Credit Card Cash Advance

phil_moze

Hi All,
My bank has recently informed me that they are increasing the charges for using their overdraft facility, with this in mind i wanted to clear my overdraft rapidly by way of a credit card cash advance. Virgin have quoted me a 4% handling fee and 16 months 0%. Is this the best deal or does anyone know of any better?
Thanks

Any

This is the best deal on the market by far.

Moggles_2

If the aim is to maximise the 0% period, then Virgin is the market-leader.
Minimum monthly payments are the lowest in the UK as well

http://uk.virginmoney.com/credit-card-v3/

IMO, it's best to request your transfer by phone (as opposed to online). You can do this when you call to activate your new card. There's a dedicated, Freefone number.

Virgin allows you to borrow up to 95% of your credit limit. The money arrives in your bank account in about 6 days

kindofaverage

phil_moze wrote: »

Hi All,
My bank has recently informed me that they are increasing the charges for using their overdraft facility, with this in mind i wanted to clear my overdraft rapidly by way of a credit card cash advance. Virgin have quoted me a 4% handling fee and 16 months 0%. Is this the best deal or does anyone know of any better?
Thanks

hi - being new to this etc, I thought you could only transfer from credit card to credit card?
Do you physically withdraw the cash from your virgin credit card and put it into your overdraft account? thanks

Moggles_2

kindofaverage wrote: »

I thought you could only transfer from credit card to credit card. Do you physically withdraw the cash from your virgin credit card and put it into your overdraft account?

A few rather special credit cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. A handling fee applies (typically 3-4% of the sum shifted), but there are no other charges during the introductory 0% period (usually 12-13 months). You need:

a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card