Balance transfer advice

rootdown

Hi guys, I'm looking for some advice regarding a balance transfer. I'm currently receiving JSA, however I am likely to have a job secured for the begining of next month.

I currently have an overdraft of £1000 with the B.O.S./Halifax, as a result of which I pay a charge of £31 per month. Additionally, I have £300 on a B.O.S./Halifax credit card, for which I currently pay a minimum of £10 per month. Every time I go over the £1000 limit I get stung with a £5 per day charge. All of this has made the account pretty costly.

I have a Virgin credit card which currently has no balance. I was reading on here about 'super balance transfers' available on Virgin/MBNA cards and have recetly received a letter from Virgin offering me 0% until next November on all balance transfer, minus a 2.8% transfer fee.

Is it in my interest to make this transfer, keeping in mind that I will most likely be in full employment by early next year. Any advice would be appreciated, thanks.

Hax

rootdown wrote: »

Is it in my interest to make this transfer, keeping in mind that I will most likely be in full employment by early next year. Any advice would be appreciated, thanks.

Yes, so long as you ensure you don't run your overdraft back up to it's limit and can maintain the minimum payments on the CC. Otherwise, you've paid the BT fee and will still incur the O/D fees.

rootdown

Hax wrote: »

Yes, so long as you ensure you don't run your overdraft back up to it's limit and can maintain the minimum payments on the CC. Otherwise, you've paid the BT fee and will still incur the O/D fees.

Thanks for your advice, that sounds smart. I'd need to be disciplined with the BOS account however I have faith in myself with that.

Indeed, I'll probably try and close that account anyway, as I have another current account with Nationwide that I can use.

Anyone else agree/disagree?

stephane_2

Totally agree with previous post....but you'll have to discipline yourself with your overdraft and maybe reduce it to a couple of hundred pounds just in case of an emergency

rootdown

Thanks Stephanie,

I'll try and reduce my OD to £300, as there's no daily charge for this and it's enough for emergencies.

Cheers, Virgin will be getting a call in the morning.

YorkshireBoy

rootdown wrote: »

Cheers, Virgin will be getting a call in the morning.

Factor in a 4% money transfer fee (higher than a standard BT fee).