Credit Card advise needed

[mikewl]

Hey all,

I'm thinking about taking up an offer with Virgin Money to do a 0% balance transfer through to May 2012, the thing is I already have ?3000 on it and was wondering if I move more money onto it with a balance transfer deal will the payments over the next 15 months be paying off the original ?3000 on there at high interest or the newly transferred sum which will be at 0%.

I know it always was the case that lowest interest was paid first but i've heard a few things about credit cards now having to pay off the highest interest first.

Does anyone know what the current state is for this.

Thanks

[eastyy]

as luck would have it i work for virgin/mbna credit cards Lol

the first thing you pay off is the highest interest rate that was changed at virgin last september

to be honest what people tend to do ....is they do a transfer into there bank account if there is a 0% money transfer offer aswell....and then use that money to to pay off the higher rate on the virgin card......then they do another transfer to do a pay off another card

transferring into bank account usually costs a bit more

have to ask though is your current balance on a promo rate or a standard rate

[mikewl]

Thanks eastyy.

That is a nice idea there, i'll certinaly look into doing the transfer that way.

I'm pretty sure the £3000 balance already on there was from another balance transfer awhile ago, i'm unsure if it was on a low interest deal but if it was its long since run out, from looking at my statement I think the £3K on there is at the standard rate, looking at the statement it says 2.2071% for everything.

[eastyy]

oh thats the monthly rate yeah thats quite high


there are other things you can do but its fairly long winded and dependant on the other credit card