Hi there,
Just wondering if anybody can give me some advice, I applied and received a virgin credit card about 4 months ago and transferred relative accounts to it to take advantage of the 0% on balance transfers.
Unfortunately I had to put a few items on that card to now I will obviously pay interest on those purchases.
I would like to apply for the barcalycard 0% for 14 months, transfer the balance of the virgin credit card as well as 1000 off my overdraft to stop my interest payments and pay the handling fee of 2.5%.
If I do this will virgin charge me anything for clearing the balance and cancelling that card after only 4 months as I do not want to incur any more charges.
Many thanks for your help in advance
cfcmills
Nope you are free to pay off your credit card whenever you want/can. Note that you will almost certainly be charged residual interest the month after you pay off the balance.
I would like to apply for the Barclaycard 0% for 14 months, transfer the balance of the Virgin credit card as well as 1000 off my overdraft to stop my interest payments and pay the handling fee of 2.5%
A few rather special cards like 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. Unfortunately, Barclaycard is not one of them.
No need to close the Virgin account though. Once the balance was paid off, courtesy of B'card or another BT card, you would have around 11-12 months 0% on BTs remaining and could, if you wish, use your Virgin cc to clear your overdraft ;)
Hi there,
Just wondering if anybody can give me some advice, I applied and received a virgin credit card about 4 months ago and transferred relative accounts to it to take advantage of the 0% on balance transfers (http://www.mint.co.uk/credit-cards.asp).
Unfortunately I had to put a few items on that card to now I will obviously pay interest on those purchases.
I would like to apply for the barcalycard 0% for 14 months, transfer the balance of the virgin credit card (http://www.mint.co.uk/credit-cards.asp) as well as 1000 off my overdraft to stop my interest payments and pay the handling fee of 2.5%.
If I do this will virgin charge me anything for clearing the balance and cancelling that card after only 4 months as I do not want to incur any more charges.
Many thanks for your help in advance
cfcmills
Yeah, as moggles said, there's no reason why you need to get rid of the virgin card, the 0% BT facility would still be in place and could be used for your overdraft. In fact you might be able to get the overdraft onto the barclaycard via your virgin card, although whether or not it would be worth paying two sets of BT fees might be a consideration.
The only reason I can think of for getting rid of the Virgin card would be if you're worried that it's going to impact the limit you're granted when applying for other cards. *shrug*
