New to bt please help

grad2224

I am after some basic advice so i do not make a mistake. I am a single mum looking to clear my debt on my current credit card. I hate the interest i pay each month so would like to transfer i have just paid off £400 and i know i could pay the outstanding debt of around £800 say in a year if not sooner but would like to do it on a 0% card. I am thinking of trying to apply for Virgin 0% for 15 months 2.98% fee.
What would anyone advise me would be the best way to apply i.e by phone or online, do i need the exact figure i would like to transfer over, i would like the minimum payments taken out by direct debit so i have no late fees also do i keep the card i am transfering from as a safety net i.e if something goes wrong with my car which i need as my childrens school is too far too walk as i understand if i use the card i have bt on i will be hit with huge fees, sorry if this is a bit hard to read i have spent a long time looking at all the advice given just dont want to make any mistakes which will cost me thanks alot for reading.

CLAPTON

In brief

I don't think it makes must difference how you apply but 0% cards tend to go to people with good credit ratings and a decent income.

You don't need an exact figure when you BT but beware that some cards don't like you going into credit on the CC so best to BT just a litttle less than your CC balance.

If you BT £800 then the fee will be £24.
You don't say what your current card's APR is, but if for example you cleared the debt in say 10 months and the APR was 15% then approximately you would pay £800 x 15% x 10/12 x 1/2 = £50 in interest,
Obviously if the APR was higher you will pay more but if you pay it off sooner then you pay less but it gives you an idea.

If you are applying for the Virgin card then presumably your current card isn't from the Virgin stable of cards as they won't allow you to BT between their own cards.

Its best not to spend on a card used for BT because you will pay purchase rate interest on these and the payments will go towards paying off the 0% BT balance rather than the purchases so you dont gain full advantage of the 0% BT.

thumshie

CLAPTON wrote: »

If you are applying for the Virgin card then presumably your current card isn't from the Virgin stable of cards as they won't allow you to BT between their own cards.

You can find a list here of most of the cards MBNA(Virgin is one of)issue under:
http://www.stoozing.com/cards.htm

as an example, you couldn't move from alliance and leicester to virgin.. I'm not 100% this list is totally accurate, as i thought abbey were now issuing card direct???Not sure if they moved all existing cards over though....

exel1966

The OP has duplicated the post. Her current card is from Lloyds.

GeorgeUK

It's probably better to ask for a bit more than you need. They make say they will give you a smaller amount of credit, but you can only BT about 95% of the limit.

Also make sure you don't spend on a card you do a BT with. That's how problems start