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  #1  
Old 21st November 2009, 01:11 AM
Rachelle Rachelle is offline
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Default Chopping and changing is it worth it?

What are people's thoughts on shopping around for lower interest credit cards and balance transfers? Is it worth it or will I get such bad credit rating that I should stick with what I've got? I wanted to apply for a Virgin Media card which I've been told is at 0% for sixteen months. That sounds good to me.
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Old 13th January 2010, 02:24 AM
Snippa Snippa is offline
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Default Re: Chopping and changing is it worth it?

From what I understand changing credit cards frequently does not affect your credit much at all. Usually I factor in what the fee is to transfer a balance and add up the normal monthly interest I am paying each month on the other card and figure out how long you would need to have the card for to make it worth while. In other words if you make up for your transfer fee in three months what you are saving in interest then having 0% for 16 months is definitely worth the savings.
Alaina
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Old 9th February 2010, 12:03 AM
Rachelle Rachelle is offline
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Default Re: Chopping and changing is it worth it?

Thanks Snippa - I have now changed my card. Definitely worth it and I'm kicking myself for my inertia over the previous years.
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Old 5th March 2010, 02:11 AM
Henry Henry is offline
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Default Re: Chopping and changing is it worth it?

Quote:
Usually I factor in what the fee is to transfer a balance and add up the normal monthly interest I am paying each month on the other card and figure out how long you would need to have the card for to make it worth while.
I realise you've already plumped for the Virgin Money credit card (which is definitely the best 0% bt card available), but for future use, it might be worth using a balance transfer calculator, such as the one here 0% Balance Transfer Credit Cards | Up to 16 Months Interest Free | Apply Online that will work out the relevant costs so you can see what the saving will be in comparison to what you're currently paying out in interest each month.
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Old 3rd May 2011, 10:28 PM
guydoesit guydoesit is offline
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Default Virgin Credit Card Facts and Benefits

as you have just taken out the Virgin credit card, i thought it would be good to share this article i came across, which tells you everything you need to know about it. I Found it before i took out my card What You Should Know about Virgin Credit Cards | Credit Card Application
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