Balance Transfer to Very.co.uk

ellis89uk

I have a very.co.uk account and the credit on it isn't that high, but I'm only making the minimum payments and the interest is pretty high. Looked into some balance transfer credit cards with 0% to try and save a bit of money, but then got to thinking most state 'UK Store Card' and very.co.uk isn't really a store card. Anyone have any ideas if you can in fact use balance transfer cards to pay it off. Or does it depend on the card/issuer, maybe id be better of ringing and making sure.

Any advice would be appreciated

Consumerist

ellis89uk wrote: »

Any advice would be appreciated

Hi ellis89uk and welcome to the forum

If your balance isn't very high and you aren't able to do a balance transfer then you might want to consider getting a card which offers 0% on purchases. Put all your shopping on the 0% card and then use the saved cash to pay off the very.co.uk as quickly as you can.

It's effectively a balance transfer to the 0%-on-purchases card but without any balance-transfer fee (normally around 3%).

Just a thought.

Stuart_W

Hang on a minute. I've got a very account.

Payments to very accounts can be made by credit card.
(these payment are counted as purchases by the credit card company, not cash transactions or balance transfers)

If you can get a 0% on spending credit card, just use it to pay off your very balance by making a credit card payment off your very account.

If you can't get a 0% spending card, just get one with the lowest rate you can! As long as the rate is lower than the very account, you've reduced the cost of your debt.

ellis89uk

Thanks guys, i think both methods seem like a good idea. In theory could pay off the balance twice as fast if pay with a credit card and with what ever i can afford from my wages. Still very new to credit, so thanks for the help