Super balance transfer - will this work?

wallyUK

In my quest to BT about £1k from my Virgin money card I applied for Tesco card. However Tesco asked for additional paperwork for proof of address and have now lost it :mad: (or not processed it yet, blah blah). Because that was taking so long I applied for an Alliance and Leicester card (approved) but in one great big blond moment I forgot that Virgin and A&L were both MBNA, doh! So I can't do a standard BT but I can do a super balance transfer to my current account and then pay off the Virgin balance. However, as my credit limit for Virgin is 5k+ I have enough on that card to transfer 1K to my current account and then pay off the card. Would this work? Is there anything stopping me from doing this? I know I would have to pay the 3% fee on Virgin and A&L is 2.25% so A&L would be better from that POV. I *could* pay the balance off in about 5 or 6 months but would rather have it on a 0% in case I couldn't commit as much too it as I'd like.

Help!

Rachelle

Milarky

What's the point exactly?

You owe Virgin £1K that you want to repay (at 0%) and are prepared to pay a fee. A&L is a card you have just applied for. It will allow you to transfer £1k+ to your current account for 0% plus a fee. You can then repay this to Virgin (presumably no longer at 0% an clear your balance.) MBNA transfer to MBNA via your current account.

If the A&L credit limit didn't allow you to repay Virgin, but the Virgin limit was sufficiently unused anyway then you could move some of the credit limit to A&L instead. And once you have repaid Virgin from whatever source you can move all of the credit limit to A&L and borrow most of that at 0% too. But note also that MBNA may take unused credit limit from one card to another sometimes without asking you. They do this so that overall MBNA credit lines are not extended just because you apply for a co-branded card.