Virgin Credit Card - Have I got this right?

Mozette

jood wrote: »

Hi,
I want to borrow £2,000. Rather than get a loan and pay interest I thought about applying for the Virgin credit card at 0% for 16 months and withdrawing the credit to my bank account in a lump sum.

Am I right in thinking this can be done?

So assuming I pay back at least £135 per month for 15 months this would be like an interest free loan. Or I could pay the minimum and save the difference until the end of the interest free period and pay the remainder back in a one go. Is that correct?

Any better suggestions?

Thanks in advance.

Exactly what I've done; you can transfer between the card and your current account - the first payment includes the 2.98% BT fee, but then I pay the minimum £25 a month and put £110 in a interest (though very titchy amount) bearing account - then I'll pay the balance before the 0% ends. Fab!

YorkshireBoy

Mozette wrote: »

the first payment includes the 2.98% BT fee

Since the T&C's were revised last year the BT fee is now added to the balance, meaning all minimum payments, including the first, are £25 per month.