Maxing out 0% Card

dontknowwhattodonext

Hi, my virgin card has offered me a 0% for 30 mins on a money transfer if done before end of Feb, I am beginning divorce proceedings and will need money at some point, so am thinking to max our my virgin card as I suspect the offer will not be available for while, even though I don't need the funds yet, is this is a bad idea?

molerat

Is there a fee ?

Depending on the fee if you think you may need the money and have somewhere safe to keep it then why not.  if it turns out you don't need it you can pay it back.

[Deleted User]

dontknowwhattodonext said:

Hi, my virgin card has offered me a 0% for 30 mins on a money transfer if done before end of Feb, 

30 minutes? Blimey. It's not the longest of offers.

What fee are they charging? Will you definitely need to borrow money over the coming months? It would be better to avoid borrowing if you don't need to, especially if it means maxing out the card.

Ebe_Scrooge

It's not a bad idea as such.  Bear in mind there'll usually be a fee for doing the transfer, so it'll cost you - admittedly, it's likely to be a relatively small amount.

But the more important point is that you absolutely MUST have a plan to pay off the balance when the 30 months (I assume that's what you meant) are up.  Otherwise it'll start attracting interest at the card's standard APR, which could start to get very expensive.

Other than that, make sure you pay at least the minimum amount each month, on time (a Direct Debit is safest).  If you miss a payment, they'll usually revoke the promotion immediately and you'll start paying interest straight away.

dontknowwhattodonext

There is a 3.5% fee, can take upto 4k, would put in my savings and then pay more than the mimimum, once divorce finished say in 8 months, would then pay back quicker

MalMonroe

YES. It's a really terrible idea.

Just because an offer is there does not mean you should take it.

For example I've just been offered a 0% transfer of £3k for 24 months from my Sainsburys CC. I don't have anything to transfer as I've just paid off my last debt to my Virgin CC. I won't be spending on a CC unless it's for monthly groceries which I'll pay off in full at the end of each month, so I'm going to ignore their kind offer. . . 

Please don't forget that divorce is a really very stressful life event (I've been there and I know how horrible it really is) and is NOT a time to be making such rash decisions. I was rash and a few years down the line from divorce I was in a DRO. You don't want to be there.

Save as much as you can. But don't get into debt when you don't need to. 

dontknowwhattodonext

Sorry 30 months

dontknowwhattodonext

I need to pay 1.5k soon, which I don't have saved. I can pay by card  but this would be at standard APR rate

[Deleted User]

Then if your only other option is a debt at your standard APR and you can't repay it within a couple of months, you may as well do it.

dontknowwhattodonext

All depends on how long I am paying for the ex house at £1,300 per month

Brie

my virgin card has offered me a 0% for 30 mins on a money transfer
&
There is a 3.5% fee
Is there a lower fee for doing a balance transfer to another card?  Usually those are better deals.  

AND crucially, if you get the 0% transfer of some sort to your virgin card will you be penalised for if you use it or will you be able to just have it for the transfer amount for the 30 months?