Virgin super balance transfer...to do or not to do ?!

francesca500

Hello everyone!

This might sounds absolutely horrific to some people but ANY advice would be greatly welcomed, be it bad or good!

Basically I have a Natwest BPP Law School loan and I am getting nowhere paying it off (although making repayments monthly) and from what I can gather, I could essentially use the Virgin 0% super balance transfer to pay off say £4,000 of this loan......

Thus, at one end my loan will decrease considerably and the other I will have £4,000 to pay off on my credit card but there is 0% interest for 20 months!!!!!! So will stay at £4,000?!

So, other than the money transfer fee I wouldn't have to pay ANY other fees throughout the 20 months???????
Obviously unless I was to use the credit card to make a purchase, which I never would!

Does anybody know if there is a limit on how much you can transfer from the credit card balance transfer to a loan?? I mean can it 1000s????? Just wondering!
Also, if you just keep moving from one super balance transfer card to another does this effect your credit rating eventually????????

Also, if anybody is aware of any 'catches' PLEASE let me know!

Please go ahead and respond, respond, RESPOND.......!

Thank you in advance.

Atom

Hi there I'm no expert but i do know you can transfer that amount no problems and during those 20 months you would not incur any interest but you will still pay the minimum payment every month, i don't think it would effect you credit rating much transferring between cards but each card comes with a limit and that in turn adds to your total credit avilable which could effect your rating depending on your income.

Im not so sure what fees would be involved or if your loan company would let you pay off by credit card - more experienced members will surely chip in and give you that advice.

kayla3600

Do you really need all the ??????
As far as I'm away whatever credit limit you are given you can use, less a % fee, normally around 3% or so.
Surely if you look at the virgin cc website they have all the t&c's on there.

needahol

I think the fee is 4% and you need to stay within 95% of your credit limit

thenudeone

Remember that after 20 months the Virgin rate will shoot up to the "cash advance" interest rate which is higher than for purchases and probably much higher than the rate you are being charged on the loan at the moment; so - if you do this, use the amount you save on interest to reduce the debt balance significantly, rather than just spending it. If you don't, you'll probably pay more in the long run.

francesca500

Thank you for sensible answers....very much appreciated!

Kayla3600...why even bother commenting?!