Cheapest "loan" of cash you'll ever get with a Virgin money bank transfer credit card (1.69% for 32m) Thats £16.90 total cost to borrow £1k (or £169 for £10k etc etc) - HotUKDeals
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Cheapest "loan" of cash you'll ever get with a Virgin money bank transfer credit card (1.69% for 32m) Thats £16.90 total cost to borrow £1k (or £169 for £10k etc etc)

£0.00 @ Virgin Money
Already posted here (but expired) http://www.hotukdeals.com/deals/cheapest-loan-cash-ll-ever-get-with-a-virgin-money-bank-transfer-credit-card-1-69-2475701 and all credit goes to original poster. … Read More
Preying_Eyes Avatar
8m, 1w agoFound 8 months, 1 week ago
Already posted here (but expired)
http://www.hotukdeals.com/deals/cheapest-loan-cash-ll-ever-get-with-a-virgin-money-bank-transfer-credit-card-1-69-2475701

and all credit goes to original poster. Just re-posting as that post has expired but the deal is still available.

details from original post

Yes. balance transfers to clear other credit cards can be found cheaper but this deals lets you transfers cash straight into your bank account...an effective free loan for a nominal initial fee of 1.69% which works out at only 0.63% PA initially!!!

Now this Virgin money offer can be treated as effectively a mega cheap loan.

You can borrow £1,000.00 for £16.90 for 32m (so averages a very low £6.34 per year or 0.63%)

You can borrow £5,000.00 for £84.50 for 32m (so averages a very low £31.17 per year or 0.63%)

You can borrow £10,000.00 for £169 for 32m (so averages a very low £63.38 per year or 0.63%)

**** Loan period depends upon the amount you are borrowing ***
More From Virgin Money:
Preying_Eyes Avatar
8m, 1w agoFound 8 months, 1 week ago
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Top Comments

(2)
16 Likes
emlin
You can't get cash with this. The title is misleading.


Well you transfer money into your bank
account, and then go to bank and draw out the cash... soooo.
5 Likes
Better off getting a standard balance transfer card (e.g https://www.moneysupermarket.com/credit-cards/details/?productCode=CC_BCARD_PLAT_WITH_BT&index=1&count=70&gid=CC_BALTRANSFERV2&page=1&transferAmount=3200&monthlyPayment=100 ) and then transferring whatever balance you want to another card you don't owe anything on. Then speak to that card company and have them transfer your credit balance to your current account (as you can't be in credit on a credit card)

Always works and get much better fees. Above link is 0.63% rather than the 1.69% of this deal. An extra 5 mins work but worth it if you are after the best possible deal.

All Comments

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#1
You can't get cash with this. The title is misleading.
16 Likes #2
emlin
You can't get cash with this. The title is misleading.


Well you transfer money into your bank
account, and then go to bank and draw out the cash... soooo.
2 Likes #3
emlin
You can't get cash with this. The title is misleading.

Yes you can that's why its called a money transfer card, it get paid direct into your bank account
That's always been cash to me maybe you know different?
1 Like #4
No fee to transfer this money to a normal account?

Am I right in thinking you could use this to overpay mortgage then repay this meaning less interest?
#5
fishleg003
No fee to transfer this money to a normal account?
Am I right in thinking you could use this to overpay mortgage then repay this meaning less interest?
Apparently, yes
5 Likes #6
Better off getting a standard balance transfer card (e.g https://www.moneysupermarket.com/credit-cards/details/?productCode=CC_BCARD_PLAT_WITH_BT&index=1&count=70&gid=CC_BALTRANSFERV2&page=1&transferAmount=3200&monthlyPayment=100 ) and then transferring whatever balance you want to another card you don't owe anything on. Then speak to that card company and have them transfer your credit balance to your current account (as you can't be in credit on a credit card)

Always works and get much better fees. Above link is 0.63% rather than the 1.69% of this deal. An extra 5 mins work but worth it if you are after the best possible deal.
#7
good points raised here thanks helpful
2 Likes #8
I think you'll find the total cost to borrow £1,000 is £1,016.90 not just £16.90 as you've put. You do have to pay the principle back as well you know.
#9
What would be the timescale from application to money hitting your bank?
3 Likes #10
Remember not to apply with virgin money if you've already applied in the past six months.... automatic decline and footprint registered on credit file. Virgin only allow you one application every six months.
#11
I don't get it, £10k for £169 a month for 32 months means ul only pay back around £5400. What about the rest?
#12
futura
I don't get it, £10k for £169 a month for 32 months means ul only pay back around £5400. What about the rest?


No the interest on 10k would be £169 in total
#13
fishleg003
No fee to transfer this money to a normal account?

Am I right in thinking you could use this to overpay mortgage then repay this meaning less interest?


I like this idea too. If you use the money saved keeping the same payments you'll chip more off that mortgage. Obviously in 3 years we need to find the lolly to payback the initial sum.
1 Like #14
If you already have a virgin card can you apply for another?
#15
majortom
I think you'll find the total cost to borrow £1,000 is £1,016.90 not just £16.90 as you've put. You do have to pay the principle back as well you know.

No, "borrow" implies that the original amount is to be repaid back. You suggesting that the cost to borrow 1000 is 1016 implies that you pay 2016....
#16
is it new card holders? About to buy a new car and was thinking of a money transfer card for this very reason.
#17
A2DY_
Better off getting a standard balance transfer card (e.g https://www.moneysupermarket.com/credit-cards/details/?productCode=CC_BCARD_PLAT_WITH_BT&index=1&count=70&gid=CC_BALTRANSFERV2&page=1&transferAmount=3200&monthlyPayment=100 ) and then transferring whatever balance you want to another card you don't owe anything on. Then speak to that card company and have them transfer your credit balance to your current account (as you can't be in credit on a credit card)

Always works and get much better fees. Above link is 0.63% rather than the 1.69% of this deal. An extra 5 mins work but worth it if you are after the best possible deal.


Is this to transfer an existing debt on current card to a new card with a lower rate of interest? I want to buy a conservatory, if I pay the balance on my existing card and then transfer, I pay the low rate over 32 months. What if Barclays will not allow me the limit required?
#18
I did this the first time around, I think it took about 2 weeks but did have to send proof of I.D/address which was a bank statement/copy of driving licence. I asked for £10,000 received £6900 credit but £6550 cash transferred to my account. The loan cost me £110 to get for 32 months. The idea was to pay off my car but the interest is so low it wasn't worth it. So I have put it in a few high interest bank accounts to make money instead. By January (this started in August) I would have made the £110 in interest it cost me to take out the loan but the banks have cut some of the interest rates on these accounts so that will now take longer if you tried it from the new year but the loan will be making me money from January and I have £6550 sat in the bank just in case. Be aware you do pay back 1% a month so my monthly payments are £65. Definitely worth doing in my opinion even if it is just to have it there if you need it (as long as you have restraint)

Edited By: afc4eva on Nov 10, 2016 07:31
1 Like #19
tanelpadar
What would be the timescale from application to money hitting your bank?
I think about 2 weeks
#20
STAPLAR
A2DY_
Better off getting a standard balance transfer card (e.g https://www.moneysupermarket.com/credit-cards/details/?productCode=CC_BCARD_PLAT_WITH_BT&index=1&count=70&gid=CC_BALTRANSFERV2&page=1&transferAmount=3200&monthlyPayment=100 ) and then transferring whatever balance you want to another card you don't owe anything on. Then speak to that card company and have them transfer your credit balance to your current account (as you can't be in credit on a credit card)
Always works and get much better fees. Above link is 0.63% rather than the 1.69% of this deal. An extra 5 mins work but worth it if you are after the best possible deal.
Is this to transfer an existing debt on current card to a new card with a lower rate of interest? I want to buy a conservatory, if I pay the balance on my existing card and then transfer, I pay the low rate over 32 months. What if Barclays will not allow me the limit required?

You can do as you suggest but my example was a way to get the funds to take as cash/in your bank account.
E.g.

Apply for the card I card I linked.

Do a balance transfer from the new card you applied for whatever amount you want to an old card you have that you don't owe anything on.

Then the old card will now be in credit by whatever you transferred. Call that card provider and say you have accidentally put it in credit and ask them to transfer you back the money to your current account. They'll happily do it as they shouldn't have credit balances.

You end up with that money sat in your bank account that cost a much lower fee than any of the transfer to bank cards.
#21
majortom
I think you'll find the total cost to borrow £1,000 is £1,016.90 not just £16.90 as you've put. You do have to pay the principle back as well you know.

But that's not the cost of borrowing. That cost is the interest etc, the capital is just the capital.
#22
you can only transfer 90%of your available balance over
#23
A2DY_
Better off getting a standard balance transfer card (e.g https://www.moneysupermarket.com/credit-cards/details/?productCode=CC_BCARD_PLAT_WITH_BT&index=1&count=70&gid=CC_BALTRANSFERV2&page=1&transferAmount=3200&monthlyPayment=100 ) and then transferring whatever balance you want to another card you don't owe anything on. Then speak to that card company and have them transfer your credit balance to your current account (as you can't be in credit on a credit card)
Always works and get much better fees. Above link is 0.63% rather than the 1.69% of this deal. An extra 5 mins work but worth it if you are after the best possible deal.
Completely agree with this. I have done this many times.
#24
Great for anyone trying to clear debt. Rubbish for people who can't manage their personal finances and will just end up in more serious debt. Not one for me.
#25
Did exactly this several months ago - got the card within a week and transfer was activated before I received the card this is far easier and quicker than transferring balances and you have complete control of payments as they are taken from your bank.
1 Like #26
emlin
You can't get cash with this. The title is misleading.
Of course you can. Sigh.
#27
"0% for 32 months on money transfers made in the first 60 days of account opening (3.50% fee)"

Sorry I only have 1 credit card so I don't know much about handling fees, can someone please explain the 3.50% fee?
1 Like #28
majortom
I think you'll find the total cost to borrow £1,000 is £1,016.90 not just £16.90 as you've put. You do have to pay the principle back as well you know.


Incorrect. The cost of borrowing £1000 is £16.90. The total repayment is £1016.90.
#29
is this for new applicants only?
#30
iLikeDiscount
"0% for 32 months on money transfers made in the first 60 days of account opening (3.50% fee)"
Sorry I only have 1 credit card so I don't know much about handling fees, can someone please explain the 3.50% fee?
Check the previous (expired) post:
http://www.hotukdeals.com/deals/cheapest-loan-cash-ll-ever-get-with-a-virgin-money-bank-transfer-credit-card-1-69-2475701

"Please note 3.5% fee taken straight away and thern difference refunded within 2 weeks to bring it down to 1.69%"
#31
A2DY_
STAPLAR
A2DY_
Better off getting a standard balance transfer card (e.g https://www.moneysupermarket.com/credit-cards/details/?productCode=CC_BCARD_PLAT_WITH_BT&index=1&count=70&gid=CC_BALTRANSFERV2&page=1&transferAmount=3200&monthlyPayment=100 ) and then transferring whatever balance you want to another card you don't owe anything on. Then speak to that card company and have them transfer your credit balance to your current account (as you can't be in credit on a credit card)
Always works and get much better fees. Above link is 0.63% rather than the 1.69% of this deal. An extra 5 mins work but worth it if you are after the best possible deal.
Is this to transfer an existing debt on current card to a new card with a lower rate of interest? I want to buy a conservatory, if I pay the balance on my existing card and then transfer, I pay the low rate over 32 months. What if Barclays will not allow me the limit required?
You can do as you suggest but my example was a way to get the funds to take as cash/in your bank account.
E.g.
Apply for the card I card I linked.
Do a balance transfer from the new card you applied for whatever amount you want to an old card you have that you don't owe anything on.
Then the old card will now be in credit by whatever you transferred. Call that card provider and say you have accidentally put it in credit and ask them to transfer you back the money to your current account. They'll happily do it as they shouldn't have credit balances.
You end up with that money sat in your bank account that cost a much lower fee than any of the transfer to bank cards.

Can you do a balance transfer from the new card to the old with Barclays online banking?
#32
Please excuse my ignorance but have never had a credit card before. I need to pay off my kitchen finance (£8.5k) in next 3 months before it puts me on a high interest rate. If I take out £8.5k on the credit card is there a minimum repayment per month? I'm due to get a vat refund soon which would pay it off so presumably I could clear the balance at any point when that comes in?
Thanks
#33
mjc23
Please excuse my ignorance but have never had a credit card before. I need to pay off my kitchen finance (£8.5k) in next 3 months before it puts me on a high interest rate. If I take out £8.5k on the credit card is there a minimum repayment per month? I'm due to get a vat refund soon which would pay it off so presumably I could clear the balance at any point when that comes in?
Thanks


No minimum payment or interest aslong its paid off before the 30 month although don't know the limit you will be given
#34
tomdavidrichards
mjc23
Please excuse my ignorance but have never had a credit card before. I need to pay off my kitchen finance (£8.5k) in next 3 months before it puts me on a high interest rate. If I take out £8.5k on the credit card is there a minimum repayment per month? I'm due to get a vat refund soon which would pay it off so presumably I could clear the balance at any point when that comes in?
Thanks
No minimum payment or interest aslong its paid off before the 30 month although don't know the limit you will be given
You have to pay 1% back a month minimum payment

Edited By: afc4eva on Nov 10, 2016 19:17: Wrong spelling
#35
simontd13
A2DY_
STAPLAR
A2DY_
Better off getting a standard balance transfer card (e.g https://www.moneysupermarket.com/credit-cards/details/?productCode=CC_BCARD_PLAT_WITH_BT&index=1&count=70&gid=CC_BALTRANSFERV2&page=1&transferAmount=3200&monthlyPayment=100 ) and then transferring whatever balance you want to another card you don't owe anything on. Then speak to that card company and have them transfer your credit balance to your current account (as you can't be in credit on a credit card)
Always works and get much better fees. Above link is 0.63% rather than the 1.69% of this deal. An extra 5 mins work but worth it if you are after the best possible deal.
Is this to transfer an existing debt on current card to a new card with a lower rate of interest? I want to buy a conservatory, if I pay the balance on my existing card and then transfer, I pay the low rate over 32 months. What if Barclays will not allow me the limit required?
You can do as you suggest but my example was a way to get the funds to take as cash/in your bank account.
E.g.
Apply for the card I card I linked.
Do a balance transfer from the new card you applied for whatever amount you want to an old card you have that you don't owe anything on.
Then the old card will now be in credit by whatever you transferred. Call that card provider and say you have accidentally put it in credit and ask them to transfer you back the money to your current account. They'll happily do it as they shouldn't have credit balances.
You end up with that money sat in your bank account that cost a much lower fee than any of the transfer to bank cards.
Can you do a balance transfer from the new card to the old with Barclays online banking?

On Barclaycard online or through the barclays app I would say yes.
#36
afc4eva
I did this the first time around, I think it took about 2 weeks but did have to send proof of I.D/address which was a bank statement/copy of driving licence. I asked for £10,000 received £6900 credit but £6550 cash transferred to my account. The loan cost me £110 to get for 32 months. The idea was to pay off my car but the interest is so low it wasn't worth it. So I have put it in a few high interest bank accounts to make money instead. By January (this started in August) I would have made the £110 in interest it cost me to take out the loan but the banks have cut some of the interest rates on these accounts so that will now take longer if you tried it from the new year but the loan will be making me money from January and I have £6550 sat in the bank just in case. Be aware you do pay back 1% a month so my monthly payments are £65. Definitely worth doing in my opinion even if it is just to have it there if you need it (as long as you have restraint)


I wouldn't say it is definitely worth doing just to have £10k sitting in your bank account in case anything happens, that is quite poor financial advice
#37
howarth3
majortom
I think you'll find the total cost to borrow £1,000 is £1,016.90 not just £16.90 as you've put. You do have to pay the principle back as well you know.
Incorrect. The cost of borrowing £1000 is £16.90. The total repayment is £1016.90.
I think this is why we have so many people in trouble with debt - they try to forget about the capital, just as you have .... the capital repayment is part of the cost of borrowing and should always be thought of as such

Edited By: majortom on Nov 13, 2016 09:19
#38
fishleg003
No fee to transfer this money to a normal account?

Am I right in thinking you could use this to overpay mortgage then repay this meaning less interest?


That's exactly what I've done. Overpaid £5000 on the mortgage and now paying the CC off. Will apply for a money transfer again once I've paid this CC off. Should save thousands in interest.
#39
tanelpadar
What would be the timescale from application to money hitting your bank?


Within three days.
#40
Dealmaker
fishleg003
No fee to transfer this money to a normal account?

Am I right in thinking you could use this to overpay mortgage then repay this meaning less interest?


I like this idea too. If you use the money saved keeping the same payments you'll chip more off that mortgage. Obviously in 3 years we need to find the lolly to payback the initial sum.


I set up a DD debit to the credit card so that in three years time it's all paid off.

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