balance transfer

hfl72

Hi - this might seem like a dumb question (so apologies in advance!), but can I apply for a 0% balance transfer card before I have accrued the balance to transfer? I want to buy a car, and was considering putting a big chunk onto my existing credit card (virgin money) and then shifting the balance onto a 0% one. I'm just not sure if that's the best way to do it. Can anyone advise?
Thanks.

Jenergise

Hi there,

I am no expert, but Idid exactly that. I had to pay for my course but my only free credit card limit I had was on my virgin card (the purchasing bit, at a high interest rate). I had an unused Halifax credit card and asked them if I can apply for a new 0% balance transfer - in my case, I managed to get 9 months 0% on my existing card (but they said I could have closed my Halifax card and reapplied).
Anyway, I didn't make the purchase until both cards were ready - usuallywith balance transfer you get between 20-60 days or so within which you need to transfer. So it should be fine to get the balance transfer card, then pay for the car, then shift the balance.
Hope someone can confirm.

Tixy

Yes you can.

You may already know this - but you cannot transfer from a card with the same provider, so make sure you don't apply for another from MBNA.

Have you spoken to the car dealer about whether they will charge fees if you pay by credit card (these can be around 3%).

Alternatively - you could ask virgin if they have any 0% money transfers offers on - if they did you could use your existing card and money transfer to your bank account and use that to make the purchase in cash.