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  • FIRST POST
    • DialysisDude
    • By DialysisDude 17th Apr 18, 10:00 PM
    • 2Posts
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    DialysisDude
    advice needed about money transfer cc
    • #1
    • 17th Apr 18, 10:00 PM
    advice needed about money transfer cc 17th Apr 18 at 10:00 PM
    hello I am new here and I need advice about credit cards and whats best for me.

    I want to get a credit card and do a loan for around 1,000 - 2,0000

    what i have read i should transfer the money from the credit card to my bank account.

    my bank is halifax. should i go with them or advice on this website is virgin is the first suggestion on money transfer cc.

    if i did get virgin cc it says 20 months 0% does that mean if i pay the money back within that time frame i don't pay interest?
Page 1
    • jonesMUFCforever
    • By jonesMUFCforever 17th Apr 18, 10:10 PM
    • 24,754 Posts
    • 11,967 Thanks
    jonesMUFCforever
    • #2
    • 17th Apr 18, 10:10 PM
    • #2
    • 17th Apr 18, 10:10 PM
    First of all establish why you need the loan/credit card?

    You will need a money transfer card with a 0% promotional offer not just any old credit card.

    Use MSE's credit card on the top of this board to see what is on offer.
    Most will charge a one off %fee for the transfer which will be added onto the balance transferred to your bank account.

    You are correct in saying that it will be interest free as long as you make at least the minimum payment every month.

    Finally if you are going to be using the facility as a loan I personally would be dividing the amount borrowed by the number of free months to give me a monthly repayment to make sure that it is paid off before any interest kicks in. (Before applying could you afford this repayment? If not you may be starting to get into debt that you might not be able to get out so take care).
    What goes around - comes around
    give lots and you will always receive lots
    • jonesMUFCforever
    • By jonesMUFCforever 17th Apr 18, 10:13 PM
    • 24,754 Posts
    • 11,967 Thanks
    jonesMUFCforever
    • #3
    • 17th Apr 18, 10:13 PM
    • #3
    • 17th Apr 18, 10:13 PM
    First of all establish why you need the loan/credit card?

    You will need a money transfer card with a 0% promotional offer not just any old credit card.

    Use MSE's credit card on the top of this board to see what is on offer.
    Most will charge a one off %fee for the transfer which will be added onto the balance transferred to your bank account.

    You are correct in saying that it will be interest free as long as you make at least the minimum payment every month.

    Finally if you are going to be using the facility as a loan I personally would be dividing the amount borrowed by the number of free months to give me a monthly repayment to make sure that it is paid off before any interest kicks in. (Before applying could you afford this repayment? If not you may be starting to get into debt that you might not be able to get out so take care).
    What goes around - comes around
    give lots and you will always receive lots
    • zx81
    • By zx81 17th Apr 18, 10:17 PM
    • 16,790 Posts
    • 17,800 Thanks
    zx81
    • #4
    • 17th Apr 18, 10:17 PM
    • #4
    • 17th Apr 18, 10:17 PM
    If this is your first card, as it sounds it may be, you almost certainly won't get a 0% money transfer card.
    • DialysisDude
    • By DialysisDude 17th Apr 18, 10:22 PM
    • 2 Posts
    • 0 Thanks
    DialysisDude
    • #5
    • 17th Apr 18, 10:22 PM
    • #5
    • 17th Apr 18, 10:22 PM
    i can afford to pay around 100 - 150 a month back. which as I can see is good if I borrow 1,000 - 2,000.

    I need the money for a deposit on a house.

    would it be an online thing where i go to the website and pay a monthly bill and could I pay as much as I want if I have spare cash.

    also transferring money to my bank account, would that be a simple task of going online and doing it like online banking?
    • Dobbibill
    • By Dobbibill 17th Apr 18, 10:37 PM
    • 3,051 Posts
    • 3,972 Thanks
    Dobbibill
    • #6
    • 17th Apr 18, 10:37 PM
    • #6
    • 17th Apr 18, 10:37 PM
    As a house deposit this would be taken into consideration for affordability of the mortgage as you are adding an expense to your outgoings.
    This isn't necessarily going to mean you get declined, you could or they could offer less lending on the mortgage or they may offer you a worse rate - it's a big gamble at such an important time.

    If you've not got the right amount for the deposit you could maybe wait a little longer while you continue to save.

    Whatever you decide, give it some thought - approach with caution.

    All the best.
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    • jonesMUFCforever
    • By jonesMUFCforever 18th Apr 18, 12:18 AM
    • 24,754 Posts
    • 11,967 Thanks
    jonesMUFCforever
    • #7
    • 18th Apr 18, 12:18 AM
    • #7
    • 18th Apr 18, 12:18 AM
    i can afford to pay around 100 - 150 a month back. which as I can see is good if I borrow 1,000 - 2,000.

    I need the money for a deposit on a house.

    would it be an online thing where i go to the website and pay a monthly bill and could I pay as much as I want if I have spare cash.

    also transferring money to my bank account, would that be a simple task of going online and doing it like online banking?
    Originally posted by DialysisDude
    How much have you in savings now?
    Is it a deposit for renting a house or to buy?

    You cannot borrow a deposit for a mortgage.
    Lenders will need to see where your deposit comes from on a mortgage application.
    What goes around - comes around
    give lots and you will always receive lots
    • Ben8282
    • By Ben8282 18th Apr 18, 4:06 AM
    • 2,276 Posts
    • 1,015 Thanks
    Ben8282
    • #8
    • 18th Apr 18, 4:06 AM
    • #8
    • 18th Apr 18, 4:06 AM
    As Halifax don't offer a money transfer card going with them would be a bit pointless.
    Use the eligibility checker on the Virgin Money site. That will give you the best indication of of you will be accepted or not. But, as has already been said, if this is your very first credit card you may be in for a disappointment.
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