Balance transfer juggle - help please!

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cielestbleu
cielestbleu Posts: 107 Forumite
edited 19 January 2011 at 10:43AM in Credit cards
I've tied my brain in knots trying to work out the best way to do this, so I'd appreciate any advice you lovely MSErs can give!

I currently have £1,800 debt on my Virgin Money card. It's in an interest-free period which is due to end January 2011. In the meantime, Virgin have offered me another balance transfer deal which is 0% until November 2011 (3% fee).

Basically, I'd like to try to get the £1,800 transferred from my Virgin card so I can do a fresh balance transfer back to Virgin and get onto the new 0% period.

The other credit options I have available to me are:
  • Organised overdraft on bank account: (unused at present)
  • Tesco card: (£0 balance).
The most straightforward option seems to be that I do a BT of the whole £1,800 from Virgin to Tesco, then a second BT from Tesco back to Virgin - but this means I'd be hit with two 3% BT fees (about £110).

Please can anyone think of a cheaper way of doing this? It doesn't matter if it's a more convoluted method - happy to jump through hoops to save a few £s!
:DThanks to all the competition posters! :D

Comments

  • izools
    izools Posts: 7,513 Forumite
    Combo Breaker First Post
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    Ask if the offer includes super balance transfers - if it does - use the overdraft.

    If not, it mightn't be worth it.
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • cielestbleu
    Options
    Not in this instance unfortunately - it's just to credit cards. :(
    :DThanks to all the competition posters! :D
  • izools
    izools Posts: 7,513 Forumite
    Combo Breaker First Post
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    OK so the only option would be Tesco; resulting in 6% being charged for the privilege.

    The APR would equate to more than this. How long have you had your tesco card? You could call them and see if they have any existing customer offers you can take advantage of, so just shift the balance once and then back to MBNA when your Tesco offer expires (if they give you one).

    Good luck!
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • cielestbleu
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    Thanks - was wondering if I was missing some magic way of shifting the money around on the cheap!

    I've had the Tesco card for a couple of years and they've never offered me anything, so you're right, I should check with them and see what they have to say!
    :DThanks to all the competition posters! :D
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