Help me increase my stooz pot!

pozalina

Current situation:

Virgin 9 mths interest free - £2790 (ending 17 June 06)

Just been accepted for Mencap halifax platinum 0% interest 9 mths (don't know credit limit yet)

I have applied to transfer the balance from Virgin to Mencap, but am wondering if there's anything I can do to increase my stooz pot e.g. could I still use the virgin card as a mule before the 9 mth period runs out?

Thanks,

P.

Milarky

You can use the Virgin card as a mule at any time. The only issue is the fee (currently 2% up to £50). Some posters report that putting MBNA cards into a positive balance - by effectively paying off the same debt twice with two cards - allows the postive balance to be withdrawn (as a 'mistaken' overpayment) to your current accont and escape the usual BT fee. I have no experience of doing this and would not encourage that without more information.

But if you do pay off the Virgin with the Halifax chances are that Virgin will phone up within the week offering you another 0% for 6 months. If they do then only take it if you judge the 2% fee acceptable. The amount you have outstanding suggests that you have not borrowed very much above the 'fee cap' (of £2500). The 'trick' is to get a bigger credit limit and borrow as much as you can over the level of the capped fee. As a tactic you might like to request a credit limit increase on Virgin now and see what they give you. If you got it raised to 5000 say that fee will only be 1% when spread over what you can borrow. (See my point?)

HTH

doingwhatican

Milarky, you are quite right about BTing to the MBNA and then getting them to transfer the positive balance from the MBNA card for free. This is the way that I get my BT's to my bank ACC.
You are right, within a week of me doing this MBNA rang me to say that they could offer me a 0% deal and I told them that I didn;t have a debt for it to go to and they said "not a problem, we can transfer this straight into your bank account" - there was a 3% fee :mad: , but this was capped at £75 and they wouldn't budge on it, so you would have to transfer quite a lot to make it worthwhile.