smallest introductary minimum payments??

bpyoung

Aha, I didn't know that. I'll bear that in mind in 11 months time...

Can you still do BTs to your current 0% cards that you're paying 2% off? You could shift a portion of your monthly spend on your Egg card on to these 0% cards, thus reducing the payment required on your Egg card every month. Although you'd probably want to pay it off manually in this case, as I think Direct Debits are set when your statement is issued, rather than dependent on the balance when the DD is due.

Daytona_nev

Are you sure that's right about it only being free for the first month?

So where does the 5 months come from then?

Daytona_nev

I've just taken this from the Egg website. Its definately a 0% for 5 month anniversary offer !!!

"Anniversary offer Around the anniversary of when you opened your account you'll get 0% fixed for up to five months on balance transfers made in the month of your anniversary. And you can expect this same offer every year until 2006"

bpyoung

It's 0% for the 5 months, but you can only do the actual transfer in the one month of your anniversary. So you can do lots of little BTs during the 5 months to top up your limit.

Daytona_nev

So would you get charged interest on the little bts done after the first month?

steviewander

I'm waiting for my MBNA card to come through the post in the next couple of days, but according to my MBNA Terms and Conditions:

(1c) By the payment due date shown on your statement each month, you must pay 2.25% of the balance shown on the statement (as long as this is at least £5.00)

I read that to mean that you have to pay 2.25% of the balance each month, with £5.00 being the minimum payment if 2.25% works out to be less than£5.00. I have just transferred £8000 onto my MBNA card with 0% interest for 12 months. I was expecting to have to pay 2.25% of £8000 in the first month. Am I wrong?

I was also told by Virgin Card that I could have a Virgin Card (issued by MBNA) but that I couldn't transfer balances between MBNA cards. This is contrary to what a previous poster has written above.

bpyoung

So would you get charged interest on the little bts done after the first month?

Yup.

Galstonian

Your post all seems very sensible in dealing with your debts.  You may wish to reconsider your "penchant for expensive presents" to avoid digging the same hole again.

If you do decide to apply for more (interest free) credit then get hold of your credit reference files first to make sure everything is accurate and up to date.

bpyoung

I was also told by Virgin Card that I could have a Virgin Card (issued by MBNA) but that I couldn't transfer balances between MBNA cards. This is contrary to what a previous poster has written above.

Gah, MBNA operatives have probably been reading this board. Regarding your minimum payment question, I'm pretty sure it is actually only £5 per month, but check when you activate your card and set up your dd.

Daytona_nev

Stevie,

I had 4k on my virgin card and was only paying £5 minimum payment during the first 6 months.