Virgin Promo offer, transfer out then back?

buttonsandzips

I have a virgin card with 0% about to expire. If I look at my promo offers they are offering 0% until Dec 2011 on new balance transfers.

I have a Tesco card with a zero balance. Could I get away with moving all to Tesco then back to Virgin right away to take advantage of the offer?

Thanks

[Deleted User]

Yes, that will work.

Degenerate

Deleted_User wrote: »

Yes, that will work.

With the caveat that you'll incur 2 BT charges, which will probably amount to 6% for a year's credit. Still a good deal, but you need to factor this in to your decision.

How much credit limit do you have left on the Virgin card? if you've used less than 50% you may be able to do a money transfer for 4% and pay it back onto the card. Now that the payment hierarchy has changed, this should leave you with the same balance on the new offer.

System

Are you in a position to apply for a new 0% card?

Surely the best solution?

Regards
UNDERGROUND

[Deleted User]

Degenerate wrote: »

With the caveat that you'll incur 2 BT charges, which will probably amount to 6% for a year's credit. Still a good deal, but you need to factor this in to your decision.

There should only be one BT fee, because the transfer to Tesco should be fee free if i'ts not going to a promo rate.

System

Deleted_User wrote: »

There should only be one BT fee, because the transfer to Tesco should be fee free if i'ts not going to a promo rate.

Well spotted!

From Tesco credit card website:

• 2.9% handling fee during the first 9 months from account opening

So OP, looks like your plan is sound (as long as you've had the Tesco card for more than 9 months of course)

Regards
UNDERGROUND