virgin 0% 4 16mths cc

windypete

hi ya all
i am thinking on getting a virgin cc with 0% intrest 4 16mths, to pay off a personal loan cos the intrest is so high on it!. but before i get one want to ask some ??'s from people who have them. 1, where can you pay off your cc ie which banks allow you pay there ( had problems with this in the past! extra charge if you dont bank there). 2, how do you do a money transfer from the card to a bank account.
i know these seem like silly things to ask but not had any expeirance with anything like this so if anybody can help me out before i make the jump to pay off my personal loan that would be great.:j

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pl,£2300. barclycard,£700. marbles cc,£253

YorkshireBoy

1. Paying your bill

Direct debit (highly recommended)
Send a cheque (not recommended)
Pay at your own bank using the tear off BGC slip
Pay by online/telephone banking with your own bank
Pay online (on the Virgin site) with your debit card
Pay over the phone to Virgin with your debit card


2. You either ring them up and ask them or action it online yourself from your Virgin secure area.

However, I should point out that transferring the loan to a card (especially an MBNA run one) may not be the best option for you.

Moggles_2

windypete wrote: »

How do you do a money transfer from the card to a bank account?

IMO, it's best to request your money 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

Moggles_2

Where can you pay off your cc? ie which banks allow you pay there? ( had problems with this in the past, extra charge if you don't bank there)

Banks, other than the Co-op, will charge if you pay your monthly bill over the counter.

Virgin provides excellent online services. If you don't wish to set up a direct debit, I would register your details on the Virgin website. You can then monitor your account online and pay your cc bills faster using your debit card

Moggles_2

Whether this is a good idea is another question. If you will have savings to pay off your credit card balance before the 0% period expires, that's great.

The risk in paying off a loan this way is that you can't be sure of another 0% credit card offer with a sufficient credit limit when your current deal ends and the interest rate leaps to anything up to 34% APR variable. For all we know, 0% BT deals may not be around in 16 months time and BT fees could have jumped to 5% or even 6% :eek:

Bear in mind that the reason Virgin can afford to lend you money at 0% for 16 months is because, more often than not, customers do not clear the debt and end up paying crippling interest when the promotion period ends. If this were not the case, these 0% offers would have dried up long ago.

If 16 months isn't long enough to pay pay off your borrowings, it may be safer to stick with the fixed rate that you are currently paying