Clarification: Virgin 16 Month 0% Credit Card

P4NCH

Hi, this is my first ever posting and its about a Virgin card..Ironic.
My Halifax One c/card is out its 0% timeframe in January so Ive signed up for the Virgin 16 month 0% balance transfer c/card today. I entered the exact figures (£1300) regarding my existing card debt. My question, can I take a cash advance to clear some other debts...IE my overdraft of (£800) and THEN immediately carry out the balance transfer of £2100 & accrued interest?

YorkshireBoy

You could, but it would be more expensive for you.

Virgin is a super balance transfer (SBT) card, meaning you can balance transfer an overdraft (either real or ficticious) to the card.

Termed a 'money transfer', this will pay cash at 0% interest (2.98% fee applies) into your current account, from where you can settle all your debts (assuming you get a satisfactory credit limit).

colinw

I currently have this card. I just got them to do a SBT to my current account with a 2.98% fee. Then I shoved the money in a fixed rate account with a rate of about 6%. I suppose with the low interest rates now you would struggle to break even or not make as much anyway.

allh2k

i'm rubbish with percentages but is the following true?

2.98% of 800 and 2100 is the same as 2.98% of 2900 is it not?

Allan

P4NCH

YorkshireBoy wrote: »

You could, but it would be more expensive for you.

Virgin is a super balance transfer (SBT) card, meaning you can balance transfer an overdraft (either real or ficticious) to the card.

Termed a 'money transfer', this will pay cash at 0% interest (2.98% fee applies) into your current account, from where you can settle all your debts (assuming you get a satisfactory credit limit).

Thanks for the response. The cards balance transfer runs for 16 months and purchases for 6 months. As I dont want to get caught out with the cash SBT ending at 6 months...will this run for the full 16 months at 0%?

YorkshireBoy

P4NCH wrote: »

The cards balance transfer runs for 16 months and purchases for 6 months. As I dont want to get caught out with the cash SBT ending at 6 months...will this run for the full 16 months at 0%?

The 'money transfer' runs for the full 16 months at 0%. See "Promotional Offer 1" in your summary box/T&C's.

DO NOT use the Virgin card for any purchases if using it for BT's/SBT's.