Transfer advice please

FalseEconomist

I'll ask this here, although it may be better suited to the stoozing site.

I require around £2000

My virgin credit card is 12 months 0% balance transfer at 3.5% fee or cash transfer at 4%.

SO far so good.

Initially I thought I was going to use the cash transfer into my bank account to pay the bill (It's a college fee, I can pay it back within the year but this will cost less than the repayment plan offered by the college)

However, I have been thinking if I use my Tesco credit card to pay the initial bill I could collect the points and then immediately do the Virgin transfer, thus getting the lower rate fee, which the clubcard points would help (a little) to offset.

Does anyone know if this would work, and I would get the clubcard points even if the balance was only on tesco for a few days? I would have to do the transfer almost immediately as I don't want to incur ANY interest on this.

If anyone has any thoughts I'd be glad to hear them.

[Deleted User]

What you're talking about should work.

Alternatively you could apply for a 0% spending card and not pay any interest or fees at all. I guess that would depend on the timeframe you have to work with though.

InsideInsurance

Tesco's do an 18 month 0% purchase card and so no need to transfer the debt given you say you can repay within the year.

Check that your college doesnt charge any fees for paying by credit card. No idea if they generally do or dont but you need to be sure

FalseEconomist

Thanks L & I I (erm Hackerdump !!!!!!?)

have already got a Tesco card with a zero balance and have just phoned them to see if I'm eligible for any special offers, apparently not. I think I will have a bash at what I suggested then- now my limit is only 1500 (college fees 1845) put if I do that then I think I should be able to get the 345 in cash over the next three months without incurring any fees by the college (they are happy to take credit cards) wish me luck, I never thought putting such a large transaction on a credit card would be a good idea, but seems it's currently the cheapest way ( as long as I can keep paying it back!!!)

JimmyTheWig

You need to confirm that not only do the college take credit cards but that there is no fee for paying by credit card. Some places charge, for example, 2% to pay by credit card.

The cheapest way would be to apply for a new credit card that gives 0% on purchases. The trouble with this idea is that you will need to apply, get accepted and get the card before you need to make the payment.
If the college charge more than 4% to pay on credit card then this way is beaten by getting the money transfered into your current account from Virgin.

The next cheapest way is to pay the college bill on your Tesco card and transfer the balance from Virgin. If you pay the Tesco balance in full by the statement due date then you won't get charged any interest. There should be plenty of time to arrange a balance transfer from Virgin to do this.
If the college charge more than around 1% (assuming points you get on Tesco card are worth about 0.5%) to pay on credit card then this way is beaten by getting the money transfered into your current account from Virgin.

Is the £1500 limit you mention on the Virgin card or the Tesco card? If it is the Tesco card then you could use that to pay the £1500 then still transfer £345 from Virgin into your current account to pay the rest.
Though obviously the more you can pay without incurring extra costs from college and without doing a balance transfer the better.

The next cheapest way is to transfer the money from your Virgin card to your current account.


You sound like you know what you are doing but I will say this as some people have been caught out in the past. Make sure you contact Virgin to ask them to do the transfer. Don't just take the money out of the cashpoint on your Virgin card.

[Deleted User]

hackerdump wrote: »

Welcom to seller_dump_good@yahoo.com

Will you just !!!! off already.