Virgin 41 Month Balance Transfer Credit Card

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planteria
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Re: Virgin 41 Month Balance Transfer Credit Card

Postby planteria » Sun Jan 29, 2017 1:53 pm

it is up to you of course, but i wouldn't. i would create a +ve balance for a lower BT fee rather than a higher MT fee.

DC.
Posts: 31
Joined: Sat Jan 09, 2016 12:45 pm

Re: Virgin 41 Month Balance Transfer Credit Card

Postby DC. » Sun Jan 29, 2017 3:39 pm

You are right to be careful, but some options for the future.

rjm101
Posts: 6
Joined: Sun Jan 22, 2017 4:06 pm

Re: Virgin 41 Month Balance Transfer Credit Card

Postby rjm101 » Sun Jan 29, 2017 8:05 pm

DC. wrote:I've just looked on Moneysupermarket, they have a Capital One clear pay card, It's 34.94% apr with 0% tranfer fee for money transfer, so you could possibly do a balance transfer from Virgin to Capital One, then money transfer from Capital One to your current account.


DC I took a look at the capital one clear pay card and it does indeed have a 0% money transfer fee but it has a 3% balance transfer fee as well so technically I'd save 0.79% but it's not the full 3.79% it seems.

Just so I'm entirely clear on what's being suggested from the first approach:
1. Apply for another credit card offering 0% balance transfer fees
2. Do a balance transfer from the virgin card to the other credit card offering 0% balance transfer fees
3. Once the balance transfer is done the balance transfer 0% fee card will have positive credit
4. Ask credit card company to transfer the positive credit to my current account

Point 4 seems like the big if to me and whether they will actually do that and if all or just some companies allow it.
I also wonder about the 0% 41 month offer on my Virgin card too if this would still be valid.

DC.
Posts: 31
Joined: Sat Jan 09, 2016 12:45 pm

Re: Virgin 41 Month Balance Transfer Credit Card

Postby DC. » Mon Jan 30, 2017 8:25 am

I'll try and make it clear, it can be confusing when first starting.

You have a card that is offering a balance transfer (balance transfer is for transfering a balance from 1 credit card to another)
You dont have an existing debt on a credit card to do a balance transfer, however what has been suggested is you transfer a balance anyway to your only other credit card making it positive, and then either using it for normal spends, or if that isn't quick enough, calling the bank and saying you have a positive balance, and can they transfer it to your current account, effectively a money transfer, through unofficial ways (although people on here do it often enough to be the norm).

The way I mentioned, but in no way is more or less effective, is to balance transfer (credit card to credit card) from the balance transfer card you have to a card offering a money transfer(money transfer is for transfering a balance from a credit card to a current account, also known as Super balance transfer), so using the the card I suggested you would transfer from Virgin to Capital One at 3%, then from Captial One to Current account at 0%, so in total 3%, ignore the Balance transfer fee on Capital One card as you won't use that.

So there are 3 different methods being suggested.

Method 1

1. Transfer Balance from Virgin to any credit card at 3%.
2a. Call the bank to ask for a transfer of the money to current account as the card is now positive
2b. or spend on the credit card until the balance is gone (normal spending only, and the money you save by not having to pay your bill should allow you to put money in savings)

Method 2

1. Transfer Balance (Balance Transfer) from Virgin to Capital One, or other Mule card at 3%
2. Transfer Balance (Money Transfer) from Capital One or other Mule card at 0% to current account.

Method 3

1. Transfer Balance (Money Transfer) from Virgin at 3.79% to your current account

Hope that makes it clearer.

rjm101
Posts: 6
Joined: Sun Jan 22, 2017 4:06 pm

Re: Virgin 41 Month Balance Transfer Credit Card

Postby rjm101 » Mon Jan 30, 2017 12:45 pm

Thanks I think I get it now. I have another question to do with credit utilisation.

At the moment I have a total credit card limit of 6400. With this virgin card coming in providing an additional credit limit of 8600 I'll have a new total credit limit of 15k. Am I right in understanding credit score is affected by the total credit utilisation rather than the utilisation of an individual card?

My current amex credit card barely uses any credit. My main query is that I want to use as much of the credit limit on the virgin card to stooze obviously. Using 90% of the virgin credit should bring up my total credit utilisation percentage to 53.6%. Am I right in thinking that having 90% of the credit used up on my virgin card isn't going to affect my score that much as the total credit utilisation score is a lower percentage?


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