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Is this too good to be true!?!? Is there a catch?
woosutt
Posts: 33 Forumite
in Credit cards
Is this too good to be true? Is there a catch?
I currently have £7850 on my virgin credit card at 0%. The 0% deal runs out in August and will then revert to 17.7%!!!!!!! I would never be able to pay more than the interest.
So i just rang the customer loyalty department at virgin to see if they could help me by extending the 0% offer.
He said that they couldn't extend the 0% offer but could lower it to 14%. Still no good!
But.....then he said that if i were to pay off the current balance on the card and make a new balance transfer then a new 0% deal would be available to me.
So does this mean that if i transfer the £7850 to my hsbc credit card and then transfer it back onto the virgin credit card, i would then have a new 0% deal!? Which would save me the hassle of finding a new 0% card.
Is there a catch do you think?
Thanks x
I currently have £7850 on my virgin credit card at 0%. The 0% deal runs out in August and will then revert to 17.7%!!!!!!! I would never be able to pay more than the interest.
So i just rang the customer loyalty department at virgin to see if they could help me by extending the 0% offer.
He said that they couldn't extend the 0% offer but could lower it to 14%. Still no good!
But.....then he said that if i were to pay off the current balance on the card and make a new balance transfer then a new 0% deal would be available to me.
So does this mean that if i transfer the £7850 to my hsbc credit card and then transfer it back onto the virgin credit card, i would then have a new 0% deal!? Which would save me the hassle of finding a new 0% card.
Is there a catch do you think?
Thanks x
0
Comments
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Is this too good to be true? Is there a catch?
I currently have £7850 on my virgin credit card at 0%. The 0% deal runs out in August and will then revert to 17.7%!!!!!!! I would never be able to pay more than the interest.
So i just rang the customer loyalty department at virgin to see if they could help me by extending the 0% offer.
He said that they couldn't extend the 0% offer but could lower it to 14%. Still no good!
But.....then he said that if i were to pay off the current balance on the card and make a new balance transfer then a new 0% deal would be available to me.
So does this mean that if i transfer the £7850 to my hsbc credit card and then transfer it back onto the virgin credit card, i would then have a new 0% deal!? Which would save me the hassle of finding a new 0% card.
Is there a catch do you think?
Thanks x
The catch if you can call it that is the the 2 lots of transfer fees you will pay.0 -
Deals change all the time. Be sure that this one is being 'held open' for you whilst you conduct the BT to HSBC.0
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Does nobody think that OP needs a long term solution - if the interest is all he will be repaying he is in trouble?0
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check the 0% BT offer they are making to you if you clear the account, MBNA seem to make arbitary offers, like 0% for 5, 6, or 7 months. Don't assume its a 12 month offer0
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