Best Balance Transfers Discussion Area

Moggles_2

purpletibbar wrote: »

I have just received my new Virgin credit card and there is an offer 0% interest until December 2010 on all money transfers to a current account completed before 28 September 2009. It is suggesting this can be used to pay off overdrafts, other personal loans etc. Is this really as good as I think it sounds?

A few rather special cards, such as Virgin, will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. You then have funds in your current account with which to pay off a loan.

Note: there's usually a 4% handling charge (as compared with the 2.98% BT fee), so check your Ts & Cs carefully. Also, if you want an easy life, it's best to keep purchases and BTs from other credit cards on separate credit cards

c0rneL

I just applied for Virgin credit card, with 0% interest for 9 month on balance transfer and £0 handling fee. Is looks very good, but I am not quite sure how this balance transfer works. I never transferred any balance before but right now I am very tempted. I have one question: will the balance transfer affect my other credit cards? My main credit card is a Shell cashback credit card and I do want to transfer the balance to my new virgin card, but I want to keep on using the Shell card for purchases. I' am not willing to transfer any balances if this will affect in any way the other cards.

CannyJock

c0rneL wrote: »

I just applied for Virgin credit card, with 0% interest for 9 month on balance transfer and £0 handling fee. Is looks very good, but I am not quite sure how this balance transfer works. I never transferred any balance before but right now I am very tempted. I have one question: will the balance transfer affect my other credit cards? My main credit card is a Shell cashback credit card and I do want to transfer the balance to my new virgin card, but I want to keep on using the Shell card for purchases. I' am not willing to transfer any balances if this will affect in any way the other cards.

You can still keep your old card, transferring a balance doesn't close the old card. It sees the balance transfer as a "payment". You just phone Virgin, give them the shell card details and the amount you want to pay - or you can do it online. Be sure to make the minimum payments on the Virgin card and don't use it for purchases only balance transfers. You need to make your promotional transfers within the first 60 days.

wozwebs

Just had application form through door for Santander's new Zero card. Looks good. 0% on BT's for 12 months and NO FEE. 18.9% after that but if you tart it for 12 months then nothing to pay.

NickX

wozwebs wrote: »

0% on BT's for 12 months and NO FEE.

I would double check this if I were you - the relaunched Santander Zero card does actually attract a 3% Balance Transfer fee.

wozwebs

Sheet I got (am an A&L customer) has a chart on it saying 0.00% BT fees in comparision to Barclaycard at 2.5% and Halifax at 3%.

Has Aug09 on the back. Might be a different offer as already an A&L customer?

EDIT: Yes it says it is only available until 30th September and not available in the branch.

NickX

If you have a specific existing customer deal that is no fee then Happy Days :beer:

I recently got a repeat offer on the old Abbey Zero card which was fee free aswell.

I just wanted to advise some caution as the standard product does indeed carry a 3% fee :

http://www.alliance-leicester.co.uk/credit-cards/index.aspx?ct=primarynav

salerbil

I have a virgin 0% card which is costing me a lot now as it's 18 months old
I am presently unemployed and in £10000 credit card debt
I applied for a mortgage extension of £1400 (2.5% int.)
I received a letter yesterday from A and L/ Santander offering 0%bt for 1 yr. no fee card
then today a cheque from nationwide mortgage for £1400
What to do now?

Moggles_2

salerbil wrote: »

I have a Virgin 0% card, which is costing me a lot now, as it's 18 months old. I am presently unemployed and in £10000 credit card debt. I applied for a mortgage extension of £1400 (2.5% int.) I received a letter yesterday from A and L/ Santander offering 0% bt no-fee card, then today a cheque from Nationwide mortgage for £1400. What to do now?

Obviously, we don't know the standard rates you've been handed by Virgin, but whatever they happen to be at the mo, just be aware of possible interest rate hikes.

You don't mention the duration of the Santander BT offer or the credit limit on the card, but if you plug some numbers into this credit card calculator, you can compare interest rates and estimate the time it would take to clear the balance at different rates. You can also see the effect of increasing your payments by a few pounds.

http://www.whatsthecost.com/creditcard.aspx

salerbil

It's for 1 year but they did not specify a limit and they say because I have an acc. with A&L they will accept me