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)
2920°Expired

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)

753
Found 6th Jul 2016
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!!!
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Please note 3.5% fee taken straight away and thern difference refunded within 2 weeks to bring it down to 1.69%
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I personally found myself in a position were i cant get a decent mortgage rate as ive repaid so much over the last few years.
If I want a low interest rate i would have to pay a fee of £1k+ so this totally wipes out any saving i could make when compared to a stupid 5%+ mortgage rate

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%)

So borrow sufficient to repay my mortgage.. continue to pay off what I normally do each month an even if theres still outstanding debt in 31m time you can easily do a balance transfer to another 0% credit card.

The other benefit is your house will belong to you as no lender will have a charge on it
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Prefer AA 24mths with no fee but VM are doing a 30mth card with a lower fee of 0.59%
Original Poster
m5rcc

Prefer AA 24mths with no fee but VM are doing a 30mth card with a lower … Prefer AA 24mths with no fee but VM are doing a 30mth card with a lower fee of 0.59%



Stupid comment no 1
1st person not to read the deal
http://www.theaa.com/credit-card/balance-transfer-credit-card.jsp?ito=
- You could save money by transferring balances from existing credit or store cards onto an AA Balance Transfer Credit Card.


No mention of transferring direct into your bank account
Edited by: "dodgymix" 6th Jul 2016
dodgymix

Stupid comment no 11st person not to read the … Stupid comment no 11st person not to read the dealhttp://www.theaa.com/credit-card/balance-transfer-credit-card.jsp?ito=- You could save money by transferring balances from existing credit or store cards onto an AA Balance Transfer Credit Card.No mention of transferring direct into your bank account



What is stupid is you thinking this is the "cheapest loan".

Plenty of fee-free BT cards out there. The AA was just one of them
how is ten grand 169 a month over 32 months
I dont want to do business with Branson who moved his company Virgin to Switzerland to avoid paying UK TAX, and now wants to dictate to us rather than accept our democratic vote.
#BoycottVirgin is trending on Twitter apparently...
Edited by: "urmum" 6th Jul 2016
urmum

I dont want to do business with Branson who moved his company Virgin to … I dont want to do business with Branson who moved his company Virgin to Switzerland to avoid paying UK TAX, and now wants to dictate to us rather than accept our democratic vote.



LMFAO!
K cheers
whatsnew007

how is ten grand 169 a month over 32 months



He's referring to the fee to be paid (1.69%)
Original Poster
m5rcc

What is stupid is you thinking this is the "cheapest loan".Plenty of … What is stupid is you thinking this is the "cheapest loan".Plenty of fee-free BT cards out there. The AA was just one of them


This isnt a balance transfer card (used to repay credit card debt)

This is a money transfer to your bank account

Not everyone has credit card debts

Totally different and very worthwhile if you want to borrow money for a very low rate
dodgymix

]This isnt a balance transfer card (used to repay credit card debt)This … ]This isnt a balance transfer card (used to repay credit card debt)This is a money transfer to your bank accountNot everyone has credit card debtsTotally different and very worthwhile if you want to borrow money for a very low rate



I'm fully aware of that but it's misleading to state its the "cheapest loan" given that you have to pay a 1.69% to transfer it to a bank account.

More people do balance transfers than borrow on a card to wire to an account.
m5rcc

I'm fully aware of that but it's misleading to state its the "cheapest … I'm fully aware of that but it's misleading to state its the "cheapest loan" given that you have to pay a 1.69% to transfer it to a bank account.More people do balance transfers than borrow on a card to wire to an account.



So if its misleading show me a cash loan for less.
What more people do or dont do is irrelevant - what the op is highlighting is a cheaper way to get cash into a bank account which is something that i and many others have taken advantage of in the past with other cards
Original Poster
m5rcc

I'm fully aware of that but it's misleading to state its the "cheapest … I'm fully aware of that but it's misleading to state its the "cheapest loan" given that you have to pay a 1.69% to transfer it to a bank account.More people do balance transfers than borrow on a card to wire to an account.



Total cost of the "loan" of cash is 1.69% of how much you borrow for 32m so it equals a rate of 0.63%

youd be luck to get anything near 3-4% from anyother lender so yes I stand by my statement that this is the cheapest loan you'll ever get.

Structure is different to a conventional loan as no defined repayment terms other than minimun monthly payments so you'll need to work out your monthly amount yourself
dodgymix

Total cost of the "loan" of cash is 1.69% of how much you borrow for 32m … Total cost of the "loan" of cash is 1.69% of how much you borrow for 32m so it equals a rate of 0.63% youd be luck to get anything near 3-4% from anyother lender so yes I stand by my statement that this is the cheapest loan you'll ever get.Structure is different to a conventional loan as no defined repayment terms other than minimun monthly payments so you'll need to work out your monthly amount yourself



You are also assuming everyone would eligible. They won't...

Useful thing the ignore button
howbord

Give it up, you either didnt read or didnt understand the op and are just … Give it up, you either didnt read or didnt understand the op and are just trying to justify your own ignorance



No - I understand fully. You can borrow money for less - fact. Not everyone needs or wants to transfer money to a bank account.
Original Poster
m5rcc

No - I understand fully. You can borrow money for less - fact. Not … No - I understand fully. You can borrow money for less - fact. Not everyone needs or wants to transfer money to a bank account.


Link?

A balance transfer is switching debt from one credit card provider to another credit card provider for a preferential rate..


Please show me where i can borrow money cheaper?

As regards the not everyone is elligible?? well thats life.. not everyone is ellegible for a Bal Trans card
dodgymix

A balance transfer is switching debt from one credit card provider to … A balance transfer is switching debt from one credit card provider to another credit card provider for a preferential rate..



Correct! Well done! You're still borrowing money from a provider...

dodgymix

Please show me where i can borrow money cheaper?



Plenty of fee-free, 0% cards out there...

dodgymix

As regards the not everyone is elligible?? well thats life.. not everyone … As regards the not everyone is elligible?? well thats life.. not everyone is ellegible for a Bal Trans card



Give that there are more BT cards in the market than money transfer cards, the likelihood someone would be eligible for a BT card is higher...




Now now children, "stupid" comments and a bewilderingly vague OP aside, this deal has some merit. Perhaps someone with a better understanding of the finer points of the money side of the deal and a slightly better grasp of the English language will come along soon to clear things up. Heat added mentally but not applied physically due to the OP's attitude.
Thanks op, got approval for my 15K loan which I can pay my mortgage off currently at 3.99%
This is a good deal if you are eligible much cheaper than a bank loan for large amounts

People put the deals on here to help other people and I doff my hat to them.
I wish people on here would stop having silly spats.
Original Poster
dodgymix

A balance transfer is switching debt from one credit card provider to … A balance transfer is switching debt from one credit card provider to another credit card provider for a preferential rate..

dodgymix

Please show me where i can borrow money cheaper?

dodgymix

As regards the not everyone is elligible?? well thats life.. not everyone … As regards the not everyone is elligible?? well thats life.. not everyone is ellegible for a Bal Trans card



Ok so please point me to a lender who will lend me £10,000 cash paid direct into my bank account???

I dont have any credit card debts so a Balance transfer is totally useless and credit card companies wont let me have a £10,000 credit balance...

Please show me this amazing deal
Edited by: "dodgymix" 6th Jul 2016
dodgymix

Ok so please point me to a lender who will lend me £10,000 cash paid … Ok so please point me to a lender who will lend me £10,000 cash paid direct into my bank account??? I dont have any credit card debts so a Balance transfer is totally useless and credit card companies wont let me have a £10,000 credit balance... Please show me this amazing deal



Again - you are assuming your deal is the "cheapest loan". Not everyone has to send money to a bank account.

If you want to pay a £169 premium to borrow £10k to your bank account, go ahead.
Thanks OP. Virgin CS are awful. Vowed I would never get into bed with this company again. But transferring money from a 0% card into a Bank Account to avoid overdraft cannot be sniffed at.

Ignore the palooks on here that either don't get whats on offer or want to argue a point. Rest assured you have brought the deal to peoples attention that could benefit. Ta
Wow...what happened here? I hope someone's keeping a tally of all these internet points people are trying to win...

OT, this is a great deal OP, I have let a friend of mine know about this; he's about to buy a flat and this will bump him up to the next level of LTV, cutting a shedload from his mortgage!
great deal and very cheap 'loan' if you can accept its a loan, i've made it hot 100 mark,
dodgymix

£10k.. I need it next week to pay off my mortgage before my rate moves … £10k.. I need it next week to pay off my mortgage before my rate moves from 1.49% to 4.99 SVRI am unable to spend £10k on my credit card anytime soon to then do a 0% fee fee free balance transfer to save £169 so where do I go?I dont want anytning immoral or degrading. I wouldnt go and beg from family and if I did im sure theyd want more back than £169 for a 32 month cash loan.Please



You overstretched yourself and you haven't remortgaged. Where's my violin...
whatsnew007

how is ten grand 169 a month over 32 months



He means that all you pay back over the 10K is £169. Meaning the fees that you will pay will be £169 instead of inflated APR on the loan. Not £169 per month for 32 months.
m5rcc

You overstretched yourself and you haven't remortgaged. Where's my … You overstretched yourself and you haven't remortgaged. Where's my violin...


to me it sounds like he's paying £169 fee to save 4.99% on £10k for the length of the deal rather than £499 interest in year 1, (simple maths used ), which makes it a right deal HUKD, no violins needed here.. smart move..

same if the op was buying a new car for £10k, interest is effectively £169 over 32 months, an absolute bargain compared to car dealer rates, and could always balance transfer at the end for another great rate
Edited by: "whatyadoinsucka" 6th Jul 2016
whatyadoinsucka

smart move..



There's nothing smart allowing yourself to get to a stage where a mortgage rises to 4.99 SVR...
Original Poster
m5rcc

You overstretched yourself and you haven't remortgaged. Where's my … You overstretched yourself and you haven't remortgaged. Where's my violin...


Yep that £10k total debt in the world has really overstretched myself...

Back to one of your previous stupid comments "There is nothing wrong with debt as long as it's controlled".


That SVR (4.99%) change on my £10k mortgage that ends next week would cost me £499 pa

This deal would cost me £63 pa so again show me this mythical deal you speak of thats cheaper

Banned
m5rcc

You overstretched yourself and you haven't remortgaged. Where's my … You overstretched yourself and you haven't remortgaged. Where's my violin...



The OP is right - why not just get on with your life? You've not shown where you can get £10,000 put in your bank account for cheaper so you've moved on to criticise his finances - grow up ffs.
Edited by: "CoolElectronics" 6th Jul 2016
CoolElectronics

The OP is right - why not just get on with your life?



He's never suggest to get "get on with my life". He's still stating that this is the "Cheapest "loan" you'll ever get" when that is factually incorrect.
m5rcc

Prefer AA 24mths with no fee but VM are doing a 30mth card with a lower … Prefer AA 24mths with no fee but VM are doing a 30mth card with a lower fee of 0.59%


30 months is 4% money transfer fee, 0.59% is card to card balance transfer.
Edited by: "seaniboy" 6th Jul 2016
seaniboy

30 months is 4% money transfer fee, there is 32 months with 1.69% money … 30 months is 4% money transfer fee, there is 32 months with 1.69% money transfer fee.



It's 0% to borrow money. That's my point...
Original Poster
m5rcc

There's nothing smart allowing yourself to get to a stage where a … There's nothing smart allowing yourself to get to a stage where a mortgage rises to 4.99 SVR...


who has? thats next week. I thought id already said that.
Ive got over £10k sat in a savings account making me 3% PA so i could pay of the mortgage but back to your other stupid point in relation to this thread.. theres nothing wrong with controlled debt

m5rcc

You are also assuming everyone would eligible. They won't...


True. The people who get the best deals are the ones who don't need credit.

Someone talk me out of getting this and banging it all into moneything...
Banned
m5rcc

It's 0% to borrow money. That's my point...



Sorry but you are wrong - move on stop making yourself look like an immature idiot.
Just done the application - it gave me £8500... Transferred to my bank... Happy with that...

Thanks op - a very good deal!
dodgymix

Stupid comment no 11st person not to read the … Stupid comment no 11st person not to read the dealhttp://www.theaa.com/credit-card/balance-transfer-credit-card.jsp?ito=- You could save money by transferring balances from existing credit or store cards onto an AA Balance Transfer Credit Card.No mention of transferring direct into your bank account



For what it's worth, the AA card is a bit of a waste of time.

I have an excellent credit rating, so getting cards, etc isn't a problem. I thought I'd apply for the AA card to replace my capital one one since you no longer get the credit protection with it. I got a letter in the post asking for copies of my driving license, a utility bill, payslip, employment contract and a full bank statement showing all transactions to be posted to them, all of which needed to be signed by my doctor.

I told them to **** off (if that letter gets lost somebody's got a "DIY steal my identity kit"), and I'm now arguing with them about removing the credit searches from my file. I've never had a company want so much information before.
Martin Lewis (or someone) calls this "stoozing." Here's his guide:
Stoozing Guide
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