Money Transfer Cards

xFlake

Hello all,

I'm looking for the experiences of people who have had a money transfer card, or have knowledge of them. Looking at a 0% card (taking into account the fee of course) rather than a loan/finance for a vehicle purchase. I'm looking at needing around £7,000. My credit score is good and on eligibility checkers get 100% for MBNA and 90% for Virgin.

My issue is with the amount I'm looking at receiving. Is it realistic?

Thoughts welcome! :money:

adindas

xFlake wrote: »

Hello all,

I'm looking for the experiences of people who have had a money transfer card, or have knowledge of them. Looking at a 0% card (taking into account the fee of course) rather than a loan/finance for a vehicle purchase. I'm looking at needing around £7,000. My credit score is good and on eligibility checkers get 100% for MBNA and 90% for Virgin.

My issue is with the amount I'm looking at receiving. Is it realistic?

Thoughts welcome! :money:

Both card are the best card for Money transfer
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

MBNA for instance UP TO 24 MONTHS 0%, 1.89% FEE

So if approved you just pay 1.89% for two years, equate to 0.95% pa. It is almost impossible to get loan at this rate.

The problem here is that, you might not get the limit and the duration that you are expecting. Nobody here will be able to tell you what limit you will get as it will also depende on your circumstances (income, spending, etc) your other loan, credits, etc

noh

My experience is with a combination of zero fee money transfer card and several zero fee zero % balance transfer cards.

Transfer the money to your bank account using the money transfer card and then top up with a balance transfer to one of the other cards repeat until you have used all the credit on the balance transfer cards but none of the credit on the money transfer card.
The result is a zero cost loan of the total available balance transfer limit of the BT cards.
I applied for 7 cards in a very short period. The credit limits I got ranged from £1.2K to £6K


I wouldn't recommend doing this unless you have a good credit history and have no need to apply for credit in the next few years and are disciplined enough to pay off the balance within the interest free period.

Pixie5740

I applied for a Virgin Money transfer card earlier this week to find some home improvements rather than use savings. I was able to achieve the kind of credit limit you need so they do give limits that size. Whether or not you'll get a large enough limit nobody here knows. The only way to find out is to apply.

bearcat16

I applied for money transfer cards with virgin and MBNA on the same day. Simple application, approved within seconds.

Virgin gave me a limit of £6,600 and MBNA gave me £7,000.

One thing you have to remember is they can only transfer up to 95% of your credit limit.

xFlake

Useful responses. Thank you for your help everyone, appreciate it!

Superscrooge

xFlake wrote: »

Hello all,

I'm looking for the experiences of people who have had a money transfer card, or have knowledge of them. Looking at a 0% card (taking into account the fee of course) rather than a loan/finance for a vehicle purchase. I'm looking at needing around £7,000. My credit score is good and on eligibility checkers get 100% for MBNA and 90% for Virgin.

My issue is with the amount I'm looking at receiving. Is it realistic?

Thoughts welcome! :money:

From my experience you would be unlikely to get a money transfer card with a credit limit as high as £7,400 (which is approx the credit limit you would require to transfer £7,000) However as others have said you might be able to spread it across two credit cards.

Don't forget the interest rate will revert to a high interest rate once the 0% period expires. So you need to factor in whether you can repay the debt during the 0% period?

ex2t633w

We are in same position.
Replacing car--- SOFT search says we 100% for Virgin-- 80% MBA
But when worked out repayments for Virgin-- it came out MORE than the car finance with dealer !! Am I doing something wrong?
Car £11000---- at 1.89%(virgin) over 2 yrs--- = about £450 per month ??!!
Car dealer finance was £3000 deposit-- then £199 month for 3 yrs
My brain has gone dead !!!
We are dithering not knowing what to do for best?
PLEASE CAN SOMEONE TELL US BEST WAY TO FINANCE CAR ??
Main thing is LOW AS POSSIBLE monthly repayments .

YorkshireBoy

ex2t633w wrote: »

We are in same position.
Replacing car--- SOFT search says we 100% for Virgin-- 80% MBA
But when worked out repayments for Virgin-- it came out MORE than the car finance with dealer !! Am I doing something wrong?
Car £11000---- at 1.89%(virgin) over 2 yrs--- = about £450 per month ??!!
Car dealer finance was £3000 deposit-- then £199 month for 3 yrs
My brain has gone dead !!!
We are dithering not knowing what to do for best?
PLEASE CAN SOMEONE TELL US BEST WAY TO FINANCE CAR ??
Main thing is LOW AS POSSIBLE monthly repayments .

Dealer finance works out at £10,164...for an £11K car?

Virgin charge 1% plus interest as a minimum payment, so that'll be (£11,207.90 x 1% £112.08 at the outset, reducing each month as the debt reduces. Obviously there will be a large payment to make at the end of the 24 month intro period, or maybe you'll try and BT to a new card?

TriathNanEilean

ex2t633w wrote: »

Car £11000---- at 1.89%(virgin) over 2 yrs--- = about £450 per month ??!!
Car dealer finance was £3000 deposit-- then £199 month for 3 yrs
My brain has gone dead !!!
We are dithering not knowing what to do for best?

Well, the figures you quote for using the dealer finance cannot be right: 3000 + (199 x 36) = 10,164 for a car supposedly costing £11,000.

You have perhaps missed something out from the finance package (opening/closing payments are sometimes much larger than the other ones) or the dealer hasn't mentioned various admin fees, arrangement fees, weather fees, any-old-made-up fees etc.