Carry On Tarting - Virgin Card

Albert_32

A few day's ago I mentioned that the kind people from GE, turned me down for their credit card... This was first time I had ever been declined and I was pretty annoyed.

Anyway I thought I would go for the Virgin Card which doesn't quite match the GE card but does offer:-

1) 0% on BT for 9 months (2% charge capped at £50)
2) 0% on purchases for 5 months
3) 2.25% minimum payment
4) 15.9% Apr

In my circumstances, which is that I am going to clear a £5k balance in 9 months this is a good deal.

So after being declined I was worried that my credit rating would be damaged, however Virgin called today and accepted me with a £10.5k credit limit!! Fantastic News

So if GE turn you down, give Virgin a go, they accepted me regardless of the record of GE searching my account.

My tarting days are nearly over, one more last time for old times sake!!

Good luck.

Albert

YorkshireBoy

Albert_32 wrote:

1) 0% on BT for 9 months (2% charge capped at £50)
2) 0% on purchases for 5 months
3) 2.25% minimum payment
4) 15.9% Apr

2) Don't make use of this if you've transferred a balance to the card, as you'll pay interest (at whatever rate they give you - it may not be the 'typical' 15.9%) until you've cleared the BT balance.

3) It's better than that...the minimum payments are only £5 during the intro period. Just pay £5 and put the rest in a savings account each month and withdraw to settle the account at the end of the intro period. It needs a bit of discipline, but you may as well make a little 'on the side' as well.

thyme_2

Aren't 0% BTs great - I am semi officially debt free as of today! Just paid my final amount into my saving a/c so it is ready for later in the year a month or two before the 0% period ends. But funnily enough I have just received a 0% offer through the post this morning! Now what to do? .... nah don't think so. That's what the extra money saved is for - it has a a name too!! "I own credit card.com" :cool:

Albert_32

YorkshireBoy wrote:

2) Don't make use of this if you've transferred a balance to the card, as you'll pay interest (at whatever rate they give you - it may not be the 'typical' 15.9%) until you've cleared the BT balance.

3) It's better than that...the minimum payments are only £5 during the intro period. Just pay £5 and put the rest in a savings account each month and withdraw to settle the account at the end of the intro period. It needs a bit of discipline, but you may as well make a little 'on the side' as well.

Thanks for that Yorkshire Boy for making me aware of this - I plan to use this card as my last tarting card. Can't wait to be clear of my final debt - 9 months happy days!!

Keep up the good work Yorkshire Boy you offer valauble info

Cheers,

Albert

YorkshireBoy

Albert,

Just re-read your OP and have a suggestion...

Why not SBT the whole 95% credit limit from your current account and settle the other card from there?...

1. Take advantage of the £50 BT fee cap.

2. It's still only £5 per month to pay during the intro period.

3. You should make an additional (over and above what you make on the 'held back' repayments on the £5K transferred) £100 net on the additional £4K+ of spare credit limit in a savings account.

Take a look at the stoozing articles and see what you think.

Good luck.

Albert_32

Hi Yorkshire Boy,

Yes I will have alook at this, and see if I can now start making some money on the back of the credit card companies.

Thanks again for you well informed advice .


Cheers Albert

kuohu

Well done Albert on getting the card and thyme - yeah they are great when you're trying to clear debts. My 0% HSBC has been really useful in knocking my CC debt down (under £500 now).