virgin credit card - clear smal debt

peterpieper123

hi guys
ive had an egg CC for about 4 years now. been paying off by DirectD minimum payment (yes stupid i know) wised up abit now and want to get rid of it after i looked into it properly and saw what interest i was paying... :eek:
i only have a £450 debt on the egg card, but dont fancy just laying out £450 in one go and want to get another CC to balance transfer at 0% to clear the egg and give me a year breathing space to clean it up once and for all.
was looking at getting the virgin CC. is there anything nasty ive missed out about this card that i should be aware of or you think its the right way to go?
to be honest most of the credit cards all seem to be a much of a muchness.. all look the same.. or am i missing something? :rotfl:

thank you

MFWannabe

The only difference with the cards is the transfer fee will be different on different cards; check out the link on this site to find the one with a long 0% offer and a low transfer fee

peterpieper123

i applied.
got a knock back. yet again, what a wonderful world we live in where computers rule our lives. pathetic. again i have the bad credit rating BS hanging over me for no reason at all..

YorkshireBoy

peterpieper123 wrote: »

is there anything nasty ive missed out about this card that i should be aware of or you think its the right way to go?

Firstly, it only has 14 months 0%. For a lower 2.90% fee you'd get 16 months with this MBNA card...

https://wwwa.mbna.co.uk/apply/UKCCapp/Ctl/entry?sc=8pt16gs05_ost&mc=ECO-UK-33333-13004

Secondly, your minimum payments will halve on the MBNA run cards (1% mins vs 2% on Egg). So, unless you really have learned your lesson you'll owe more in 16 months time than you do now!


EDIT: I see from your subsequent post you've been knocked back . Time to check your credit reports?

2nd EDIT: Don't go for the above card as it's run by the same people!

MFWannabe

there must be a reason for this; have you ever missed a payment?
What is the interest rate on the card now? You may be better off seeing how much you can comfortable afford to pay each month; if you can manage to pay off £100 per month then you will clear it in 5 months and get it cleared out of the way

peterpieper123

looked at all my credit reports. all look perfect. never missed a payment. had the same trouble a few motnhs ago when trying to get a mobile phone contract. on the egg is "INTEREST AT 2.008 PER MONTH". means me paying minimum payment off 15 odd quid a month is paying off about 4 quid from the total balance...
this credit rating nosense is really getting me down.

fozmcfc

You owe £450 and can't afford to clear it in one go fair enough.

But you are still only paying the minimum amount, why can't you pay £50 a month. Better still £100 would see it cleared in 5 months.

With the balance transfer fee, you would hardly save anything by transferring if you could afford to pay £100 a month towards the debt.

Give people some more info for the best help. At the moment your post reads to me that despite the debt being small, the fact you are only paying the minimum, you earn a very small wage, are on benefits or a student with hardly any spare money.

All of the above could well be the reason why you are not being accepted elsewhere.

Overall if you really are needing at least 12 months to clear £450, then you need the debt free wanabee boards on the site as clearly you are struggling financially.