Money transfers on Virgin CC

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Hi all, just a quickie...

I recently acquired the Virgin CC to carry on my CC tarting. I had let it go a bit so had been paying a bit of interest on my CCs - came about because when I applied for a new CC originally I didn't tick the box that said I would be balance transfering so it looked like I was looking for extra credit :/ lesson learned.

Anyway so now have the Virgin CC with 0% BT and money transfers until April 2012.

I've BT my two balances - around 850 from my Halifax CC and 1850 from my Barclaycard.

So my question is... I have 250 overdraft with a defunct nationwide account that I have struggled to pay off so would money transferring from the Virgin CC to that be ok?

I've struggled to pay off because I'm battling my way out of my Lloyds overdaft after uni. hopefully will start my doctorate paid training in Sept when my salary will jump from 17k to 26k.

Just getting by in a new city on 17k is why I'm struggling... rent/car payements & insurance, etc. etc.

So just to get a clear picture transfering money from Virgin CC to my nationwide overdraft to clear it is what they mean by money transfer?

Comments

  • Consumerist
    Consumerist Posts: 6,310 Forumite
    Name Dropper First Post First Anniversary
    edited 26 December 2010 at 10:25PM
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    From the Virgin CC website :-
    Additionally, the Virgin Money credit card is one of the few to offer a 'super balance transfer' feature.

    This means that the 0% for 16 months rate also applies to money transfers - so you can move money directly to a current account as well as to other credit cards, allowing you to pay off overdrafts and small loans as well as existing credit card balances.
    Providing you transfer within 60 days of opening the Virgin CC account then you can transfer your overdraft from Nationwide. Whether it is the sensible thing to do depends on the overdraft charges you are currently paying Nationwide compared with Virgin's 2.98% handling fee for the transfer.

    I am not familiar with Nationwide's overdraft charges but it will probably worthwhile to transfer it to the Virgin CC.

    If you are expecting the increased income you mention then plan for your repayment of the total amount transferred (less accumulated minimum payments) before the 0% expires. Don't use the Virgin CC for any purchases until you have repaid the balances transferred. But you probably knew that already.

    Edit
    It is my understanding Nationwide charges £20 per month + 18.9% AER which works out at about £23.63 per month on £250. Virgin CC will charge a one-off handling fee of less than £7.50 to transfer £250 with up to 16 months at 0% interest. A no-brainer, really.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • paulburns1984
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    Thanks, just wanted confirmation I had the terms right! :beer:

    Yeah, I've learnt enough fortunately to know not to make any purchases with this card, it wont be leaving the house :)

    So think I'll payoff the nationwide overdraft and may add a couple of hundred to the lloyds too to aid paying off that overdraft
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