Credit Cards Key » CreditCard Types » Virgin Credit Cards » Can you give me any help with credit card question?

  #1 (permalink)
: I currently have a credit card from RBS . It had 0% on purchases since Oct 2009 until Oct 2010. My friend said I should get another credit card and make a balance transfer to pay off remaining balance (about 3000) as it will be easier as a few cards offer a 0% BT rate Iv'e been looking at various cards but I don't fully understand how it will work.I would only use it to make a balance transfer and I would definitely not be using it for anything else. I want to fully understand the terms. Iv'e noticed a few BT fees are about 2.9 to 3%, would I pay this every month? Is it really this straight forward or are there hidden charges or can they change the rates when they want? This all confusing to me I stupidly got a credit card last year without knowing anything about them! thanks in advance

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  #2 (permalink)
: you're smart to stand back & look at the overall picture unlike many ppl who just go & blindly charge whatever they feel like & don't worry about the repercussions.

Not sure about the fees--for a balance transfer you may pay a fee, but it should be just like any other 'charge.' The fees are charged monthly--that's how they make their money to survive. There aren't really any hidden fees--late payment fee & over-limit fees are standard on any credit card.

When you accept their service they'll share their terms on a long, wordy document--pretty standard stuff--at least read the paragraphs that explain your questions.
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  #3 (permalink)
: Just a quick note about credit cards:
How to get top 800+ scores:

Get a credit card
Pay off in full each month.
It is 100% myth that carrying balances is good for your rating.
In fact, carrying balances (especially more than 30% of your limit) can devastate your score.

Balance transfers will cost you about 5% of the amount transferred.
Also, you will be opening new credit - this reduces the score for 6 months.
Remember that employers check, so do landlords and car insurance companies (you'll pay more).

Keep your current card - just make an effort to pay it off - ASAP.
Once paid, continue using it for things you need like food or gas and pay in full.
By paying in full you never pay a penny interest - and you get scores that will amaze every single creditor out there.
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  #4 (permalink)
: Check with the credit card company before doing the transfer. Many offer the 0% only for new purchases and you are charged a higher percentage rate for transfers. It is usually in the really teeny tiny small print so get out your magnifying glass and do some investigation before taking any action.
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