Quick question

Luke87_2

Hi all, I currently have 2 credit cards. Natwest with £4k on £1.5k is on interest and the rest on 0%. The limit is just over £4k, now they have just sent me a letter about 0% balance transfers so could I use my virgin card to transfer £1.5k off the natwest credit card the use the 0% deal to transfer back to natwest so it'll all be 0%??
Thanks
Luke

Buzby

I suspect not.

Have you asked them?

Luke87_2

No I haven't asked them, I just wondered that's all

chattychappy

Yes you could and it would work.

But you would have BT fees on both transactions. So if that's 3% + 3% (for example), then that's 6% overall. So don't transfer whatever you think you will be paying off within the next 3 months, say. (Assuming you are currently paying 2% a month interest which is about APR 26%).

Also, payments received (and a BT looks just like a payment) are usually applied to statemented transactions first. So be careful if you are also running a 0% balance on the Virgin card.