How much Per Month On A Balance Transfer of £2k?

fleetingmind

Just bought a new car and need to pay the last £2k on my cedit card (Tesco Platinum). Was going to get a loan (I'm a Abbey customer) so could have got the 8.9%) but have decided to get a Virgin card and do a balance trasnfer onto that for 0% for 15months when i will have hopefully have paid it off.

So the balnce on the Virgin card would £2,059.60. What will the minimum payments required by Virgin be each month at the start?

There will no other charges to me except when the 15 months run out is that right?

Is this the best card to use?

Many thanks.

YorkshireBoy

The dealer could charge up to 3% for payment by card. So that's nearly 6% with the Virgin BT fee...that's if you can get accepted for the Virgin card (unless you already have?).

A better option might be to take a money transfer from Virgin. That's a transfer of cash into your current account (from where you can pay for the car) at 0%. There's now a 4% fee for this.

Your Virgin minimum payments are £25 per month throughout the intro period.

p1tse

YorkshireBoy wrote: »

A better option might be to take a money transfer from Virgin. That's a transfer of cash into your current account (from where you can pay for the car) at 0%. There's now a 4% fee for this.

can you explain this a little more and what's the % interest and period to payback to virgin?

YorkshireBoy

p1tse wrote: »

can you explain this a little more

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#MBNA

and what's the % interest and period to payback to virgin?

0% and 15 months according to the OP

p1tse

thanks

is there a way to find out what credit limit one can get i.e. with virgin without signing up etc.?

super balance transfer sounds quite cool.

so a £2.5k credit on virgin, with 4% = £100.
so £2.6k to pay back in 15 months. actually call it within 14 months to avoid any admin delays or interest per say

so 14x£185.71(per month)

this could be managable for me, if i can get a limit of £2.5k(ish).

already have a tesco credit card (monthly fuel and shopping goes on it and paid up in full)

i hope my credit limit is good enough.

fleetingmind

Thanks for all the advice.

Buying my car today. Car is 7.5k and I have got 4k in cash, extra 1.5k in the bank and my father in law has given me 2.5k cash in case i need it (so 6.5k cash). The rest is going on the credit card which will be my loan.
I want to give my father in law his money back this week. So i need to get 2k onto my credit card as that is what my loan will be and i will transfer it to the Virgin card when it comes.

Problem is garage charge 2% on credit cards (nothing on debit cards).

Is the cheapest option for me just to pay the 2k (plus 2%) on my card pay 5.5k in cash and then give 1k back today to the father in law and take out the 1.5k from my bank tomorrow and give that back to him then.

So would have to pay 40gbp for using the credit card then I would have to pay 60.79gbp on the balance transfer with Virgin.