Credit card to cash charges

Looking for some info.

I am a recent uni graduate and as such have some rather large overdrafts which I am in the process of clearing. However they are now charging me overdraft interest.

I have made an agreement with my father for him to take out a credit card (as he can get enough credit) in order to cover my debt on one of their introductory 0% on balance transfers.

However, today a friend stated the card company (virgin) might consider a balance transfer to a current account as a cash payment....for which I would get charged the cash charge. Thereby negating the reason for the card....to avoid charges and interest.

Does anyone know if this would be the case. I cant find enough info on this over the net.

thanks in advance.

Reply to
lesforward
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The best and quickest answer would be to phone Virgin money and ask.

Reply to
Adrian Smith

Virgin will charger a 2% fee up to a maximum 50 on Balance Transfers.

A Balance Transfer can be made to the cardholders current (bank) account: When logged in to the account you see:

"Current Account Pay off your overdraft or have extra flexibility. Transfer some money to your current account."

You click on that, enter amount, bank account number, sort code & contact telephone. It can take 7 -10 working days.

This does not constitute advice - check with Virgin Money

Jerry

Reply to
Jerry

Do they? I have the Virgin 0% card and have been merrily transfering balances for the last 6 months without a single charge or interest payment.

Reply to
alfi286

that will depend on what sort of card you have

Reply to
Tumbleweed

Unless they say otherwise it's 2%, could be 0% charge to existing customers

Jerry

Reply to
Jerry

It's a mastercard. I transfered £5k on the application and then another £3k and £2k since. Nowhere can I see anything about them charging 2% and it has never shown up on the statements!

Reply to
alfi286

Mine's a MasterCard too, if you check out

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you'll see "2% handling fee (min. 3, max 50) for credit card cheques and on balance transfers".

You were lucky to sign an agreement before this charge was introduced, your T&Cs could change in the future.

Jerry

Reply to
Jerry

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