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  1. #1

    advice needed about money transfer cc

    hello I am new here and I need advice about credit cards and whats best for me.

    I want to get a credit card and do a loan for around 1,000 - 2,0000

    what i have read i should transfer the money from the credit card to my bank account.

    my bank is halifax. should i go with them or advice on this website is virgin is the first suggestion on money transfer cc.

    if i did get virgin cc it says 20 months 0% does that mean if i pay the money back within that time frame i don't pay interest?

  2. #2
    First of all establish why you need the loan/credit card?

    You will need a money transfer card with a 0% promotional offer not just any old credit card.

    Use MSE's credit card on the top of this board to see what is on offer.
    Most will charge a one off %fee for the transfer which will be added onto the balance transferred to your bank account.

    You are correct in saying that it will be interest free as long as you make at least the minimum payment every month.

    Finally if you are going to be using the facility as a loan I personally would be dividing the amount borrowed by the number of free months to give me a monthly repayment to make sure that it is paid off before any interest kicks in. (Before applying could you afford this repayment? If not you may be starting to get into debt that you might not be able to get out so take care).

  3. #3
    First of all establish why you need the loan/credit card?

    You will need a money transfer card with a 0% promotional offer not just any old credit card.

    Use MSE's credit card on the top of this board to see what is on offer.
    Most will charge a one off %fee for the transfer which will be added onto the balance transferred to your bank account.

    You are correct in saying that it will be interest free as long as you make at least the minimum payment every month.

    Finally if you are going to be using the facility as a loan I personally would be dividing the amount borrowed by the number of free months to give me a monthly repayment to make sure that it is paid off before any interest kicks in. (Before applying could you afford this repayment? If not you may be starting to get into debt that you might not be able to get out so take care).

  4. #4
    If this is your first card, as it sounds it may be, you almost certainly won't get a 0% money transfer card.

  5. #5
    i can afford to pay around 100 - 150 a month back. which as I can see is good if I borrow 1,000 - 2,000.

    I need the money for a deposit on a house.

    would it be an online thing where i go to the website and pay a monthly bill and could I pay as much as I want if I have spare cash.

    also transferring money to my bank account, would that be a simple task of going online and doing it like online banking?


 

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