New to Balance Transfer!

Benno1983

Hi,

I've currently got a halifax credit card with £3000 on it. I want to transfer it to the virgin 16 months 0% interest card. If i transfer this balance to the Virgin Card and say pay £200 off the card in the first month then and at the end of the month my balance will be £2800 without any interest at all on top. Am I correct?

Many Thanks

hax_2

Virgin will charge you a 2.98% handling fee, even though its a 0% offer. For a £3,000 balance transfer this would be £89.40.

CLAPTON

well
do Virgin charge a BT fee ..usually you pay a 3-4% fee (i.e. £90-120)
but no interest would be charged for the 3,000

Benno1983

Thanks. Is this the only charge I will have? I guess it is then just a case of chipping away at the total!

td_007

Benno1983 wrote: »

Thanks. Is this the only charge I will have? I guess it is then just a case of chipping away at the total!

You may already be aware of this - if not make sure you set up a direct debit to pay the min amount each month. Any lapse and you will lose the 0% rate and suddenly you will find it a whole new ball game!!

Benno1983

Can i pay more than the min payment each month?

Mozette

Benno1983 wrote: »

Can i pay more than the min payment each month?

Yes of course, you can pay what you want. It is worth having a direct debit set up for the minimum amount so that is paid whatever, then pay whatever else you want by standing order, cheque, bank transfer, at your bank, by post... however you like.