Using a Money Transfer to pay off the same card?

CraigWatson

Hi all,

I have a Virgin Money credit card, and have 0% deals on transfers and purchases set to expire in April and July respectively.

Virgin have just pinged up an offer of 0% on money transfers until January 2022 with a fee of 4%.

My question is this: Is it theoretically possible to use the new offer to transfer myself the amount currently outstanding, then pay that back into the card, effectively cycling the credit onto the longer 0% deal while not technically applying for new credit?

Virgin’s repayment rules state that any payments will clear closest-to-expiry deals first, so “by the book” it should work, but I’m wondering if anyone has actually tried this in practice.

Cheers!

[Deleted User]

Yes, that's fine.

You'll pay a fair amount for only a short extension at 0% though, so work out if there are better routes.

born_again

Yes you can. Done it with Halifax.
I just transferred the funds away and moved them back.
But how much do you owe? Compared to your available balance to be able to clear the old debt, or are you just paying part of it off?

Would like to add, that please make sure that you have a plan in place to pay the debt back in the timeframe. We are seeing more & more people now finding that all the offers have dried up & having to pay large interest rates on the debt.