, has a unique property for cutting overdrafts or loan costs for new cardholders. How it works: Usually you can only shift debts from other cards, but specifically ask it to balance transfer debt from your bank account and itll pay the cash in there instead. Overdrafts: This effectively shifts the overdraft to the card, so it's now at 0% plus the fee. Loans: Use the bank account cash to pay the loan off, checking there are no penalties for doing that. Warning: Always make the min. monthly repayments & clear the debt or balance transfer again before 16 mths or the rate jumps to 16.6%APR

Thought i better edit this so people dont get confused ONLY take advantage of this offer if you owe debt on other cards and your paying high apr rates this offer is for NEW customers only to virgin but i suggest if you are already a virgin customer then ring them and barter with them i did and they offered me 2.9%apr until august next year and then it will go to 16.9% and will not go above that after august PLEASE IF YOU GO FOR THIS CARD ONLY USE IT TO TRANSFER YOUR DEBT FROM OTHER CARDS WHEN YOU HAVE DONE THIS DO NOT USE THIS CARD FOR ANYTHING ELSE LIKE SPENDING JUST PAY OFF THE DEBT YOU HAVE TRANSFERRED FIRST BECAUSE THIS IS HOW THE CREDIT CARDS GET YOU AND MAKE MONEY FROM YOU AND ALSO MAKE SURE YOU SET UP A DIRECT DEBIT FOR THE MINIMUM PAYMENT AT LEAST BECAUSE IF YOU MISS ONE PAYMENT THEY WILL TAKE OFF YOUR OFFER OF 16 MONTHS 0% INTEREST (hope this explains things a little bit better)
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#1
Why cold voting..... This is great for peeps who have a Balance on there CC and they are paying interest on it. Transfer to this and have no Interest to pay for 16 months.... It's a NO BRAINER really. Once you have transferred it over, close the other CC account,
If u don't want to spend on the Virgin card, Cut it up & destroy the pin no, you then just pay back what u can afford every month until it is paid off.
If you do not pay it off in 16 months, open a new CC with another Provider doing the same deal & transfer what's left over to the new one, and then do the same again... Keep the Virgin, as at some stage they will give you the same deal again...
#2
Probably the best deal on the market for a Balance transfer
#3
Yeah this has worked out very nicely for me i had 1,500 debt on one card charging me 22%apr and 1,000 on another at 24.9%apr ive transfered them both to this virgin card and its charged me about 35 pounds to transfer it but now i wont pay any interest at all for 16 months saved me a hell of alot of money i tell ya :roll:
#4
the problem is the 3% charge. If you work out the interest and the charges in a lot of cases you pay the same or more when moving balances around. ie if yuo have £1000 in yuor overdraft etc then they will charge you £30 but if you are paying a loan of say 6K for a car then you end up paying £180 for the transfer... it depends on the interest you pay really).

Not hot / not cold just - meh :)

The length of 0% is a good find though so I will add heat for that part :)
#5
Where else can you get credit nowadays for 3% (well, 2.98%) - it's not that cheap for Virgin to buy the cash from the money markets! Being a financier myself, this is an excellent deal. Just use the 0% period to pay your debt off!!! I haven't looked at the small print, but I'd imagine that after the 0% period the rate whacks up to something quite large, as the company will count on people making the minimum payment each month then being left with a sizeable balance on a high rate.
#6
If you want this card for the cheaper train tickets, unless you know ages in advance you can never get a ticket with a discount. I am just about to cancel mine as I travel by train often and took the card out for this reason alone.
#7
chapati_monsta
Where else can you get credit nowadays for 3% (well, 2.98%) - it's not that cheap for Virgin to buy the cash from the money markets! Being a financier myself, this is an excellent deal. Just use the 0% period to pay your debt off!!! I haven't looked at the small print, but I'd imagine that after the 0% period the rate whacks up to something quite large, as the company will count on people making the minimum payment each month then being left with a sizeable balance on a high rate.



It jumps upto 16.6% apr after the 16 months so still not a bad apr even after the 16 months compared to other credit cards anyway :whistling:
#8
Yeah 16.6% initially after the 16 months, I have had one and mine 2 months ago with no notice went from 16.6% to 34.9%!!!!!!!11 I have refused to pay it, cannot afford it I said so have settled for 24.9% and are looking to balance trf somewhere else, not easy at the mo. Virgin said its in there small print (mbna robbing bas%ards) and they are in a credit crunch like the rest of us, I was fuming after a girl said this to me!

So, my advice, do not touch with a barge pole if you will have a balance at the end of the 16 months like I did, if you can pay off then ok.

Hope this helps x
#9
Is it possible to get onto this deal if you already have the previous Virgin 0% credit card?

or is it once in a lifetime deal?
#10
marcosdjcm
Is it possible to get onto this deal if you already have the previous Virgin 0% credit card?

or is it once in a lifetime deal?


if you already have one then no you cant sorry
#11
marcosdjcm
Is it possible to get onto this deal if you already have the previous Virgin 0% credit card?

or is it once in a lifetime deal?


i WOULD QUESTION THIS ACTUALLY give them a ring and demand that you want to be on the same deal if they dont then threaten to leave and go to somebody else its worth a try
#12
marcosdjcm give them a call if your history with Virgin has been good they can offer you something similar if not exactly like it - i have a Virgin CC with this offer a while ago - paid it off in the interest free period and they had been offering me offer after offer, so i rang them up and they offered me the 16 month free period and i went for it.
depends on your credit history and risk factor etc etc but they should be able to give you a similar deal if not the same one.
HTH
#13
Be careful, if you miss just one monthly payment they whack the interest up to full from then on so its byebye 0%. This happened to me, and they don't even tell you the rates gone up, had to check my statements and see the interest being charged was well above inflation.
#14
NitrousUK
Be careful, if you miss just one monthly payment they whack the interest up to full from then on so its byebye 0%. This happened to me, and they don't even tell you the rates gone up, had to check my statements and see the interest being charged was well above inflation.


Yes i agree so the best way round this is as soon as you open the account make sure that you tell them you would like a direct debit for the minimum payment off your credit card to go out of your account then you wouldnt need to worry about this anymore ;-)
#15
Seems good to me, heat added. Are virgin generous with the credit amount?
#16
the 0% cc are not easy to get. especially during this time of the year during the credit crisis. i suspect unless you have great/perfect credit, you are not likely to get it. but definitely a nice cc to have.
#17
This is a great card - will never understand the cold voters on this - I guess they must have poor credit ratings and cannot benefit from it.
#18
crazy they just gave me £7400 and im transferring £2k
#19
NitrousUK
Be careful, if you miss just one monthly payment they whack the interest up to full from then on so its byebye 0%. This happened to me, and they don't even tell you the rates gone up, had to check my statements and see the interest being charged was well above inflation.


This is Virgin MBNA, they are a nightmare, they love charging you.

I would avoid like the plague, because the interest rate varys and they change payment dates all the time.
#20
Can you update the title please - at the moment its not at all clear what the 0% applies to - ie that its for balance transfers, NOT purchases.

There are plenty of cards out there with similar 0% deals (lots of mbna ones actually, Sonycard is a good example with 12-18 months available depending on status)..now if this was 0% on purchases, it would be an amazing deal :)
#21
aircanman;3505303
This is Virgin MBNA, they are a nightmare, they love charging you.

I would avoid like the plague, because the interest rate varys and they change payment dates all the time.


Noooo :whistling:

You can setup your Virgin account to pay the minimum each month (£25). As long as you have money in the bank its impossible to miss a payment. The interest rate is 0% and doesn't vary as long as you don't breach the t&c by missing a payment.

http://img136.imageshack.us/img136/9253/paymenten1.jpg

Only the variable rate may change, but this doesn't effect the 0% promotional rate. Also, you would never use the credit card once you've done the initial balance transfer so the variable rate is irrelevant.

I'm just coming to the end of my 13month 0% from Virgin. I transfered £4K into a savings account to offset the 3% transfer charge they sting you initially.

Will all be paid off in full before the 0% finishes and will have made a small profit on the interest :thumbsup:
#22
Its a good deal until the offer runs out coz they will hammer you on the APR. Mine jumped from 16.9% to 29%, got it reduced to 23.9% but its still very high. The other thing they started doing is charging every customer a minimum payment of £25 a month.
#23
yid4life;3505405
The other thing they started doing is charging every customer a minimum payment of £25 a month.


Sorry, they don't charge you £25 - They insist that the minimum payment is £25, which if much lower than most other cards stipulate. Often cards require 2%-3% of balance as minimum payment.

If you manage your debt correctly you shouldn't have a balance at the end of the term. It should either be paid off in full, or transferred elsewhere.
#24
ms01ma
crazy they just gave me £7400 and im transferring £2k


I transferred £6K and they gave me a £13.5K limit, so guess what I then used the facility to transfer money to a bank account (nice that one) and then stuck that in a Natwest ISA paying 7.32% (since gone down to 6.86%).

Sweet. :santa:
#25
I have just got myself one to put all my cards into one place and give me time to pay them off. There is 0% on purchases til May or something, but they also put money into your current account if you want which is then 0%.

Seems to be slowing doing the balance transfers though, I got the card last week and it said 7-10 days for the balances, the money hasnt gone into the accounts yet but my virgin card is showing the money has been paid out. Probably down to the banks they are paying being slow (Barclays)
#26
Make sure that if you use the Balance transfer option you DO NOT USE the credit card for new purchases otherwise they will charge you interest on the new purchases until you pay all your debt.

If you have a balance transfer of £1000 and pay every month let's say £25 you are fine you wil not get charge interest for 16 months.

But if you spend even if is £1 in a new purchase to get let's say a game in Zavvi etc, every payment that you do will go towards your balance transfer balance first so paying £26 the following month will not cover £25 for your balance transfer and £1 for the new purchase, instead it will be £26 for the balance transfer , so you will be charged interest for in the new purchases until everything has been paid.

This is how they make money because a lot of people don't know that this is how is works.

Best thing is to have two different credit cards and just don't use this one at all.
#27
It's only worth contemplating if you are financially disciplined, in which case you probably would not need this card, anyway.
The problems start when you actually use it to buy all the bargains you spot on this site. With these 0% deals, any payments go to pay off the transferred amounts, which gather no interest anyway. All subsequent purchases will gather interest at the card's normal (usually way above average) rate until the transferred amounts have been repaid. That can be very expensive.
#28
asandino
Make sure that if you use the Balance transfer option you DO NOT USE the credit card for new purchases otherwise they will charge you interest on the new purchases until you pay all your debt.

If you have a balance transfer of £1000 and pay every month let's say £25 you are fine you wil not get charge interest for 16 months.

But if you spend even if is £1 in a new purchase to get let's say a game in Zavvi etc, every payment that you do will go towards your balance transfer balance first so paying £26 the following month will not cover £25 for your balance transfer and £1 for the new purchase, instead it will be £26 for the balance transfer , so you will be charged interest for in the new purchases until everything has been paid.

This is how they make money because a lot of people don't know that this is how is works.

Best thing is to have two different credit cards and just don't use this one at all.


As you say it is unwise to use the card and normally I don't. However I did indeed buy a game from Zavvi (using 10% off) and I assume (possibly incorrectly) that this will be paid off during my 0% on new purchases for 3months....but I don't know so I am just staying with the one purchase to find out. I figure I got 10% off for the game so they may get that back, plus it has gone up in price since I pre-ordered it.
#29
Also worth pointing out that if your card balance that you want to transfer is on a card issued by MBNA then you cannot apply for this.
1 Like #30
spraint
It's only worth contemplating if you are financially disciplined, in which case you probably would not need this card, anyway.


I give you that you have to be very organized to win with these things


[email protected]
As you say it is unwise to use the card and normally I don't. However I did indeed buy a game from Zavvi (using 10% off) and I assume (possibly incorrectly) that this will be paid off during my 0% on new purchases for 3months....but I don't know so I am just staying with the one purchase to find out. I figure I got 10% off for the game so they may get that back, plus it has gone up in price since I pre-ordered it.


The problems with these deals is unless you know exactly what you are getting into you probably are better off without then

I give you another easy example

Credit Card deal:
12 months 0% interest free for Balance transfer
6months 0% interest free for new purchases

Let's make it easy we got the card on 1st of January

You do a Balance transfer for £1000 on the 01/01 you will not get charge interest until the following year.

You also spend like mad during your 6 months of 0% in new purchases let's say £500

Assuming that you only paid the minimum amount to make it easy let's say £10 a month.

At the end of the 6months you will have an amount of £1500 - (£10*6) = £1440

So you still have to pay £1440 now from July they will start to charge you interest on you new purchases (£500) at whatever really high rate let's say 30% (remember all your payments will go towards you balance transfer first)
so you still have outstanding £500 new purchases and £940 balance transfer.

So even if you pay £500 in July to cover your new purchases you are only reducing your balance transfer.

So in July unless that you pay everything you will be paying interest on the £500.


I had so many credit cards in the past in the good old days (no fees for balance transfer) that I lost count but I am very very organised and believe or not I do read the small prints.
#31
shikoku14
Also worth pointing out that if your card balance that you want to transfer is on a card issued by MBNA then you cannot apply for this.


Not quite true. You can still apply for this card (whether you get it or not will depend on your circumstances). You will not be able to balance transfer directly to another MBNA card, but there is nothing to stop you transferring the credit limit to your bank account, and then paying off your other card from your bank account.
#32
chapati_monsta
Where else can you get credit nowadays for 3% (well, 2.98%


Bank of England quite soon I'd imagine ;-)
#33
Thanks very much Asandino and I will lock my card away, as I usually do but I thought the Zavvi 10% offer was too tempting (+ the game was a very good price).

All in all I am quite happy with the Virgin card so far and have been a MBNA customer in the past with no problems but I do always pay off the cards' balance every month unless of course I'm on a balance transfer deal.
banned#34
[email protected]
I transferred £6K and they gave me a £13.5K limit, so guess what I then used the facility to transfer money to a bank account (nice that one) and then stuck that in a Natwest ISA paying 7.32% (since gone down to 6.86%).

Sweet. :santa:


HOW DADDY, HOW?
#35
Already have this card, otherwise would have gone for it.

You also get 10% discount spend in Zavvi, both online and offline - worth getting this card just for that.
#36
stevenpcurtis
HOW DADDY, HOW?


I guess I just have a good credit rating (never missed a payment on anything that I can recall). If you are refering to the bank account transfer, I don't know whether this was just an offer for me or not but the facility was on-line but even if don't have it then you can use those credit card cheques (ensure they are balance transfer ones!!!).
#37
For those applying £5 cash back also available from cashbackkings when opening this card.

http://www.cashbackkings.com/virgin-money---0%25-on-balance-transfers-for-16-months-(2.98%25-fee)/bargains/b62521

Pete
#38
I have been a ' Card Tart ' for a number of years now (ie switch to the best available 0% card at the end of my old one!)
And by far the best card I've had has been MBNA. Especially since the credit crunch, they've given me 0% deals every time my current one has run out.
I'm good though, I always make sure I've cleared the initial BT before transferring another.

Deals like this one are great as long as you clear it off or transfer at the end of the term.

Well OP.

Heat added
#39
david_gordon1980
Seems good to me, heat added. Are virgin generous with the credit amount?


oh yes! 7 minutes online and.........................................................£20,400 - I couldn't believe it!
#40
I had one of these cards last time they did this deal. Cancelled it at the end of the promotional period and re-applied for one about 4 months later. Got it again and the deal again - just not as high a limit 2nd time around.

You should be able to get it again if you were a good customer first time. I think this is a good deal if you have card debt.

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