idiot requires your help!

vincent2

I have just discovered this valuable resource / communitiy of people who really seem to care about each other - so hopefully someone can give me some advice.

I am coming to the end of a 0% offer from Virgin and need to move a huge £14000 balance ASAP. It seems that some 0% offers only apply to smaller amounts. (£5000 and under)

Would you advise applying for more than one new card and trying to spread the balance around and take advantage of the 0% deals or try to go for one that offers a low rate for the life of the loan.

I am intending to remorgage next year anyway, so am only really needing a short term option.


Anything you can suggest, or just your opinions would be very greatfully received.

GreyPilgrim

I guess it depends on how 'short' the short term is? Transferring £14,000 on a 0% balance transfer deal will probably cost you about £420 (working on the standard 3% transfer charge). You need to look at how long it's going to be outstanding, how low the rates are on alternative '£0 transfer charge but low APR' deals, and do the maths to see which is the cheapest deal.

But you're right - I've only ever been sent balance transfer deals for up to £6,000 so you might have to spread it around on a number of cards. Then again my credit score is a bit pants so that limit may just be specific to me!