Best Balance Transfers Discussion Area

Chopper98

I currently have a Natwest cred card, same bank as my current account had 1,200 on it for a while but i've just managed to pay it off. Any help gratefully received

Moggles_2

Chopper98 wrote: »

I currently have a Natwest credit card, same bank as my current account. Had £1,200 on it for a while, but I've just managed to pay it off. Any help gratefully received

To maximise the 0% period, 15 months is currently available to new customers from Virgin. A 2.98% handling charge applies

Chopper98

Moggles wrote: »

To maximise the 0% period, 15 months is currently available to new customers from Virgin. A 2.98% handling charge applies

Cheers Moggles I might give that a whirl. Although I suppose i'll only really be making about 90 to 100 quid over the year. 2.98% charge then i get it in an ISA at around 6.5?

Moggles_2

Chopper98 wrote: »

I might give that a whirl, although I suppose I'll only really be making about 90 to 100 quid over the year. 2.98% charge, then I get it in an ISA at around 6.5%?

IMO, it's best to request your transfer by phone as opposed to online. You can do this when you call to activate your new card. There's a Freefone number

Virgin allows you to borrow up to 95% of your credit limit. The money arrives in your bank account in about 6 days.

Chopper98

Whats the best scenario then? Take out 95% (2850) put it into an ISA (Is there a preferrable ISA deal? My bank only offers 4.51% gross) set up direct debit for minimum payments and after 15 months shift the debt to another card with 0% and continue with the ISA?

Thanks for your help

Chopper98

Moggles wrote: »

IMO, it's best to request your transfer by phone as opposed to online. You can do this when you call to activate your new card. There's a Freefone number

Virgin allows you to borrow up to 95% of your credit limit. The money arrives in your bank account in about 6 days.

Is there a difference in fees on phone vs online?

YorkshireBoy

Chopper98 wrote: »

Whats the best scenario then? Take out 95% (2850) put it into an ISA (Is there a preferrable ISA deal? My bank only offers 4.51% gross) set up direct debit for minimum payments and after 15 months shift the debt to another card with 0% and continue with the ISA?

Yes, see the ISA board for the best current offers.

Is there a difference in fees on phone vs online?

No.

Moggles_2

Chopper98 wrote: »

Is there a difference in fees on phone vs online?

No. Whichever you use, the same one-off handling charge applies. This fee is collected with the first monthly repayment to Virgin.

IMO, it's best to request your transfer by phone, as opposed to online, so you can make certain the 0% interest rate will apply

Moggles_2

Chopper98 wrote: »

What's the best scenario then? Take out 95% (2850), put it into an ISA, set up direct debit for minimum payments and after 15 months shift the debt to another card with 0% and continue with the ISA?

Yes, but not sure where the £2850 has come from

When you call to activate your new card, I would ask Virgin to transfer the maximum allowed (normally 95% of your credit limit) to your current account

J14RED

Hi all,

ive never had a credit card so please be patient.
Basically, i bought a new car last year on finance, and the first couple of months knocked my finances for sick! i have a £700 overdraft on my current account and today received a letter saying that it has to be cleared by 1/8/08(six weeks :eek: ). so i thought that i could put this £700 on to a credit card to pay it off over the next 7 or 8 months. please can somebody help me with this as, quite frankley, i havent got a clue where to start!

many thanks in advance!