Is this too good to be true or am I missing something?

cloudybutnice

I have 2 credit cards. One (Yorkshire Bank) I use for everyday expenses, shopping etc. and pay it off in full every month so don't incur interest.

The other one is from Virgin and I'm using it purely as an economical way to pay down a historical debt, which currently stands at £2k. The Virgin card is 0% interest, but that offer runs out in October, so I'm looking for another 0% balance transfer deal from somewhere to take over from it.

I had decided on MBNA, but then Virgin offered me a Money Transfer direct into my bank account at 0% interest until December 2022, which should just about see off the £2k that I owe.

Is there anything to stop me from taking the money transfer from Virgin and using it to pay off my credit card debt with them? I feel like I must be missing something here, so any comments would be gratefully appreciated. Thank you.

onlyfoolsandparking

No you aren't missing anything, I have the same offer not bad but not great with the 4% transfer fee but if helps save you interest and you can definitely clear it before Dec 22 then go for it.

on 2K the fee will be £80 but bear in mind it's actually Nov 22 you'll have to have it cleared by IF your statement date is same as mine 6th of every month. Technically I know I could clear it on the 5th Dec but I never like to cut things that close.

[Deleted User]

I would apply for the MNBA one and see what happens, if it's got a better rate than 4% then take it, if not, you have the backup of the Virgin one

cloudybutnice

I think my problem is that it almost feels 'dishonest' because I know you can't do balance transfers within the same banking 'group', so this feels like I'm doing exactly that, but through the back door, if you see what I mean.

surreysaver

cloudybutnice said:

I think my problem is that it almost feels 'dishonest' because I know you can't do balance transfers within the same banking 'group', so this feels like I'm doing exactly that, but through the back door, if you see what I mean.

Its not dishonest. The bank isn't going to feel upset, as long as you are acting within the T&Cs.