What to do with Virgin Card?

mackidee

I applied for and have just got a virgin 0% card..my limit is £1500.I wanted to use it to clear debts but as the limit wasnt enough and I've cleared the debts by remortgaging I am now wondering what to do with the card - I dont actually need it now but I understand that having got it I need to use it in order to protect my credit rating.
I have an ISA and am considering stoozing the lot into that,I would be able to leave it there for the 15 months and make minimum repayments from my current account.Checking the calculators gives varied profit figures,but after allowing for the BT fee they are all pretty low and I'm not sure its really worth it.
Would this be the best way to use the card,or would I be better with only a small limit using it for every purchase over the 3 months 0% then repaying the balance in full? I'm a bit confused, any advice very welcome.Thanks.

clio

Now you have it use it , pay it off every month and after say 4 or so months or even longer it if you want then just close it down, it will be marked settled and don't suppose it would harm you in anyway then.

mackidee

Thanks Clio,I will do my shopping with it - meanwhile I'll put my usual shopping cash into my savings account to pay off the credit card when the 0% period ends,it'll save a few pennies!

Moggles_2

mackidee wrote: »

I have an ISA and am considering stoozing the lot into that. I would be able to leave it there for the15 months and make minimum repayments from my current account. Checking the calculators gives varied profit figures, but after allowing for the BT fee they are all pretty low and I'm not sure it's really worth it. Would this be the best way to use the card or would I be better with only a small limit using it for every purchase over the 3 months 0%, then repaying the balance in full?

Provided that you can afford it, I would use your 0% on BTs to top up your Cash ISA, but it's your choice really.

Whatever you decide, I would think carefully before you close your Virgin card, if I were you. Virgin has a reputation for market-leading existing-customer offers (eg. 0% on purchases for up to 8 months) once your balance is zero

mackidee

Thanks Moggles,I am actually swaying back towards the BT now - I've been thinking I should maybe use the card to its best advantage now with a view to getting a bigger limit (and therefore more available profit) in future.I didnt realise they also do better deals for proven good customers,it looks like I would be wise to hang onto it.
The card is now active anyway,I phoned Virgin this afternoon and opened the account....eventually;after I had fended off a lengthy attempt to talk me into buying identity fraud insurance!Thanks for your advice,much appreciated.