Virgin Credit Card 0% on cash tranfers

DealingWithTheDebts

Hi everyone,

I have a virgin cc that offers 0%on cash transfers with a 4% charge for doing so. Now I have an arranged overdraft of £2000 which I am currently in by £1800 which is to at 0%. I didnt know whether it would be worth doing a money transfer into my overdraft from virgin cc so that my balance looked abit healthier and would therefore not be so close to the max, could also give me more of an kick start to clearing it. Then I would pay £85 a month off the cc for 12 months to clear that.

What do you think?

Thanks x

YorkshireBoy

DealingWithTheDebts wrote: »

I have a virgin cc that offers 0%on cash transfers with a 4% charge for doing so.

And are you still in the 60/90 day 'window' for taking advantage of it?

Now I have an arranged overdraft of £2000 which I am currently in by £1800 which is to at 0%.

For how much longer?

I didnt know whether it would be worth doing a money transfer into my overdraft from virgin cc so that my balance looked abit healthier and would therefore not be so close to the max...

Possibly, depending on lots of other things.

could also give me more of an kick start to clearing it.

Well the first "kick" is one right up the ****** in the form of a 4% fee simply to keep the same interest rate, ie 0%. That'll increase your debt won't it?

Then I would pay £85 a month off the cc for 12 months to clear that.

For how long have you been paying £85 off your overdraft? If the answer is you haven't, then where is the £85 each month going to come from? Maybe you've got the money stashed away in a savings account? In which case I hope you're making more than circa 3-4% AER net on it?

What do you think?

I think you need to provide a bit more detail about your circumstances to get good advice/suggestions.

DealingWithTheDebts

Hi thank you for your reply. Yes I only received the card about a week ago so I within the time frame to take up the offer. My overdraft is just set at 0% I will never get charged as far as I am aware. And yes I do pay that amount off the overdraft now, sometimes more. thanks again x

BigDave81

I don't see the point in paying £72 to move from one 0% rate to another 0% rate just seems a waste of nearly what you would pay off in a month??!!

Any

DealingWithTheDebts wrote: »

Hi thank you for your reply. Yes I only received the card about a week ago so I within the time frame to take up the offer. My overdraft is just set at 0% I will never get charged as far as I am aware. And yes I do pay that amount off the overdraft now, sometimes more. thanks again x

If your overdraft will stay forever on 0%, then I seriously cannot see why would you spend £72 to shift it elsewhere...

To make your bank balance to look healthier?? By creating another debt??

DealingWithTheDebts

Any wrote: »

If your overdraft will stay forever on 0%, then I seriously cannot see why would you spend £72 to shift it elsewhere...

To make your bank balance to look healthier?? By creating another debt??

well that was my question really, what would it be looked upon as, a heathlier bank balance or just as another debt

Any

DealingWithTheDebts wrote: »

well that was my question really, what would it be looked upon as, a heathlier bank balance or just as another debt

Both debts will register at credit check where every lender will look would you request another credit - so it makes no difference really.