Which Credit Card Help

Kimmieberley

Hi
I'm going to apply for a 0% credit card to pay off my online Very and Next Accounts. Can anyone tell me if I need a 0% on balance transfers card or a 0% on purchases card? I'm confused which one to apply for. Any help appreciated. Thanks

[Deleted User]

Not purchases.

Do the catalogues allow BTs? If not, you need a money transfer option, which tends to come alongside some BT cards.

MallyGirl

you definitely need a money transfer card - Virgin money do one and MBNA. They are less common but give you the money in your account to use as you wish. You mostly cannot Balance Transfer a store card to your credit card.

see http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

fozmcfc

You will most likely need a money transfer card. However, give it time and keep visiting the forum as some people may be able to suggest a balance transfer card, that allows you to transfer balances from catalogues.

Usually balance transfers have a slightly less fee, than money transfers or occasionally there are cards with no fee.

So ultimately you want a card, which allows balance transfers from catalogues and no balance transfer fee.

With the money transfer, you transfer money into your bank account, which you then use to pay off your catalogues.

Your biggest problem, may be getting a card or a card with a high enough limit. Very and Next accounts, don't normally have such as high credit scores needed as credit cards. If you have just run up balances and been paying minimum payments to them, you might struggle.

Good luck.

Kimmieberley

Thanks guys, I'll look into the money transfer option. I'm glad I asked now I thought it was probably a silly question. It's around £1400 debt, I've been paying more than the minimum every month but APR on both accounts is just ridiculous and it doesn't seem to ever go down so hoping to pay it off quicker this way. Thanks again ☺

moshoodo1

Can someone please clarify why not just apply for a long purchase and Bt card since Very and Next take CC as method of payment? Payment made from cc to catologue is classified as purchases.

I have heard a lot of people who applied for virgin money BT card and they were given a very low limit

takman

moshoodo1 wrote: »

Can someone please clarify why not just apply for a long purchase and Bt card since Very and Next take CC as method of payment? Payment made from cc to catologue is classified as purchases.

I have heard a lot of people who applied for virgin money BT card and they were given a very low limit

Paying off another account with a Credit Card will be likely to go through as a "cash advance" which would then be liable for interest from the date of the payment!

sjbrun

I paid off my Very account using a 0% on purchases for 22 months barcleycard. There were no additional charges anywhere. It was 4 months ago now and no charges have come up.

MallyGirl

moshoodo1 wrote: »

I have heard a lot of people who applied for virgin money BT card and they were given a very low limit

Whilst it isn't my highest limit, Virgin Money gave me a very respectable £11.5k limit on my recent Money Transfer card.

moshoodo1

MallyGirl wrote: »

Whilst it isn't my highest limit, Virgin Money gave me a very respectable £11.5k limit on my recent Money Transfer card.

Whaoo, 11.5k starting limit? your annual income must be very decent

Marcio45

Dont know about next but have been using my credit card with cashback to pay my Very account. No extra charges at all. So a 0% purchase credit card could do the trick, at least with Very.