Hi, this is my first ever posting and its about a Virgin card..Ironic.
My Halifax One c/card is out its 0% timeframe in January so Ive signed up for the Virgin 16 month 0% balance transfer c/card today. I entered the exact figures (1300) regarding my existing card debt. My question, can I take a cash advance to clear some other debts...IE my overdraft of (800) and THEN immediately carry out the balance transfer of 2100 & accrued interest?
You could, but it would be more expensive for you.
Virgin is a super balance transfer (SBT) card, meaning you can balance transfer an overdraft (either real or ficticious) to the card.
Termed a 'money transfer', this will pay cash at 0% interest (2.98% fee applies) into your current account, from where you can settle all your debts (assuming you get a satisfactory credit limit).
I currently have this card. I just got them to do a SBT to my current account with a 2.98% fee. Then I shoved the money in a fixed rate account with a rate of about 6%. I suppose with the low interest rates now you would struggle to break even or not make as much anyway.
i'm rubbish with percentages but is the following true?
2.98% of 800 and 2100 is the same as 2.98% of 2900 is it not?
Allan
You could, but it would be more expensive for you.
Virgin is a super balance transfer (SBT) card, meaning you can balance transfer an overdraft (either real or ficticious) to the card.
Termed a 'money transfer', this will pay cash at 0% interest (2.98% fee applies) into your current account, from where you can settle all your debts (assuming you get a satisfactory credit limit).
Thanks for the response. The cards balance transfer runs for 16 months and purchases for 6 months. As I dont want to get caught out with the cash SBT ending at 6 months...will this run for the full 16 months at 0%?
I currently have this card. I just got them to do a SBT to my current account with a 2.98% fee. Then I shoved the money in a fixed rate account with a rate of about 6%. I suppose with the low interest rates now you would struggle to break even or not make as much anyway.
Thanks for the response. The cards balance transfer runs for 16 months and purchases for 6 months. As I dont want to get caught out with the cash SBT ending at 6 months...will this run for the full 16 months at 0%?
The cards balance transfer runs for 16 months and purchases for 6 months. As I dont want to get caught out with the cash SBT ending at 6 months...will this run for the full 16 months at 0%?The 'money transfer' runs for the full 16 months at 0%. See "Promotional Offer 1" in your summary box/T&C's.
DO NOT use the Virgin card for any purchases if using it for BT's/SBT's.
