Tag: Purchase

Credit Card offers | Balance, Money transfer & Purchase Credit Cards

A balance transfer allows you to move part or all of the balance of another credit card or store card to your Virgin Money Credit Card.

If you have existing high interest credit or store cards, transferring any outstanding balances to your Virgin Money Credit Card could save you money (fees apply). You will not able to transfer a balance from another Virgin Money, Clydesdale Bank, Yorkshire Bank or B credit card and you cannot use your card to repay a loan, overdraft or mortgage issued by Clydesdale Bank PLC.

Transferring other debts to this card and paying only the minimum amount due each month may lower your overall monthly debt repayments, but it may take longer and cost you more to repay what you owe. Other lenders may charge a fee for settling a loan early.

Balance transfers can be made only to a UK account in the primary

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Choosing a Retirement Plan: Money Purchase Plan

Money purchase plans have required contributions. The employer is required to make a contribution to the plan each year for the plan participants.

With a money purchase plan, the plan states the contribution percentage that is required. For example, let’s say that your money purchase plan has a contribution of 5% of each eligible employee’s pay. You, as the employer, need to make a contribution of 5% of each eligible employee’s pay to their separate account. A participant’s benefit is based on the amount of contributions to their account and the gains or losses associated with the account at the time of retirement.

That type of arrangement is different than a profit-sharing plan. With the profit-sharing plan, you, the employer, can decide that you’ll contribute a certain amount, say $10,000. Then, depending on the plan’s contribution formula, you allocate that $10,000 to the separate accounts of the eligible employees. Also,

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