Balance Transfer Question

LeanneJ77

I have spoken to Virgin Credit Card today and just wanted to check if the information I have been given is correct.

I have a loan through my bank which I would like to pay off by transferring it onto a credit card. I was advised that I could do this by applying for the card and doing a balance transfer to my current account and then transfering this to pay off the loan. They said there would be the 2.98% handling fee but the 0% would apply for 16 month.

I'd appreciate it if anyone can confirm this is correct, I obviously don't want to end up paying the cash transaction fee of 27.9% APR!

YorkshireBoy

Happy to confirm it's correct.

NickX

You have it spot on.

When you request the "Money Transfer" to your bank account from Virgin just get the CSA to confirm that it will be treated as a Balance Transfer, i.e. 0% for 16 months.

Good Luck.

NickX

Pipped to the post by YorkshireBoy

LeanneJ77

Thanks for the quick replies, and seeing as you are both so quick does anyone have any idea what the minimum monthly payment would be on £7000? Obviously I know that will mean it will be paid off a lot slower, but just wanted a rough idea of the flexibility.

YorkshireBoy

£25.......

Rosie75

Why so little and not a %?

IcklePickle_2

Rosie75 wrote: »

Why so little and not a %?

MBNA recently changed the way they calculate monthly min payments. If you only pay £25 you pay off less overall, so if you don't clear the balance when the promotional period ends they make more money from you in interest charges. (Me, cynical?)