interest rates on cards is this right?

shamac

My virgin card says: standard monthly rates balance transfers 2.529%

My cap one card says : annual interest rates standard purchase 11.23%
I have capacity to move my cap 1 balance to the virgin card which i will pay off over the next 12 months is this the way to go?

NickX

shamac wrote: »

My virgin card says: standard monthly rates balance transfers 2.529%

My cap one card says : annual interest rates standard purchase 11.23%
I have capacity to move my cap 1 balance to the virgin card which i will pay off over the next 12 months is this the way to go?

No definitely not.

2.529% per month is more than 11.23% annual. Can you go the other way, Virgin to Capital One, that would save you money.

shamac

Just noticed that virgin have a promotion of 0.9% for balance transfers until august-should be all but clear by then-is this any better-why don't they standardise the interest rates so we cancompare like with like-its so annoying!

NickX

shamac wrote: »

Just noticed that virgin have a promotion of 0.9% for balance transfers until august-should be all but clear by then-is this any better-why don't they standardise the interest rates so we cancompare like with like-its so annoying!

Yes that is much better. If its 0.9% APR then it is excellent, even as a Monthly rate it is good.

realaledrinker

But there'll be a handling fee of 2.98% as well