Unused Virgin CC offering 0% Balance Transfer - what to pay off?

osones

Hi all,

I have a Virgin Matercard that I haven't used in a while that has £3 credit on. I have just looked at my account and have seen that I have been offered a 0% rate for transfers (both CCs and Bank) until Feb '09.

I have £2800 available on the card so my question is should i use this offer to transfer some of my higher interest cards to clear them? I have done a transfer of £1200 already to pay off a VA Amex which was at the top of it's limit (£1100). So should I keep the rest as clear credit or put it to use?

Probably a rookie question but any advice welcome!!

NickX

osones wrote: »

So should I keep the rest as clear credit or put it to use?

I would use it :beer:

Its free Credit, so either use it to pay off more expensive debts that you have.

If you don't have any more expensive debts to transfer to it, then you can save the money in a high interest account and earn some interest on it until you have to repay at the end of the promotional deal.

Good Luck.

osones

I have a Morgan Stanley card that is incurring a fair amount of interest each month - but not enough money to transfer - do you suggest splitting the available credit over a few cards or just get rid of one?

NickX

osones wrote: »

I have a Morgan Stanley card that is incurring a fair amount of interest each month - but not enough money to transfer - do you suggest splitting the available credit over a few cards or just get rid of one?

Always pay the most expensive debt off first.

Find out the APR's and transfer the highest APR debt to the 0% deal.

If you can't transfer it all, then transfer as much as you can, you will still be paying less in interest.