Credit card to cash charges

Dec 05, 2005 7 Replies

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.



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

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

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.

that will depend on what sort of card you have

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

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!

Mine's a MasterCard too, if you check out

formatting link
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

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required