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%
*******************************
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
Top comments
urmum
6 Jul 1684#5
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...
CoolElectronics
6 Jul 1657#31
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.
zippypants
6 Jul 1633#20
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.
No mention of transferring direct into your bank account
seaniboy to m5rcc
6 Jul 161#33
30 months is 4% money transfer fee, 0.59% is card to card balance transfer.
smellyonion to m5rcc
6 Jul 16#85
Sorry but balance transfer is not the same. You cannot transfer that money into your bank account. Move the money into many of the accounts paying 3-5% interest and youre in profit. Where is the profit from 0% balance transfers?
Where is any additional spending power going into you bank account from a credit card transfer?
Infact, even with a credit transfer. Say you owe £2,000 on a 0% credit card. Transfer it to another 0%- pay nothing.
Use this, transfer into the 4.89% gross TSB current account (ensure you move the 500 in/out each month) minus 1.69% means £64 profit.
So you still fail.
m5rcc
6 Jul 16#3
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
whatsnew007
6 Jul 166#4
how is ten grand 169 a month over 32 months
m5rcc to whatsnew007
6 Jul 162#8
He's referring to the fee to be paid (1.69%)
dudwood_fudwood to whatsnew007
6 Jul 162#27
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.
bryanhaines399 to whatsnew007
6 Jul 16#115
it's not, it's 32 months interest free, then for the remaining 37 months of 169 you have interest totalling 1466.50
treeofthefiddy to whatsnew007
6 Jul 16#134
It's £169 interest for borrowing over 32 months.
alfiesred47 to whatsnew007
6 Jul 16#196
it's not. that's the money you are charged in total
SaifAliBD to whatsnew007
6 Jul 16#258
Omg are you seriously that stupid?? They are working out how much on top of the original borrowed amount is to be paid hence them saying how much it will "cost you" it's £169 interest over the 32 months on top of the £10,000 borrowed.
rosh3000 to whatsnew007
9 Jul 16#541
Because 1.69% of £10,000 is £169. It is not per month. It is total cost.
urmum
6 Jul 1684#5
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...
OrribleHarry to urmum
6 Jul 16#215
Get your own back by borrowing maximum defaulting and moving to Switzerland then haha.
Houstieboy to urmum
6 Jul 16#232
I'm sure losing your business will cripple his finances....
umirza85 to urmum
6 Jul 16#245
HAHAHA.... no one is asking you to.
cecilmcroberts to urmum
7 Jul 162#338
Guess you also are boycotting, Intel,Microsoft,Google,Apple. Or wait you are telling everyone to boycott companies who use tax avoidance from a PC using an operating system made by Microsoft, with an Intel chipset and Google as your search engine.
DocRobotnik to urmum
7 Jul 161#373
Oh grow up. Moving his business doesn't dictate anything to you. All it says is that Brexit was bad for his business. It was bad for a lot of businesses. Nobody has an obligation to continue to bring money into this country and fuel the UK economy. Frankly, we don't deserve it.
And this deal is hot, despite the OP's unnecessarily sharp attitude.
pompey_squee to urmum
7 Jul 16#392
I've started to have misgivings about Richard Branson recently. His 'Virgin Care' company seems rather alarming. No wonder he's so vocally against privatisation of the NHS when he gets given multi-million pound contracts without the worry of his contract being put up for tender.
DonWavey to urmum
7 Jul 16#412
I boycott Virgin since they have the worst customer service ever. Its even worse than Microsoft. They give me 30mbps when I pay for 100mbps and they dont even care. DONT DO BUSINESS WITH THEM. Also your point about tax evasion is good too.
Phila4 to urmum
7 Jul 161#434
Indeed. And truly a terrible employer. Yes you get the 'cool' brand, but behind that cool and friendly brand, lurks very unpleasant working practices, long unpaid extra hours and general intimidation.
deadleg22 to urmum
9 Jul 16#537
Makes good business sense to me, I would do the same.
daz007 to urmum
12 Jul 16#618
funny how your democratic voted government allow offshore bank accounts on his islands for all the mega rich heads including themselves, how ironic he wants to move accounts off as well he is just following the leader!
StuiWooi to urmum
15 Jul 161#666
You literally describe every company with any sort of reach and are deluded if you think otherwise or that it's all Branson's doing within Virgin.
I've not heard his opinion on Brexit but it was a farce so I'm sure it'll be justified.
Leave whatever personal hurt feelings you have at the door, this is a good deal.
m5rcc
6 Jul 1616#6
LMFAO!
whatsnew007
6 Jul 161#7
K cheers
dodgymix
6 Jul 1612#9
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
m5rcc
6 Jul 161#10
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.
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Opening post
*****************************
Please note 3.5% fee taken straight away and thern difference refunded within 2 weeks to bring it down to 1.69%
*******************************
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
Top comments
#BoycottVirgin is trending on Twitter apparently...
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.
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
All comments (753)
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
Where is any additional spending power going into you bank account from a credit card transfer?
Infact, even with a credit transfer. Say you owe £2,000 on a 0% credit card. Transfer it to another 0%- pay nothing.
Use this, transfer into the 4.89% gross TSB current account (ensure you move the 500 in/out each month) minus 1.69% means £64 profit.
So you still fail.
Plenty of fee-free BT cards out there. The AA was just one of them
#BoycottVirgin is trending on Twitter apparently...
And this deal is hot, despite the OP's unnecessarily sharp attitude.
I've not heard his opinion on Brexit but it was a farce so I'm sure it'll be justified.
Leave whatever personal hurt feelings you have at the door, this is a good deal.
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
More people do balance transfers than borrow on a card to wire to an account.