Credit card transfer to current account

smileysnow

Hi all, i have a little dilemma and only 2 weeks to sort out, so here goes.
I have to purchase an item but i am £2500 short , decided to check out bank offer on a loan for the above amount and the total cost of this including interest is £2785, but this is over a 12 month repayment plan which i dont want and really need this payed in 6 months (which i can easily afford) so its not ideal, my question is i noticed that on my virgin credit card i have a offer on a transfer from credit card to current account at 0.00% until June 2010, with a handling fee of 2.98%, so £2500 + 2.98% = £74.50 interest compared to the bank loan interest £285 , which is better/cheaper for me, i will pay off the total sum in 6 equal monthly payments, Have i done the math correct ? or are there any other things i am missing ?
Secondly, i have had this card for little over a month which i did a balance transfer on when i applied for it , 0.00% until June 2010, so i already have nearly £4000 on it, will this inter fear with the current account promotion ?
Awaiting any friendly help
Thanks

smileysnow

Forgot to mention that my minium payment on the £4000 is £25 a month (which i do pay more than) if i add the extra £2500 onto it will the min payment still be £25 a month (obviously more after fixed term is over) or will that increase ?
Thanks

smileysnow

Anybody with advice please

YorkshireBoy

In principle you have it sussed.

Be careful that your 0% rate still applies, ie you're still in the 60 day(?) window.

Your proposed SBT will not affect the current SBT on there, subject to the window above, and both will expire at the same time (your 15th/16th statement date?).

The minimum payment will remain at £25 during the 0% period.

Rather than repaying after only 6 months, consider eeking out the full intro period and saving your repayments (over and above the £25 required) in a savings account. Might help recover some of the fees paid.

Good luck.

Innocent_Guy

YorkshireBoy wrote: »

In principle you have it sussed.

Be careful that your 0% rate still applies, ie you're still in the 60 day(?) window.

Your proposed SBT will not affect the current SBT on there, subject to the window above, and both will expire at the same time (your 15th/16th statement date?).

The minimum payment will remain at £25 during the 0% period.

Rather than repaying after only 6 months, consider eeking out the full intro period and saving your repayments (over and above the £25 required) in a savings account. Might help recover some of the fees paid.

Good luck.

Correct this is a benifit of the Virgin card

stubuch

Your maths looks correct to me. I got a Virgin CC last January, used it for a balance transfer from another card and then transferred some cash to my current account. Your existing balance and the new transfer to your current account are both treated the same and will run to the same date, the minimum payment will stay at £25 for the length of the 0% offer. As long as the transfer doesn't take you above 95% of your credit limit you'll be OK.

Innocent_Guy

smileysnow wrote: »

Forgot to mention that my minium payment on the £4000 is £25 a month (which i do pay more than) if i add the extra £2500 onto it will the min payment still be £25 a month (obviously more after fixed term is over) or will that increase ?
Thanks

Forgot to ask do you have the available limit?

YorkshireBoy

Innocent_Guy wrote: »

Correct

Thanks

stubuch wrote:

As long as the transfer doesn't take you above 95% of your credit limit you'll be OK.

It's possible (or at least it used to be online) to get to 99.xx% used on this card with a second (S)BT in month 2.

stubuch

YorkshireBoy wrote: »

It's possible (or at least it used to be online) to get to 99.xx% used on this card with a second (S)BT in month 2.

Thanks for correcting. I got to 95.xx% when doing transfers, 95% was in my T&Cs and I didn't try any higher than that. I haven't got the 60 day window and they've increased my limit twice since getting the card, both times prompted transfers to my current account.

smileysnow

Innocent_Guy wrote: »

Forgot to ask do you have the available limit?

Thanks to everyone who has replied , yes i have the available credit thankfully,how will i know if i am still in the introductory 60 day period ? i guess i am as i have had only received one statement since opening the account , and also it does say on my online account apply before 5th april for the money transfer
Thankyou

smileysnow

Sorry stupid question that was, just looked on statement and found account opening date.
Does anyone know how long it really takes for the transfer to be readily available in my current account rather than the stated 7 to 10 days ?