transferring 2 credit cards to 0%

thingsneedtochange83

Hi I am hoping someone can give me a bit of advice!

Stupidly ran up a credit card. Thought my problems were solved when I done a balance transfer. Idiot that I am didn't cancel the other one and before I knew it I have TWO credit cards with £9k on each 😕

Struggling to pay the bills and keep this up. Both cards are maxed out.

I have done the search on here and it says I have a 40% chance of being accepted for virgin money card

Here are my questions. ..

1. Can I transfer both credit cards to 0%

2. How much is the transfer fee for this

3. How much would the min repayment s be?

My mind is a whirl of numbers and would appreciate someone having a look at this.

Thanks for your help xx

YorkshireBoy

1) You can try, but you're going to need a very good salary to get a card with a near £20K limit! And it won't look good to prospective lenders that you're maxed out on both cards.


2) It's very clearly shown in the summary box on their website. Or are you saying you need help with the maths to get the actual amount rather than the percentage?


3) Again, that's shown in the summary box on their website.

Stoneman_2

If you manage to get a new limit on the virgin card to cover the balances of the 2 existing cards, then yes you can transfer both, providing neither of them are virgin cards or ones from the same family. The terms and conditions will normally tell you which ones are not allowed.

Virgin are part of MBNA, so that will rule out quite a few cards. Might be worth calling them before you apply.

Minimum repayment is the balance on your statement if it is £25 or less; or the greater of £25 or 1% of the balance on your statement before any default charges, card fees and interest.

The transfer fee is 2.99%

grumbler

thingsneedtochange83 wrote: »

...

3. How much would the min repayment s be?

Do you really need to know this?
Unless you want to be in the same situation when 0% offer expires you have to pay much more than any minimum payment can be.