How long generally do the long 0% offers, ie over 24 months last before being withdrawn

jaynewcastle

I don't need to pay off my current MBNA card balance until late June 2022 when the 0% finishes, just wondering whether I should take advantage of current offers now before they disappear

Particularly looking at the Virgin 0% for 28 month with 1% balance transfer fee. I've no idea how long this has been available for already, or if they actually tell you how long it will be available for ?. I guess sometimes they end with no warning at all  ?

Thanks for any advice & information given

Ebe_Scrooge

The short answer is - who knows?  It's largely driven by marketing strategy, and different lenders will have different approaches - and different target customers.  It's nigh-on impossible to predict, unless you happen to know someone who works in their marketing department  

So, to your specific situation.  First off, can you clear your MBNA card at the end of June?  That would be the most MSE approach of all.

If you can't clear it, and you're going to want to BT the balance, then I'd be tempted to do it now.  As you say, the offer may be withdrawn by the time you really need it.  28 months is a pretty generous offer, and a 1% fee is very competitive.  OK, you're effectively "losing" a couple of months of interest-free, but if it were me I'd go for the "bird in the hand" approach.  Of course, there's no guarantee you'll be accepted for the Virgin offer, if you are then there's no guarantee you'll get the full 28 months at 0%.

As always, you really do need to be planning on clearing it by the time the 28 months is up - who knows whether you'll be able to do another BT when the time comes?  And you don't want to be lumbered with paying their standard APR which is likely to be pretty high.

jaynewcastle

Thank you Ebe Scrooge, doing it now makes a lot of sense to me too before any attractive offers disappear,  but just wanted to check first with people who have a lot more knowledge about this sort of thing.

I won't be clearing the balance on my existing card, just transferring it to a new card

Per the eligibility checking tool on here, I'm 100% pre-approved for the Virgin card so should be fine

Ebe_Scrooge

jaynewcastle said:

Per the eligibility checking tool on here, I'm 100% pre-approved for the Virgin card so should be fine

Just be aware, any third-party eligibility checker is at best a rough guide.  It's not until you've made the application and Virgin have done a hard search on your file (thus accessing all of your data, which an eligibility checker doesn't do) that they'll decide whether or not you're eligible.

CheekyMikey

jaynewcastle said:

I don't need to pay off my current MBNA card balance until late June 2022 when the 0% finishes, just wondering whether I should take advantage of current offers now before they disappear

Particularly looking at the Virgin 0% for 28 month with 1% balance transfer fee. I've no idea how long this has been available for already, or if they actually tell you how long it will be available for ?. I guess sometimes they end with no warning at all  ?

Thanks for any advice & information given

I’ve just faced the reverse issue….Virgin 0% deal ending in June so have just done a BT to MBNA 0% 28month deal with 1.5% fee. Personally think it’s worth giving up a couple of months to get the deal you want. I have only ever gone for 100% approved eligibility deals and never been refused so I’d think you’re probably ok unless you’ve not declared something from the past upfront.

jaynewcastle

Thank you, yes my Virgin application & balance transfer request has been approved