Best credit card for a £20k balance transfer

Richard_Jeffries

Hi all,

I borrowed £20k on a 0% Virgin credit card last year to invest in the stock market and have made a very tidy profit...but the zero rate runs out soon and I'm not ready to sell my shares yet - I think they have further to rise.

Any tips on any cards offering 0% for big transfers? I want to bounce the whole £20k onto another card for another few months at least before I sell the shares, pay it all back and bank the profit :beer:

stephane_2

Richard_Jeffries wrote: »

Hi all,

I borrowed £20k on a 0% Virgin credit card last year to invest in the stock market and have made a very tidy profit...but the zero rate runs out soon and I'm not ready to sell my shares yet - I think they have further to rise.

Any tips on any cards offering 0% for big transfers? I want to bounce the whole £20k onto another card for another few months at least before I sell the shares, pay it all back and bank the profit :beer:

You got a 20k credit limit with Virgin?
I would be very surprise if a credit card company would be willing to give you that kind of credit once more, especially that you have used the 20k on the Virgin credit card, unless you have income at or above 100K.

unidentified

Why not cash in the shares, then apply for another card, see what limit you get and then buy more shares again at current price?

(Almost like starting again)

BankCrusher

firstly brokers wont take credit card payments for share purchases
even if one did they would take 2.5% for the card fee

sounds like someones living in dreamland

paulmcerlean

unidentified wrote: »

Why not cash in the shares, then apply for another card, see what limit you get and then buy more shares again at current price?

(Almost like starting again)

Ever bought shares? That really would make no sense. Idiot.

jonesMUFCforever

paulmcerlean wrote: »

Ever bought shares? That really would make no sense. Idiot.

Neither is balance transferring £20k for starters it would cost £600 in fees alone.
Bank enough money in profit to utilise this tax year's capital gains limit and see what you have then left owing.

jd87

paulmcerlean wrote: »

Ever bought shares? That really would make no sense. Idiot.

Reported.

......

cifpower

jd87 wrote: »

Reported.

......

Is it really necessary to post "reported" when you report a post?

jd87

cifpower wrote: »

Is it really necessary to post "reported" when you report a post?

Is it necessary to post to ask someone if it's necessary to post reported when someone does it?

deadthings

jd87 wrote: »

is it necessary to post to ask someone if it's necessary to post reported when someone does it?

reported!!!!!!!

D.

exel1966

stephane wrote: »

You got a 20k credit limit with Virgin?
I would be very surprise if a credit card company would be willing to give you that kind of credit once more, especially that you have used the 20k on the Virgin credit card, unless you have income at or above 100K.

It's not at all uncommon for Virgin/MBNA to give limits of £20K+ to those with excellent credit histories and it can be achieved with salaries far less than £100k+.
Many stoozers, myself included have made their largest profits using these cards with limits of this nature.
Egg/AMEX are other companies known to give high limits to those with excellent histories.

As for the Op and BT'ing elsewhere, he's going to have to have made a tidy profit on those shares as any transfer is likely to cost him £600+ unless whe can obtain a fee-free card from Santander with such a limit, which I doubt.