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 ***
Top comments
kroe9 to emlin
9 Nov 1615#2
Well you transfer money into your bank
account, and then go to bank and draw out the cash... soooo.
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.
Imran_Bham
9 Nov 163#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.
All comments (48)
emlin
9 Nov 16#1
You can't get cash with this. The title is misleading.
kroe9 to emlin
9 Nov 1615#2
Well you transfer money into your bank
account, and then go to bank and draw out the cash... soooo.
zippypants to emlin
9 Nov 162#3
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?
Deal_HUNT3R to emlin
10 Nov 16#26
Of course you can. Sigh.
fishleg003
9 Nov 161#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?
Preying_Eyes to fishleg003
9 Nov 16#5
Apparently, yes
Dealmaker to fishleg003
10 Nov 16#13
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.
purplevimto to fishleg003
13 Nov 16#38
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.
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.
scoobytawazara
9 Nov 16#7
good points raised here thanks helpful
majortom
9 Nov 162#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.
smellyonion to majortom
10 Nov 16#15
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....
ibblackberry1 to majortom
10 Nov 16#21
But that's not the cost of borrowing. That cost is the interest etc, the capital is just the capital.
howarth3 to majortom
10 Nov 161#28
Incorrect. The cost of borrowing £1000 is £16.90. The total repayment is £1016.90.
tanelpadar
9 Nov 16#9
What would be the timescale from application to money hitting your bank?
afc4eva to tanelpadar
10 Nov 161#19
I think about 2 weeks
purplevimto to tanelpadar
13 Nov 16#39
Within three days.
Imran_Bham
9 Nov 163#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.
futura
10 Nov 16#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?
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Opening post
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 ***
Top comments
account, and then go to bank and draw out the cash... soooo.
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 (48)
account, and then go to bank and draw out the cash... soooo.
That's always been cash to me maybe you know different?
Am I right in thinking you could use this to overpay mortgage then repay this meaning less interest?
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.