virgin stooze posible

Dandytf

is it possible to Snooze via 0% purchase or Money transfer options, whilst maybe benefiting from occasional 0% purchase.

thanks

Se1Lad

Dandytf said:

is it possible to Snooze via 0% purchase or Money transfer options, whilst maybe benefiting from occasional 0% purchase.

thanks

Other virgin cards may be different but on my card it would only be possible if you were moving the money into an investment account or similar to achieve the required returns (and you could obviously loose money too.). My card offered 12 month money transfer at 4% fee which is why I went for the intermediate MBNA step instead.

[Deleted User]

Se1Lad said:

Dandytf said:

is it possible to Snooze via 0% purchase or Money transfer options, whilst maybe benefiting from occasional 0% purchase.

thanks

Other virgin cards may be different but on my card it would only be possible if you were moving the money into an investment account or similar to achieve the required returns (and you could obviously loose money too.). My card offered 12 month money transfer at 4% fee which is why I went for the intermediate MBNA step instead.

Please don't encourage him. You may not be aware of his history but he's recently out of a DMP, has already run up 22k of credit on cards (on a 9k a year salary after he went part time), has expensive credit finance for windows, and electronics, ran up debt which he had to BT off etc. He needs to be spending any free cash clearing debts, not trying to borrow more and gamble on making a profit.

Se1Lad

Deleted_User said:

Se1Lad said:

Dandytf said:

is it possible to Snooze via 0% purchase or Money transfer options, whilst maybe benefiting from occasional 0% purchase.

thanks

Other virgin cards may be different but on my card it would only be possible if you were moving the money into an investment account or similar to achieve the required returns (and you could obviously loose money too.). My card offered 12 month money transfer at 4% fee which is why I went for the intermediate MBNA step instead.

Please don't encourage him. You may not be aware of his history but he's recently out of a DMP, has already run up 22k of credit on cards (on a 9k a year salary after he went part time), has expensive credit finance for windows, and electronics, ran up debt which he had to BT off etc. He needs to be spending any free cash clearing debts, not trying to borrow more and gamble on making a profit.

I wasn’t aware I had encouraged him - I laid out the facts and also warned that you could potentially lose money if you moved the stoozed cash into an investment account.

[Deleted User]

Se1Lad said:

Deleted_User said:

Se1Lad said:

Dandytf said:

is it possible to Snooze via 0% purchase or Money transfer options, whilst maybe benefiting from occasional 0% purchase.

thanks

Other virgin cards may be different but on my card it would only be possible if you were moving the money into an investment account or similar to achieve the required returns (and you could obviously loose money too.). My card offered 12 month money transfer at 4% fee which is why I went for the intermediate MBNA step instead.

Please don't encourage him. You may not be aware of his history but he's recently out of a DMP, has already run up 22k of credit on cards (on a 9k a year salary after he went part time), has expensive credit finance for windows, and electronics, ran up debt which he had to BT off etc. He needs to be spending any free cash clearing debts, not trying to borrow more and gamble on making a profit.

I wasn’t aware I had encouraged him - I laid out the facts and also warned that you could potentially lose money if you moved the stoozed cash into an investment account.

Unfortunately anything involving credit, investment, get rich quick etc is a temptation. He's got debts yet is chucking money into crypto as well, the fact an investment can go down isn't a concern...

Se1Lad

Unfortunately anything involving credit, investment, get rich quick etc is a temptation. He's got debts yet is chucking money into crypto as well, the fact an investment can go down isn't a concern...

Agreed that you should only go down the investment route if you can afford to loose some of the money - so it’s not for everyone, and I certainly wouldn’t do it if I had debts elsewhere.  In my case I am comfortable with the risk, and the money has already gone up 2% since I moved it into my investment  account - so that’s covered the balance transfer fee already!  Though I’m well aware the value can go up or down!

Dandytf

Decided against potential stooze, preferring to make use of 0% purchase for unexpected home repair job.
Going forward I continue to work towards 1-5% total utilisation across all cards.
Virgin money have been very quick in extending interest free offers over next year.

Though I have unsecured debt elsewhere, I continue with HL/Nationwide/RBS Isa's.