Balance Transfer Question

LynnB_2

Hello - I have a Virgin card and they have offered me a 0% balance transfer for 9 months. I have £2,800 on my Egg card which I would like to transfer over. I also have an overdraft of approx. £500. Would it be possible for me to ask Vrigin to do a balance transfer of £3,300 to my Egg card which would clear the Egg card and put it £500 in credit. I would then transfer the £500 to my current account to clear my overdraft. I'm not sure if you have to let them know the exact amount of your balance on the card you are transferring from? The other offer I have from them is 6.9% LOB offer with a 4% charge if I transfer straight into my current account. Many thanks for your help with this.

Moggles_2

Would it be possible for me to ask Virgin to do a balance transfer of £3,300 to my Egg card which would clear the Egg card and put it £500 in credit?

Personally, I wouldn't risk putting your Egg card in credit. Credit cards - other than Egg Money - are not designed to carry a positive balance.

Why not request your BT for £2800 in the normal way? Then ask Virgin for a money transfer of £500 to your current account.

Moggles_2

The other offer I have from them is 6.9% LOB offer with a 4% charge if I transfer straight into my current account.

The two types of deal exist because individual circumstances and attitudes vary. There's no perfect solution that suits everyone.

Have you estimated how long it would take to clear the debts in full?
If you plug some numbers into this credit card calculator,
http://www.whatsthecost.com/creditcard.aspx
you can estimate the time it would take to clear the balance using the 0% offer compared with 6.9% LOB. You can also see the effect of increasing your payments by a few pounds

Martin's *Best Balance Transfers* article explains the pros and cons of 0% and life-of-balance deals and how to decide

http://www.moneysavingexpert.com/car...cards#choosing

yngajjar

Will virgin allow me to transfer my overdraft with 0% for 12 or 15 months?

Rob71

yngajjar wrote: »

Will virgin allow me to transfer my overdraft with 0% for 12 or 15 months?

Yes - you simply request a money transfer and pay the money into your current account. A money transfer is essentially the same as a balance transfer, and the offer term (12 or 15 months) is the same.

After 12 or 15 months (whatever the introductory offer is) you'll find that you'll pay more interest on a money transfer than a balance transfer. The idea is that you never pay any interest by either clearing the entire card balance on time, or moving the debt to another card.

Obviously you need to be disciplined enough to ensure you don't slip back into your overdraft if you do clear it, otherwise you'll be back to square one...

Moggles_2

yngajjar wrote: »

Will Virgin allow me to transfer my overdraft with 0% for 12 or 15 months?

May I ask whether you have other credit cards?