Virgin Credit Card

greggp_2

I have just received Virgin Credit card worth £5k limit, I propose to use this to transfer a balance of £2,700 from another card as the virgin card has 0% balance transfer till Nov 2010. When I received the card I also noticed I could do a super balance transfer into my current account. My question is could I transfer the balance from my other card and then use the remaining credit left on the Virgin card to pay some money into my current account?

INT1

Just check that the money transfer in to your account is not charged at a higher rate or non promotional rate which I think you will find it will be...

greggp_2

looks like there is a 4% fee for doing the SBT but not sure if you can mix the two togerther (i.e Split £5k credit limit using a Balance Transfer from another card and SBT the rest to bank account)

INT1

I'm sure you can mix it but just check it will come under the BT interest rate plan.

YorkshireBoy

Yes you can mix 'n' match different transaction types, and as many of each as you want. The key thing though is that...

"The introductory rate for balance transfers, cheque transactions and money transfers applies to transactions made within 60 days from the account opening date."

...so don't delay.

JimmyTheWig

Just remember that once the 0% deal has ended the interest rate will rocket.
And remember how you got into the state of owing £2700 in the first place. For most people that would have been because they were spending too much.

While the SBT must sound very tempting, I'd say only do it if you really need to. Only do it if it reduces interest / charges you're currently paying and if you've got a solid plan for paying the whole lot off and can get by without building the existing debt back up.
I'd strongly suggest you don't do it if you think you need a new TV or deserve a holiday, etc...

hannoja

It's coming up to moving my 0% debts, and I thought I'd try Virgin next. I'll probably get rejected as I still have an MBNA card, but I was going to apply and see what happened.
This confused me a bit:

APR

• Typical rate 16.6% APR (variable)

Interest rates
Introductory rateMonthly rateAnnual ratePurchases0% for 3 months1.2916%16.6% p.a.Cash advancesn/a2.0751%27.9% p.a.Balance transfers0% for 16 months1.4352%18.6% p.a.Cheque transactions0% for 16 months1.5766%20.6% p.a.Money transfers0% for 16 months1.5766%20.6% p.a.The introductory rate for balance transfers, cheque transactions and money transfers applies to transactions made within 60 days from the account opening date.
Interest free period

• Maximum 50 days on purchases only, if you pay your statement balance in full and on time every month.
• No interest free period for balance transfers, credit card cheques, money transfers and cash advances.
• This is subject to any interest free promotional offer.

What does the blue bit mean please? 0% for 16 months sounds good, but that part concerns me. I've obviously misunderstood something, but clarification would be nice.

Thanks.

Moggles_2

No interest free period for balance transfers, credit card cheques, money transfers and cash advances.

0% for 16 months is available to new customers on BTs made within 60 days of account opening.

The above terms apply to all other transactions.

Hope this helps.
M

Dabooka

Just a polite nudge to make sure you set up a DD; the board's littered with postings from people who forget a payment and LOSE the 0% deal!

hannoja

Yes that helps Moggles, thank you. Not feeling too good today, but I'll give it a go later. I expect to be unsuccessful, but there's only one way to find out - although, knowing my luck, I will get accepted, but I'll be on the high rate, and not the 0% lol.

Thanks Dabooka. I'd like to say I'm too smart to fall foul of that one, but sadly it would be a lie (since I fell foul of it before: managed to get out quick though, so wasn't too much of a disaster).

:beer: