advice needed

panther_31

just got £8000 limit on new card, can i bt £7600 to my wifes virgin card which she owes £5000 and transfer the extra £2600 to my savings thanks.

Bokken_2

Hello panther
we will need a little more information before answering.
Which card is your new card with?Does it have 0% on Balance Transfers?If not what is the transfer rate?
Is there a fee for transfering the new balance?
Depending who the "£8000 new card is with" will depend on how easy it will be to transfer the balance to a current account/savings account.
post the answers and any other details and someone I'm sure will help.

panther_31

hi Bokken it is an amazon card 0% 6 mnths.

Bokken_2

panther_31 wrote:

just got £8000 limit on new card, can i bt £7600 to my wifes virgin card which she owes £5000 and transfer the extra £2600 to my savings thanks.

I would say probably not.
I am not upto speed with the Amazon card/virgin card.
Do you have credit card cheques with the Virgin card if you do you write yourself a cheque for the £2600 which goes into you bank/saving account.
If you don't you won't be able to move the cash into your saving account.
You ideal need a "mule" card that you keep for just this purpose,MINT and A&L are good for this.

Then do a Balance Transfer to Virgin for the £5000.
Beware of the transfer fees and cheque fees if you have credit card cheques.
Best read Martins articles on the BT and SBT and be sure of the terms and conditions before you move your money and when the 0% runs out and when the interest starts being allocated to the account.