Money transfer help please for a 'numpty'

woodyt

Hi there,
I've been looking into getting a money transfer as in need of approx. £1500.
Please can someone explain the following to me as can't seem to find the answers I'm looking for.
I am looking at the Virgin 0% for 32 months card which works out at £47.67 per month including the £25 transfer fee.
Is it right you can only transfer 95% over to your account (so in this case £1425), so what happens to the missing £75 or £100 incl. the transfer fee?
Is it also possible to pay the card off before the 32 months are up (without charges)?
Having never owned a credit card before, please excuse my ignorance but I'm hopeful someone can answer my questions please.
Many thanks
Woody

20aday

Hello there,

Have you had any other form of credit before? I only ask as you may be declined. Lenders like to see how you've conducted previous accounts that's all.

It is correct you can only transfer up to 95% of the card limit; the £75 would be showing as available to you (I think so, anyway).

It would be possible to clear the balance before the promotional rate ends, yes. You'd have to make sure you pay at least the minimum payment before the due date and not go over your limit/miss a payment.

Whilst most lenders often reinstate an offer for first time offenders (speaking to them nicely) you could lose the deal and be charged the standard APR for Money Transfers.

rehanmalik3030

woodyt wrote: »

Hi there,
I've been looking into getting a money transfer as in need of approx. £1500.
Please can someone explain the following to me as can't seem to find the answers I'm looking for.
I am looking at the Virgin 0% for 32 months card which works out at £47.67 per month including the £25 transfer fee.
Is it right you can only transfer 95% over to your account (so in this case £1425), so what happens to the missing £75 or £100 incl. the transfer fee?
Is it also possible to pay the card off before the 32 months are up (without charges)?
Having never owned a credit card before, please excuse my ignorance but I'm hopeful someone can answer my questions please.
Many thanks
Woody

The missing £75 is still there but will be used in part by the £25 transfer fee so you do not go over your limit.

woodyt

Thanks for the quick response!
I've had a mortgage for 25 years with my hubby and have a bank account . I'm self employed though only earn 10k.
Do I sound like a feasible candidate?
Woody

[Deleted User]

woodyt wrote: »

Thanks for the quick response!
I've had a mortgage for 25 years with my hubby and have a bank account . I'm self employed though only earn 10k.
Do I sound like a feasible candidate?
Woody

Not really. Do you have no other credit history than your mortgage? Your income is also lower than is generally required.

woodyt

Thanks for that.
I've had a couple of loans but over 15 years ago.
I have never missed any payments on them or the mortgage.
The MSE suitability calculator says I've got 80% chance with Virgin and 90% with MBNA though the Virgin deal is better.
Should I just bite the bullet and apply?
Thanks
Woody

[Deleted User]

Yes - give it a go. One or even two searches won't harm.

Superscrooge

You lose nothing by applying. But if you get rejected don't make multiple applications to lots of different credit cards as this makes you look desperate for credit and high risk.

Any small remaining balance on your card after the money transfer and fee is available for spending. But the general advice is don't!

Always set up a DD to pay the minimum fee each month. If you miss a months payment the 0% can be removed and you will be hit with massive interest payments.

You can pay off the remaining balance any time without penalty

20aday

MBNA run a "soft search" facility on their website.

It *may* return the fact you could be eligible for one of their Money Transfer cards but this is subject to a full application/hard check.