Best options for 3rd BT (is wife an option? :)

WonkyJ

Hi,

Sorry if this is a bit of a newbie question... got a few thousand on a 0% Virgin CC... this was originally transfered from my Tesco CC.

The Virgin CC is due to run out soon and I'd like to BT to another 0% card for as long as possible but not sure what the best option is... are other MBNA cards ok for this?? Also my wife isnt on the Virgin card... is there any way to use this to our advantage?

Thanks in advance?

Moggles_2

Got a few thousand on a 0% Virgin CC. This was originally transferred from my Tesco CC. The Virgin CC is due to run out soon and I'd like to BT to another 0% card for as long as possible, but not sure what the best option is.

Depends, to some extent, on which cards - besides Virgin and Tesco - you have at the mo.

To maximise the 0% period, 15 months is currently available to new customers from Halifax. There's a 3.5% handling charge.

http://www.halifax.co.uk/creditcards/pluscard153.asp

Alternatively, you'd get 14 months with Egg. A 3 % BT fee applies.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Moggles_2

Are other MBNA cards ok for this?

Virgin cards are underwritten by MBNA, so you couldn't transfer balances directly between the two.

That said, MBNA will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. A 3% BT fee applies, but there are no other charges during the introductory 0% period. You then have funds in your current account with which to pay off your Virgin card.

Moggles_2

Also my wife isn't on the Virgin card. Is there any way to use this to our advantage?

You cannot hold a credit card jointly with someone else. Whether or not your wife is an additional Virgin cardholder makes no difference one way or t'other. As principal cardholder, you are soley liable for the debt.

You can switch credit card balances to family, friends or Dave down the pub. Your wife could apply for a 0% BT cc - other than Virgin/MBNA - in her name. She should bear in mind though, that the person whose card your balance is shifted to, then becomes soley liable for the debt.

From the lender's perspective, it's not a problem. If she requests the transfer by phone, customer services may ask her for the name on your card, but this is purely an additional verification check. At the end of the day, the card company is after her business. They're not really interested in knowing who ran up the debt, as long as she, their customer, pays up on time each month!

Caution: she still needs to be as careful about her choice of card provider (as you would doing a BT between your own accounts). This table should help

http://www.stoozing.com/cards.htm