When should I balance transfer

mikeopvc

I just logged into my credit card accounts (virgin & halifax) and found that virgin have sneakily added a balance transfer promo rate of 0% until 22 October 2013
I think this offer may be a result of me making a lot of overpayments recently in trying desperately to reduce my debt with them.
Obviously I need to take advantage of this but am not sure of the best way to go about it.
Do I transfer a balance from the halifax card now and have part balance at 29% and part balance at 0%
Or pay more off the virgin card then do the transfer to have more debt at 0%

Hope this makes sense!

Thanks

[Deleted User]

You BT now and pay as much as you going forward. You payments will go against the interest bearing part of the balance.

daffodil

Hi
I have just transferred my balance from Halifx credit card to my Virgin cc. at 0% until October 2013 - up to you of course

[Deleted User]

daffodil wrote: »

Hi
Its just that I think Virgin are a bit more responsible with their lending.

In what way?

mikeopvc

Deleted_User wrote: »

You BT now and pay as much as you going forward. You payments will go against the interest bearing part of the balance.

And as my overall balance goes down will I be able to BT again (in a couple of months) to get more onto the 0%?

mikeopvc

daffodil wrote: »

Hi
I have just transferred my balance from Halifx credit card to my Virgin cc. Its just that I think Virgin are a bit more responsible with their lending. Up to you of course, so all my money is at 0% until October next year.:A

I don't know which is better or more responsible, I've just been following guidelines from this site and paying off more on the virgin card whilst paying just the minimun on the halifax card since that has a slightly higher rate.
This is the first chance I've had to get some of my debt onto a 0% rate so just want to make the most of it.

[Deleted User]

mikeopvc wrote: »

And as my overall balance goes down will I be able to BT again (in a couple of months) to get more onto the 0%?

Yoou'll only have a certain period of time that the Virgin BT is open for - you can do more than one BT, but it must be in that period - probably 6-8 weeks.

daffodil

Just think that Richard Branson is a cool guy:j

debtcutter

mikeopvc wrote: »

I don't know which is better or more responsible, I've just been following guidelines from this site and paying off more on the virgin card whilst paying just the minimun on the halifax card since that has a slightly higher rate.
This is the first chance I've had to get some of my debt onto a 0% rate so just want to make the most of it.

Wait?

From that post it sounds like you're paying less money off the highest APR card at the moment. Have I read that right??

You say the Halifax card is @ 29%, what APR is the virgin one (standard rate for purchases, not the new special BT rate).

mikeopvc

debtcutter wrote: »

Wait?

From that post it sounds like you're paying less money off the highest APR card at the moment. Have I read that right??

You say the Halifax card is @ 29%, what APR is the virgin one (standard rate for purchases, not the new special BT rate).

Virgin card is 29.95%
Halifax card is 23.9%

I've been make overpayments to the virgin card and leaving the halifax card at minimum payment.

YorkshireBoy

Deleted_User wrote: »

Yoou'll only have a certain period of time that the Virgin BT is open for - you can do more than one BT, but it must be in that period - probably 6-8 weeks.

I've recently taken a similar offer from Virgin.

My offer clearly stated the period, ie "0% until your September 2013 statement date for transfers completed by 31/10/12". OP's offer will be similarly clearly worded if they read it fully.