Credit Card Winner

Use your car to pay off your credit card

2009-01-27T14:40:00.001-08:00

If like me, you have a car that will fetch several thousand pounds, (in my case £4000) now is the time to convert that car into cash.

Sell it privately for as much as possible. Mine is currently listed in AutoTrader.

Go to your nearest car dealer and buy a similar replacement (or smaller if it suits) to take advantage of the current 0% and low APR credit deals available direct from the car showrooms. The banks are still offering 8-11% which is huge compared to the current interest rate. Take the offers car dealers are using to drive any kind of sale they can. They're desperate to sell so get the most you can from your current car, use the cash to clear or go toward clearing a credit card and get a newer car at a lower APR. Future lenders will also like you more because you have a car purchase and not a credit card debt on your file.

Here's the figures:
Barclaycard balance: £5,000 at 14.9%
Car value £4,300
Minimum I'll take for the car: £4,000 <- remember there's no pressure to sell here, if it doesn't sell, it doesn't matter, maybe next season :)
Nearly new car: £5,000 at 6% (may as well upgrade slightly while I'm at it to get a car with lower miles and therefore a better resale value in a couple of years)

Paying off Barclaycard:
£175 per month = £6213 over 3 years

Paying off car:
£120 per month = £5636 over 4 years

Now I have £55 extra per month to put onto my other credit cards reducing them further.
Other bonuses I've taken:
I picked a Skoda, lower emissions so lower road tax
Lower mileage than current car so better resale value in another couple of years
Slightly later age so also good on resale value
Better fuel economy with the Skoda than my current Toyota so another saving every day
My credit file shows a car purchase and one less credit card debt

Happy saving!

Cashflow is King

2008-11-26T04:57:00.000-08:00

Cashflow is king is an old business adage but one of the most important in running any business. You can have all the quality stock in the world but if you don't have the cash to book a courier to ship that stock it's next to worthless!

The same is true of your debt management. Here's a quick scenario:

I have an overdraft of £10,000 and it's full with 11% interest.

I have a credit card with £12,000 credit limit with a cash rate of 3.9%.

I can transfer the £10,000 from my overdraft to my credit card which is superb, I'm now saving 7.1%.

With my overdraft there was no minimum monthly payment however. I was paying £100 per month into that overdraft to make enough room for the interest (£300 per quarter) which I could manage.

With the credit card however my minimum payment is 3.5% per month which translates to £455 per month. While I may be saving a fortune in interest, the monthly bill quickly becomes astronomical.

What to do?

Transfer the £10,000 onto the credit card, pay as much as you can afford onto the card each month, for example £200 and pay the balance (£255) out of the overdraft. The interest is calculated daily and applied monthly on both accounts so the longer you can keep the money on the credit card at the lower rate the better.

This way you can save money with the lower interest and still manage the monthly bill. Once the credit card is cleared I'll withdraw the equivalent remaining balance of the overdraft off the card and start over again.

Is the best really the best?

2008-11-13T06:23:00.000-08:00

This is a core principal of Credit Card Winner - do your own homework!

USwitch have announced their '2008 Credit Card Customer Satisfaction Survey' with American Express the winners. Which is lovely if you want great customer service. On the other hand you have to pay for it...

Purchase Rate: 18.9%

(Some versions of American Express offer 15.9% but it's only for 3 months)

Balance Transfers: 18.9%

Cash Withdrawal: 27.9%

This is expensive by anyone's standards, so be careful what you read and always read the 'terms and conditions' before you apply.

Regardless of how nice the staff are, if you're having problems with your finances they'll be just as hard as the next credit card provider to ensure they protect their profits. Go for the best deal that suits you, not the lender.

Are you saving up to pay off your credit cards???

2008-11-10T01:08:00.000-08:00

I had never considered this idea as it simply doesn't make any sense to me. I recently read that many people had their savings locked by the collapse of some banks and suggested their money had been saved up to pay off a credit card among other things.

Quite simply put, unless you're getting a better savings interest rate than the rate you're paying on your credit card then those savings are costing you money.

Interest rates on credit cards are calculated daily and applied monthly.

Savings interest rates are usually calculated monthly or even annually and applied monthly or annually so this is another delay to ensure the credit card debt rises above your savings.

The best policy is to pay as much as you can as quickly as you can onto the credit cards. When your salary or pay arrives, pay the credit cards before adding a penny to your savings.

"But what if I need the money on a rainy day?" I hear you ask. If you're in credit card debt it's already raining. Starting making a break in the clouds with your savings, the empty credit cards can be used for the rainy day and you'll have control over them.

Making money from cards

2008-11-05T15:21:00.000-08:00

There's lots of ways to make money from credit cards, some of which I've mentioned on my website but the idea of using a credit card for a house deposit is either shunned or simply ignored by many people but let's look at some of the advantages...

It's perceived as expensive over a regular loan...
Using the right credit card you can pay below 10% interest. With introductory offers you can pay 0%.

Use a cashback credit card to get a discount. There are usually limits but even 4% on up to £5000 is a couple of hundred pounds off a small deposit.

If you're buying to let then the deposit will be paid for by the tenant anyway along with the mortgage so you've nothing to worry about there, especially with rent insurance in place.

Use two cards, withdraw the deposit on one card then transfer the balance to another. This gives you balance transfer rates for long periods or even life depending on the credit card.

Here's an example:
£10,000 deposit on an Amex card with 4% cashback up to £5000 = £200 discount.

Transfer £9,800 onto Barclaycard at 6.9% for the life of the balance OR
transfer £9.800 onto Virgin card at 3.5% for 9 months. After 9 months transfer the remaining balance to the Barclaycard.
Repeat.

Do this often enough or with lower deposit for low value buy-to-let properties and you have the potential for a quickly growing property portfolio.

Check out Ajay Ahuja's page for more ideas on building a property portfolio.

Is paying your phone bill late reducing your credit limit?

2008-10-15T11:27:00.000-07:00

If like me you've ever missed a payment on a credit card or loan then possibly like me you assumed that you will have damaged your credit rating slightly.

Did you ever consider that a late payment on ANY product which affects your credit file will impact your credit rating, and consequently your credit cards?

This seemed a bit unfair to me but I thought I'd check it out in the small print...
This is the terminology according to Mint (Royal Bank of Scotland):

#######
1 The card
(d) If we have a good reason (for example, if you break this agreement or there is suspected fraud involving the card, PIN or password or if there is a change in how you operate the account or in your financial circumstances, giving us reasonable grounds to believe that you may have difficulty in meeting your commitments) and we consider it reasonably necessary, we may (i) suspend, withdraw or restrict the use of the card, PIN and password and / or (ii) reduce the credit limit and advance limit at any time. We will tell you before we take this action, or as soon as possible afterwards.
#######

So in simple terms, if there is any movement on your credit file which they don't like then they are perfectly free to restrict your credit or cancel it completely and tell you about it later.

Interestingly they don't explain what they consider "a change... in your financial circumstances".

Something to bare in mind the next time you make a late payment while waiting for a balance transfer!

Is this the worst credit card on the market?

2008-10-14T15:53:00.001-07:00

There are lots of reasons for declaring a credit card 'the worst', for example repayment terms or charges only declared in the small print but in the case we're going for the simple APR:

The Vanquis Visa Card
Issuing bank: Vanquis

This card is aimed specifically at people with a poor credit rating who cannot get acceptance for any other cards.

Annual rate: 39.94% p.a. (variable - up to 59.9%)
Cash rate: 49.9% p.a. (variable - up to 59.9%)
Cashback and rewards: none
Minimum monthly payment: 5%
Late payment: £12
Over limit payment: £12
Available credit limit: Minimum £250, maximum £1,000

As a quick example, if you spend £500 on this card then don't make the repayment within 56 days (the interest free period), you will be charged 39.9% (at best) interest.

That makes the interest due in month two: £16.63
The minimum payment is 5% or £5 (whichever is greater): £17

Making the minimum payment each month will take you 9.75 YEARS to clear the card.
Total interest repaid: £1,482.38

Calculations were made using the CreditorWeb calculator and are a guideline only.

Use Credit Cards - even when you have the cash

2008-10-13T01:42:00.000-07:00

Cashback credit cards are an easy route to discounts, especially on large purchases. The American Express Amex card is currently offering 5% cashback with a £200 limit but that's £200 off a £4000 purchase, like a car for example.

So after you haggle on the price to claim a couple of hundred pounds discount you can look forward to the same again with your credit card. So if you have the cash for your next purchase, use your card, claim the cashback and pay off the card in good time to save yourself even more money!

Now IS the time to panic....

2008-10-10T15:48:00.000-07:00

But NOT about the credit crunch!
Now IS the time to panic because you need to get your cashflow in order. Shuffle your credit cards for all their worth, free up cash wherever you can and make sure you're ready for the interest rate cuts.

During this 'credit crunch' time the governments seek to lower short term interest rates to boost spending and bring cash back into the banks via the high street. This is the perfect time to make sure you're ready for those low interest rate products such as mortgages and personal loans.

With more and more people unable to afford mortgage repayments the rent market will increase giving buy-to-let investors the best opportunity to boost their monthly income with low mortgage payments and high rent charges.
Using a credit card to give you the much needed cash to purchase one of these high yield properties can be a fast track way into the property market at a time when house prices have plummeted and estate agents are offering 2 for 1 on apartments and even free cars and holidays to investors!

Backed by a second credit card to make a low rate balance transfer or a cheap personal loan and you have a superb route into cash flow management of a large asset. If it's your first time at investing take plenty of advice, make sure you can cover the mortgage costs if you don't get rent right away or take out 'no rent' insurance to cover your back.

Ajay Ahuja is one property investor you might like to check out for more information on getting started or boosting your portfolio.

Credit Reports

2008-09-30T14:15:00.000-07:00

You'll read a lot about 'credit reports'. They are a file held by independent credit scoring companies with a profile of your borrowing. Different companies hold different information so it's worth checking with each of them to see what they have.

To see your credit reports you can apply online for a copy to be posted to you. Subscription services are available but if you look around their websites long enough you'll find the one-off payment option to get a copy of your report.

When you receive your copy of your credit report it normally comes with a leaflet explaining the terms used in it. For more information on what to actually look for in your report this website will help you along in plain English:
http://www.choosingandusing.com/application/credit_record.html

To order your credit reports (they're usually about £2), go to:
Experian
Equifax

Barclaycard offering 0% balance transfer for 16 months

2008-09-23T00:42:00.000-07:00

Most balance transfer offers are for 9-12 months and can be a great way to shuffle your cards, on the condition the following APR is not extortionate. This offer from Barclay does look good but there are a few pre-qualifying restrictions. That said, if you meet them it looks on paper to be a great money saver:

Card Type	Visa
Minimum Income	£15,000
Introductory Purchase Rate	0%
Introductory Balance Transfer Rate	0%
Introductory Purchase Period	3 months
Introductory Balance Transfer Period	16 months
Typical Purchase Rate APR (variable)	14.9%
Standard Balance Transfer Rate	14.9%
Interest Free Period	56 days

http://www.barclaycard.co.uk/personal-home/cards/platinum-hero/balance-transfer-15/index.html?TC=AUBOX17511

Forum Launch

2008-09-20T10:08:00.000-07:00

I've just added a new forum to the website and created a few topics to get it started but if there's something you feel just has to be added then feel free to drop me an e-mail.

Yours in credit,
Mike

Should we have sympathy for the bank employees?

2008-09-17T18:11:00.000-07:00

A lady was featured on the news this week following the collapse of the Lehman Brothers followed by the amalgamation of Lloyds and Bank of Scotland crying and complaining that she didn't know why this was happening and how terrible it was to lose her job.

I've been on the job loss side of a down-size myself, it's not pleasant to say the least but I knew exactly why the company was doing it. It was also one of the few moves the company had made in the last two years that I could applaude. Yes I was losing my own job but it was the right decision for the company.

This bank employee however, had no idea why she had lost her job. Anyone who follows the markets or at the very least listens to the news knew why she has lost her job - and this woman was part of the fabric of employees paid by our savings to manage our money or potentially worse - to advise us on financial products!

So do I have sympathy for this lady? It's never nice to lose your job to circumstances beyond your control but to have no understanding of the current widely and indepth reported situation, and presumably by her level of distress, to have no financial parachute then as a member of the bank I cannot look at her and have any sympathy, not in the knowledge that she worked for the company who manages my credit.

What happens if you suffer identity fraud?

2008-08-24T11:17:00.000-07:00

Identity fraud is certainly headline news recently between UK police raids on 'card factories' and 'lost' harddrives but what does it really mean for your money?

The inconvenience is immense of course, not to mention the fear that other more sensitive data may be accessed but what happens to your financial status after it's been removed or spent?

The Banking Code says that if your bank account is targeted you will not lose any money, as long as you have not given out your personal information. If the bank can prove that you have been careless with your banking details or you are guilty of fraud yourself then you will not be liable for any losses due to fraud. This guarantee is in Section 12 of the Banking Code:
http://www.bankingcode.org.uk/home.htm

One thing to note is that this code is voluntary so it's worth checking with your bank if they subscribe. The guarantee is also for selected financial products including personal bank accounts and credit cards but:
"It does not cover mortgages, investments, insurance, Premium Bonds or currency accounts."
Full details of the coverage can be found here:
http://www.bankingcode.org.uk/thecodes.htm

Take Heart, you're not in as deep as you think...

2008-08-14T11:06:00.000-07:00

When it comes to managing debt it's easy to assume you have the worst debt in the world, or that it's only you. At the height of my debt I was looking at repaying £120,000 over 37 years on credit cards and unsecured loans so in my mind that takes some beating!

At this level however you don't have to ring the bank manager and go on hold anymore, s/he will ring you! Have a look at these stats and take heart, you may be in deep, but believe it or not - you can still win...

Average household debt in the UK is ~ £9,475 (excluding mortgages). This figure increases to £21,590 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is ~ £59,375 (including mortgages).

Average owed by every UK adult is ~ £30,270 (including mortgages).

Average outstanding mortgage for the 11.7m households who currently have mortgages now stands at ~ £103,705.

Britain's interest repayments have soared to £95.0bn in the last 12months.

1 person is declared insolvent or bankrupt every 5 minutes!

And my favourite:
Approximately 18,000 credit card applications are being rejected every day. (So it's not just me then!)

Data courtesy of Credit Action.

I've been away for a bit...

2008-08-01T10:59:00.000-07:00

Following my reduction of debt to a managable level I finally got the opportunity to get engaged and took it with both hands!
I did of course utilise my credit cards to the maximum by booking flights online to get free travel and payment insurance, booked car hire using another card for cashback and finally bought the ring itself with 0% interest. The flight booking also increased my credit limit allowing me more flexibility to manage my cash.
Also, if you want one tip to getting an upgrade to business class, book your airline tickets with a Gold or Platinum card, the airlines know there's a minimum income required to receive those cards and automatically assume you're on a good salary. (I may not have mentioned my platinum card is for my old business and therefore doesn't reflect my income at all) ;)

Should we take credit card insurance?

2008-06-25T07:40:00.000-07:00

Many lenders insist on insurance depending on your circumstances. Unsecured loans and first time mortgages are a prime example when the lender may require some kind of protection. Most credit card companies offer insurance products to cover your debt and frighten you with tales of woe and what will happen to you if you don't take out the insurance. They also tell similar tales of woe about identity theft and offer you additional products to protect yourself. These products will indeed provide you with the cover you need but in most cases only cover the individual product and cost a huge preimum.

Insurance is worth having, especially when it swings the decision on getting you a new financial product but independant insurance is by far a more cost effective way to protect your earnings.
Basic insurance starts at under £5 per month. As a simple example my insurance is £10 per month and covers me for £250,000 of debt from any of my borrowings.

So should we take credit card insurance? Absolutely, but not from the credit card providers!

Does cheque clearing drive you up the wall?

2008-06-10T03:12:00.000-07:00

If you've ever lodged a cheque and needed the money quickly you'll know the frustration of trying to understand when your money is actually yours.

The new system introduced at the end of 2007 was designed to speed this 'cheque clearing' time up but as a voluntary system your bank may or may not have signed up.
The 'Cheque & Clearing Credit Company' have a website that will explain how the new system works and when you can expect to get access to your money. The same system applies to credit card transfers except there's no physical paper to move around so in theory the transfer should be instant. Unfortuantely the lenders don't make any distinction between the two types of lodgement and therefore charge you additional interest and slow your money transfer.

Cheque & Clearing Credit Company explaination:
http://www.chequeandcredit.co.uk/246/-/page/animation/

Understanding Interest Repayment Queues

2008-06-01T17:03:00.000-07:00

Lots of people get caught out by high interest rate repayments on
their credit cards after a balance transfer offer.

This is how it works:
You transfer £500 onto your empty credit card at offer rate 0%. (Let's
say the offer is for the life of the balance).
After the offer period has finished you spend a further £1000 at the
healthy interest rate of 16.9%.

In an ideal world you now owe the credit card company £1500 plus
interest. (We'll ignore the interest for now).
Your money is now stacked up neatly on your credit card:

Total: £1500
16.9% purchase: £1000
0% transfer: £ 500

Your first monthly payment therefore will be taken off the latest
purchase:

Total: £1400
16.9% purchase: £ 900 (-£100 monthly payment)
0% transfer: £ 500

Unfortunately this is NOT how credit card repayment works.
When you make a purchase on a card AFTER making a purchase at a
special rate, the high interest purchases are moved to the bottom of
the queue:

Total: £1500
0% transfer: £ 500
16.9% purchase: £1000

So now you're monthly payment is processed like this:

Total: £1400
0% transfer: £ 400 (-£100 monthly payment)
16.9% purchase: £1000

I haven't included interest on the purchase to keep the figures
simple, but here is what has happened when interest is added to start
your slide into debt:

MONTH 1
Total: £1400
0% transfer: £ 400 (-£100 monthly payment)
16.9% purchase: £1000 (interest of 16.9% applies next month: £97.42)

MONTH 2
Total: £1397.42
0% transfer: £ 300.00 (-£100 monthly payment)
16.9% purchase: £1097.42 (interest of 16.9% applies: £97.42)

You can see what is happening here. The lowest interest item is being
paid off first. You have NO control over this, it is simply how the
credit card providers apply your payment to your bill.
Here's what your credit card bill looks like after 4 months:

MONTH 4
Total: £1321.65
0% transfer: £ 0.00 (Final -£100 monthly payment)
16.9% purchase: £1321.65 (interest of 16.9% applies)

You have now cleared the transfer of £500.
You now owe £1321.65 on the remaining purchase.
Paying £100 per month at 16.9% on the remaining balance will take you
a further ONE YEAR AND THREE MONTHS to clear your card!!!

Simple rules: Never use a card with an offer transfer rate or
introductory offer after the offer has expired - clear the balance
completely before using the card again.

Debt Test

2008-05-19T11:03:00.000-07:00

I've seen loads of 'debt tests' online, most of which result in arriving at a page that declares you're doomed and the only way out is to buy one of the displayed products.

This one however is a bit more independent, it's a link I found on the UK Government website for debt management:
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=debt_test

At the end it gives you some general advice and a list of useful addresses depending on your age, status etc. It's confidential (there are no personal details to enter) and it literally takes about one minute.

Are credit cards bad?

2008-05-11T12:02:00.000-07:00

It's easy to assume because of huge debt levels on credit cards that the credit cards themselves are bad. Personally I love the security and convenience of carrying a credit card abroad, the freebies I receive when I shop with my cards and the insurance protection included with many purchases, especially flights.
So are credit cards really that bad?
The financial products are essentially great services. They give us cash we don't have for times when we need it and to tempt us toward one lender or another additional services and gifts are offered.
Unfortunately financial products are not simplistic devices and they are ultimately designed to make money for the issuing company. As my website now shows (www.creditcardwinner.co.uk) these products are used by millions of people and as such require a 'one-size-fits-all' level of support to service their customers.
As a complex and potentially money losing product (for the issuing company), the staff who provide this support cannot be trained sufficiently to ensure you receive the best possible care. This is where the role of the computer screen and phone queueing system comes into play. These systems are designed to allow anyone with a basic level of training to service the many needs and requests of the millions of credit card customers. They are also designed to (quite rightly) protect the issuing company from losing money and from being defrauded.
With these limitations in mind however, we can now begin to play the game of credit card management.

While debt management cannot be considered a game, working financial products to get the most from them is the 'game' played by stock brokers, fund managers and discerning consumers alike. Like all street games, the rules can change but the game never stops. We simply adapt to keep finding new strategies to win.
The first thing to know, is the rules, and hopefully this is where I can help. My website is finally up and running and will give you lots of insight into how I beat my own credit card debt, reducing my repayments from 37 years to just 3.
www.creditcardwinner.co.uk

Handy hint...

2008-04-23T11:08:00.000-07:00

Use financial calculators to work out your repayment periods. Every time you shuffle your cards recalculate your total repayment time to see how well you’re doing. These little motivational boosts really help on the days when cash flow is tight.

This helped me a lot when clearing my cards. A spreadsheet with a graph is a great way to see instantly the success you've had :D

Do the maths on balance transfers...

2008-04-19T09:02:00.000-07:00

If you’re repaying a loan with a credit card you will need to transfer more than the value of the loan to repay the loan company. For example, my loan of £6000 at 21% interest was paid onto my 29.9% interest card (Card 1). That’s a saving of 8.9%. I then transferred the balance of Card 2 (29.9%) onto Card 1 which had a balance transfer offer of 0% for nine months.

So now, instead of two cards at 29.9% I have one card at 0% and a loan of £6000 at 21%. I can transfer cash from Card 2 at 18.9%. If I transfer £6000 to pay off the loan the card company will take its’ fee out of the £6000. A transfer fee is usually around 2%. 2% of £6000 is £120 so the total amount transferred back to the loan company will be £5880. Obviously I have to make up the shortfall with cash or transfer a larger balance to meet the £6000 repayment.

Beware the Double Interest on Balance Transfers

2008-04-05T08:19:00.000-07:00

Have you lodged a cheque in your bank recently?
If you have, you'll have seen the delay between the cheque arriving in your account and the cash actually being available. This can be as much as 5 working days and split over a bank holiday weekend, this can be a long time to wait for your money.

When you make a balance transfer between credit cards, you're making the same transaction, a payment between two banks. The crucial difference between credit cards and banks of course is that you're paying interest on the money you have owed to the cards.

Here's an example of what happened between my Barclaycard and Virgin card:
Barclaycard - £0
Virgin Card - £12,000

I transferred £6000 of debt from my Virgin card to my Barclaycard on a Tuesday with this result:

Wednesday - no change
Thursday - no change
Friday:
Barclaycard - £6000
Virgin Card - £12,000

So the money has arrived in my Barclaycard but it hasn't left my Virgin card, so where did the extra £6000 come from??
I phoned Barclaycard - "we have made the transfer as requested, you will have to phone Virgin to find out why the money has not left."
I phoned Virgin - "it takes up to 5 working days for the money to clear your account, you will have to phone back on Tuesday next week."

With the banks this won't make any difference except to delay your payment, with credit cards I'm being charged interest on a daily rate - that's Every Single DAY - and on £18,000!!

I phoned the financial ombudsman.
According to the ombudsman this is normal practice and within the law. The debt has been transferred away from Virgin to Barclay via a holding account. While the money is in the holding account Barclay say their transaction is complete and therefore charge interest on the balance. Virgin say the transaction is not complete because the money has not left the holding account and therefore charge interest on the balance.

So who is right?
They're both right, technically.

What can we do about it?
Pressure has been on banks in the recent months and just this year the system has changed to clear cheques between banks on the same day where possible via a fast track system. The system is optional however and banks are signing up at different rates. Payments between banks (i.e. not between you and your bank) are also different and don't fall under the guidelines.

So the next time you're making a balance transfer onto a card that isn't 0%, do it early on a Monday morning and avoid bank holiday weekends to save yourself 3-5 days of interest.

Note:
APACS is the organisation that deal with the guidelines for the banking system (not the banking code) so I will contact them and see if I can get some more information to share.

Why take a 26.4% loan to clear a 19.9% credit card??

2008-03-29T02:11:00.000-07:00

There are a number of good reasons to take a 26.4% or higher loan.
The first one is because it's lower than the card you're clearing. Many cards or other products can be around 29% and there are plenty out there at 500% if you have bad credit. (Yes, really, 500%!!).

In my case however, I was clearing a card of 19.9%. So why would I take a loan at 26.4%?
What I actually needed was £6000 of space on a credit card, not a loan.
Here's how my cards stood:
Virgin: £6000 at 19.9%
Barclay: £6000 at 19.9%

Virgin Offer: 0% for 9 months
Barclay Offer: 6.9% for life of balance

Monday - I agree to £6000 loan at 26.4%
Tuesday am - £6000 arrives in bank account
Tuesday pm - £6000 is paid onto Barclay card
Thursday am - £6000 arrives on Barclay card
Thursday pm - I cancel loan under consumer protection laws (7 days allowed)
Friday am - I transfer £6000 from Virgin to Barclay (2.5% fee & 6.9% interest)
Tuesday am - Virgin money arrives on Barclay card

Now we look at the cards again:
Virgin: £0
Barclay: £6000 at 6.9%
Mint: £6000 at 26.4%

Pay attention, this is the cunning bit:
Virgin consider transfers from their credit card to a bank as a balance transfer - not a cash withdrawal. It's one of the few cards who do this!
Tuesday pm - I transfer £6000 from Virgin to bank.
Thursday am - £6000 arrives in bank.
Thursday pm - I repay £6000 to Mint (30 days allowed after cancellation to repay)

My new card structure:
Virgin: £6000 at 0% for 9 months
Barclay: £6000 at 6.9% for life

Notes:
I can't spend on these cards or it will mess up the balance transfer rates.
The fees applied when making transfer may be hundreds of pounds depending on your balance so check that it's worth it compared to the interest savings you will receive by making the transfer. Also take into account the cash flow advantage of having lower monthly payments to make.
The items in brackets about 7 days to cancel and 30 days to repay are defined by consumer credit laws, not the lenders.