Virgin CC balance transfer question

Bernard

Hi,

Just wanting confirmation that my maths and assumptions are correct.

I have a citicard with £4200 on it fixed for life of balance at 5.9%.

I pay just over £105 a month and they charge around £21 a month interest.

I am considering applying for the Virgin card which offers 16 months interest free with a 2.98% balance transfer fee.

So I will be charged 2.98% of £4200 which is £125.16

The equates to 6 months interest, which means I would get 10 months interest free saving approx £200 in interest.

Are my figures correct?

At the end of the 16 months I would look to get another 0% BT deal.

Thanks

Bernard

latecomer

Yup that looks abuot right but remember that at the end of the 0% deal there is no guarantee you will be able to get a 0% deal. You could end up on the normal rate which will be considerably higher.

Bernard

Thanks latecomer for your reply. Your comment about future 0% deals has been taken on board.

niccy

just got a virgin card myself, so thats number 24 (between me and wifey ) at 0 % :rotfl: