Virgin 41 Month Balance Transfer Credit Card

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

Virgin 41 Month Balance Transfer Credit Card

Postby rjm101 » Sun Jan 22, 2017 4:20 pm

Hi,

I'm new to stoozing and I'm looking for the appropriate credit card and wanted to get other peoples take on the card below:

http://uk.virginmoney.com/virgin/credit ... ce=uswitch

I intend to do a money transfer to my current account to earn the interest and the 0% 41 month money transfer deal looks good and I don't intend to make any purchases on that card. However, one of my concerns is that the page calls it a balance transfer credit card. I have no previous credit card debts so I'm wondering is this appropriate for me? Will I still be issued with a decent credit limit compared to other card types?

DC.
Posts: 32
Joined: Sat Jan 09, 2016 12:45 pm

Re: Virgin 41 Month Balance Transfer Credit Card

Postby DC. » Wed Jan 25, 2017 10:09 am

Hi,

Have you not considered getting a credit card with a long 0% purchase. Use it instead of, I'm assuming, your debit card. Once it's maxed look to get another, or go back to your debit card. Then you aren't paying any fees.
Every time you do a transaction, put the equivalent into your savings, and just pay the minimum amount off the credit card. I believe that's called a slow stooze.

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

Re: Virgin 41 Month Balance Transfer Credit Card

Postby rjm101 » Wed Jan 25, 2017 10:31 pm

DC. wrote:Hi,

Have you not considered getting a credit card with a long 0% purchase. Use it instead of, I'm assuming, your debit card. Once it's maxed look to get another, or go back to your debit card. Then you aren't paying any fees.
Every time you do a transaction, put the equivalent into your savings, and just pay the minimum amount off the credit card. I believe that's called a slow stooze.


I have a cashback everyday credit card, the slow stooze is something that I think I should also consider too but I don't think I'd earn as much money compared to just doing a money transfer. This is because I don't spend that much each month. I still think the 41 month card is a decent deal. It looks better than the MBNA card which charges 4% money transfer fee on 0% for 29 months. The virgin card is good as long as I can beat 1.1% interest a year.

planteria
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Re: Virgin 41 Month Balance Transfer Credit Card

Postby planteria » Fri Jan 27, 2017 9:11 am

could look at a Balance transfer to another credit card.. pushing it into credit, and then ask for the money to be wired to your current account. i have never done a Money transfer, i've always used BTs. ime Barclaycard, MBNA and Lloyds have always passed on a + balance.

joker
Posts: 68
Joined: Thu Jan 07, 2016 6:09 am

Re: Virgin 41 Month Balance Transfer Credit Card

Postby joker » Fri Jan 27, 2017 9:45 pm

I've only done it via mbna, but a BT into credit and requested transfer has worked for me too.

That said, even a small slow stooze can add up. It's how I started and probably got 15-20% of my credit card stooze pot that way.

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

Re: Virgin 41 Month Balance Transfer Credit Card

Postby rjm101 » Sat Jan 28, 2017 1:17 am

planteria wrote:could look at a Balance transfer to another credit card.. pushing it into credit, and then ask for the money to be wired to your current account. i have never done a Money transfer, i've always used BTs. ime Barclaycard, MBNA and Lloyds have always passed on a + balance.


In order to do a balance transfer doesn't the credit card need to be in debt in the first place? That might be a stupid question. I don't really know much about balance transfer credit cards but I ask questions to learn :)

I should already note now that I've already signed up to the credit card but it's going to take a while until everything is activated.

The reason I've mainly been considering money transfer credit cards is because it seems to be the only way to actually get cash to a debit card other than a cash withdrawal which is a bad idea. These types of credit cards it seems are mostly designed to help those that want to pay off an expensive overdraft. I want to get the cash to a debit card so that I can put the money in something like funding circle to get 7.1% interest. Most investment/lending platforms don't accept credit cards and that includes funding circle too.

Obviously the 3.79% fee is not ideal but as it's 0% on 41 months it looks like the best money transfer credit card out there.

planteria
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Re: Virgin 41 Month Balance Transfer Credit Card

Postby planteria » Sun Jan 29, 2017 8:26 am

agreed that it is a good deal regardless..
but no, the BT can be actioned even if there is no debt with the account receiving the funds. in theory the provider takes the view that the funds should be returned. in reality, ime - and you can never be sure, that positive balance can be moved to your stoozepot.

DC.
Posts: 32
Joined: Sat Jan 09, 2016 12:45 pm

Re: Virgin 41 Month Balance Transfer Credit Card

Postby DC. » Sun Jan 29, 2017 8:30 am

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.

It would mean opening a 2nd credit card, and its one that has a high interest rate (although you won't touch it if you use the positive balance method) but i'm not sure of the implications, if any, of applying for a credit builder card.

rjm101 wrote:In order to do a balance transfer doesn't the credit card need to be in debt in the first place?

The banks would probably prefer this, but on a few occasions I've done a transfer, and put a positive balance on a credit card. I've done it to my Santander 321 card a couple of times, and i did it from my Lloyds and gf Halifax to my MBNA. In the case of Santander, I've spent the balance away through normal spending, with the MBNA card I did a money transfer.

planteria
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Re: Virgin 41 Month Balance Transfer Credit Card

Postby planteria » Sun Jan 29, 2017 8:50 am

it's an interesting product DC, but it shouldn't be necessary ime.

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 12:42 pm

It's an interesting idea DC but it does kind of sound like it's not a tried and true way to get around the money transfer fee and seeing as I'm new to this I could easily mess this up. I'm not fond of opening another credit card either. I initially applied for a Sainsburys 0% purchase card on that money savings expert site but quickly realised that there isn't going to be way for me to get the money to my debit card as none of the Sainsburys credit cards accept money transfers so I ended up closing the credit card application before I had signed the credit card agreement. I'm sure the hard search has still marked my credit profile though and as I have the virgin card on it's way it will be 2 hard searches. I'm reluctant to make it a third. I feel right now I should just stomach the fee.


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