advice for a tart please

Hippyer

Hello, I have 3 credit cards and just been approved for a 4th

Sainsburys bank = £0
Halifax = £1000 with 0% ending february 2009
Nat West = £1000 with 0% ending August 2009

Now I've just been approved for a virgin credit card with over a £2000 limit with 0% for 16 months.

I applied for this because I wanted to shift the halifax to a new 0% card with it ending soon.

BUT ... should I shift the nat west debt over to the Virgin card as well?
Or should I apply for a new card in August and shift it then?

Also, I have only just cleared the sainsburys bank card paying off the balance in full the last two months.
Could someone please tell me if I was to start spending on it now and began paying off the statement in full each month whether I would be charged any interest?

Moggles_2

Should I shift the Natwest debt over to the Virgin card as well or should I apply for a new card in August and shift it then?

If I were you, I'd apply for a new card in August, otherwise you'll lose 6 or 7 months at 0% and incur another BT fee shifting the same money.

Meanwhile, you could use the remaining credit limit, as follows, if you wish.

A small number of exceptional credit cards, including Virgin, 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 BT fee applies, but there are no other charges during the introductory 0% period. What's more, you need not draw on an actual overdraft to take advantage.

On receipt of your new card, you can request the transfer of funds to your bank account. I would do this when you call to activate your card. (There's a dedicated, Freefone number). Virgin will allow you to transfer up to 95% of your credit limit. The money arrives in your bank account in about 6 days.

Hippyer

Wow that does sound good.

Are you limited to moving the exact amount of your overdraft over or can you move more to your current account so that it is actually in credit?

Moggles_2

Hippyer wrote: »

Are you limited to moving the exact amount of your overdraft over or can you move more to your current account, so that it is actually in credit?

You need not draw on an actual overdraft facility at all. The only restriction is your credit limit on the Virgin card. This lender will not allow you to borrow more than 95% of your limit.

Hippyer

What would I ask for when doing this moggles?

They have now sent me a load of cheques which are at 0% for 16 months as well.

I haven't activated it yet but should I just forget the balance transfer and write myself a cheque and then transfer the funds from the account I have cashed it in?

Will I have issues if I use a cheque AND balance transfer.

I know the advice when balance transferring it to do nothing else on that account so I'd just like to check with you more knowledgeable guys first before I phone up to activate.

anotherpaul_2

I might be able to come up with a slight variation on Moggles suggestion if you know how much you expect to pay off the debt (or save towards paying it off) each month.