Is this the best option?

Naitch

Hello,

I need some advice from the experts before I go ahead with something. I will explain my situation:

I currently have 2 credit cards. A Virgin Card and a Morgan Stanley Buy&Fly Card. I don't really want to apply for any more cards. I have a balance of £1485 on the Virgin card, and £200 on the MS. The 0% period has ended on both. The Virgin card is offering 0% on balance transfers until Sep 08, and the MS is offering 6.9% on balance transfers for 6 months. My plan is to transfer the £1485 from Virgin to MS (paying 3% fee), then transfer the whole lot back to Virgin at 0% (and pay another 3%). I will be about £96 down, but will not pay interest (currently 15.9% or £177) until September 08, by which time I will have paid it off. I don't want another card because the credit limit will more than likely be too low for my balances, and I'll still pay 3% to transfer.

Does this all sound ok? Is it even allowed? Are there better options? I would be grateful of any help.

Thanks,

Mark.

CLAPTON

if you pay 1485 back in 9 equal installments of 175 at 15.9% the total interest paid will be about £87..... your 177 assumes that you pay interest on the whole amount for the full 9 months rather than on the declining balance