jacko198
Member
Registered: 1st Mar 07
Location: Buckinghamshire
User status: Offline
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So, im selling my car soon etc, and wanting to get a better one. Ive figured i would need around £500 extra to get a good specced one. So, i was looking at credit cards  . Really dont have a clue about them, im only 20 and have just a debit card.
I spotted that Virgin do 0% on balance transfers for 16 months which sounds good to me. I am right in thinking, if i got one i could just take £x of it and put into my bank, then pay it off?
I can apply online, but does this affect you're credit score? Considering i have never taken out a loan or finance before 
Confusing tbh!
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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You don't want a 0% balance transfer one if you just want to max it out.
You want 0% on purchases for 3 months or something.
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jacko198
Member
Registered: 1st Mar 07
Location: Buckinghamshire
User status: Offline
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Whats the difference tho? Surely if i did the balance transfers one, i could pay it of in my own time, then just chop the card up when im done?
Or is it not that simple :S ha
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AndyKent
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Registered: 3rd Sep 05
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Balance transfers only apply when you, err, transfer balance from another credit card.
If you spend on it like a debit card, you'll get charged the full interest rate - 20% odd probably.
0% on purchases for 3 months for example would give you 3 months to pay it back at no cost.
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jacko198
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Registered: 1st Mar 07
Location: Buckinghamshire
User status: Offline
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Ahh ok then. One thing tho, i wouldnt technically be buying anything with the card, i would be wanting the cash to put with my £ to buy a car privately.
Could i just go to a cash machine and get £ out with it?  i told you i dont have a clue
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AndyKent
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Registered: 3rd Sep 05
User status: Offline
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No, as they charge different interest rates for cash withdrawals versus normal purchases
I don't actually know how you get cash off a credit card for free/cheap. Never tried.
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Daveskater
Premium Member
Registered: 29th Apr 08
Location: Oxford, UK Drives: Jap wagon
User status: Offline
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You can get cash out of a machine with a credit card but they charge interest for it.
You could get a card and set it up with Paypal and send the money from the card to Paypal, then transfer the balance in Paypal into your bank account. Maybe a bit fiddley and would take a few days to process but it would be free (I think). I know that if you transfer more than £50 out of Paypal into a bank account then it's free, don't know about transferring money into the account.
Numberwang!
Originally posted by AlunJ
I like you Dave, you are a man of men
Originally Whatapp'd by Neo
Dave's maybe capable of a drive-by cuddle
Look at my pictures
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John
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Registered: 30th Jun 03
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Virgin will balance transfer the money into you bank account.
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AlunJ
Member
Registered: 3rd Apr 07
Location: Newport
User status: Offline
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Got 0% purchases one through my bank - lloyds, applied online can't remember when it finishes though lol
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Generation
Member
Registered: 7th Jul 09
Location: Essex
User status: Offline
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Try your bank first, settng up an overdraft
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Daveskater
Premium Member
Registered: 29th Apr 08
Location: Oxford, UK Drives: Jap wagon
User status: Offline
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quote:
Originally posted by AlunJ
Got 0% purchases one through my bank - lloyds, applied online can't remember when it finishes though lol
Same Alun I think it must be soon Got a statement yesterday and it's not this month... 
Numberwang!
Originally posted by AlunJ
I like you Dave, you are a man of men
Originally Whatapp'd by Neo
Dave's maybe capable of a drive-by cuddle
Look at my pictures
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chunk89
Member
Registered: 16th May 07
Location: Huddersfield
User status: Offline
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If you haven't ever had anything on credit more than likely they will decline you, the best thing do is go to your bank and see what they can do for you
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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If you always pay it off in full it doesn't matter when the offer expires - it'll always cost you nothing.
An overdraft would probably be easier though - didn't think of that
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jacko198
Member
Registered: 1st Mar 07
Location: Buckinghamshire
User status: Offline
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Nice one guys, i think i will pay the bank a visit on monday!
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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As John said. Virgin allows you to balance transfer to your bank account. Currenty 0% until October 2010. It will charge you 4% for the privilege so if you get a credit limit of £500 you'd only be able to transfer £400 to be on the safe side. Also, you will get charged interest on the balance transfer fee.
If you're sensible it works! I've just done it for my new car. That or a balance transfer would be the best option.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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Maybe you should read up on the t and c's of a credit card before you make an enormous schoolboy.
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AlunJ
Member
Registered: 3rd Apr 07
Location: Newport
User status: Offline
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quote:
Originally posted by Daveskater
quote:
Originally posted by AlunJ
Got 0% purchases one through my bank - lloyds, applied online can't remember when it finishes though lol
Same Alun I think it must be soon Got a statement yesterday and it's not this month...
they seem to have cocked up my address when I moved because I'm still waiting for mine... need to start paying it off really
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