Money Transfer Question

alipops1986

Good morning,

I've been accepted for the Virgin 40 month 0% card with money transfer fee of 4%.

I've been given £7k limit - may question is, can I transfer all 7k and they'll add the fee on top, or will the maximum be 7k less the fee?

Hope that makes sense! First time at this, just need some cash towards new bathroom. Have worked out monthly repayments needed each month to pay off by end of 40 month period. Any other advice?

Thanks,
Alipops x

[Deleted User]

It's normally capped at around 95% of limit.

lisyloo

Any other advice?

Save up and wait for a new bathroom.

What happens if something goes wrong during the 40 months e.g. sickness, accident, rendundancy?

It's much better for many reasons to save up for non-essentials and as you say "new" bathroom, I'm assumingyou have one already.

alipops1986

lisyloo wrote: »

Save up and wait for a new bathroom.

What happens if something goes wrong during the 40 months e.g. sickness, accident, rendundancy?

It's much better for many reasons to save up for non-essentials and as you say "new" bathroom, I'm assumingyou have one already.

Thanks lisyloo for your concern - we have a bathroom of sorts, definitely wouldn't be doing this without good reason.

TadleyBaggie

If they allowed to transfer the whole 7K limit and then added the fee, you'd be immediately £280 over limit! So that's why it is capped.

jonesMUFCforever

.............................Why not buy one for £3500 and save £3500?

alipops1986

jonesMUFCforever wrote: »

.............................Why not buy one for £3500 and save £3500?

We will be shopping around, I just wanted to understand the whole picture first!