0% Spending Credit Card Query

BISCUIT1 · 17 January 2018 at 3:49PM

Hello not sure if someone can help me with this. I am looking into getting a 0% spending credit card and I was intending to use it to pay for the down payment on a land purchase which I would pay off within the 30 month interest free period. The only thing I am unsure of as I have never had this type of card before is what the upper spending limits are. I have passed the MSE eligibility with 100% but do you only find your upper limit when you actually apply?

I am debating this method as opposed to additional mortgage as I don't want to be tied into my current mortgage company after my origional deal ends which I would be if I took on a second "mortgage pot".

However as I am hedging my bests I didn't want a credit card application that I don't follow through with to affect my credit rating if I do go down the mortgage route should the credit card limit not be large enough....if this makes sense!

Just trying to work out my best options but not miss out om my purchase"

[Deleted User] · 17 January 2018 at 3:58PM

You'll find out your limit once you are accepted. What sort of purchase value is it? And do they accept cards?

If you don't accept a card, or are declined, all that will show on your files is a search.

BISCUIT1 · 17 January 2018 at 4:49PM

Thanks for your reply..Ill contact the solicitor I am going to be using to see if I can transfer part of the funds from a credit card and the other half from my existing funds. If that is a no then that will be that then...just didn't want to apply and find I wasn't eligible to enough to cover what I need and have the unnecessary application on my file going forwards...

I am trying to avoid mortgage route as building society p'd me off by now saying the amount I can borrow has gone down by £370 and are now wanting me to go through the whole application process again as the lending amount is different!! And vendors are getting impatient..

Again I would be looking to pay off the additional mortgage borrowing after the 2 yr deal...but as above it would tie me in to fixing with them again for my main mortgage when I know I will be able to get cheaper deals going elsewhere as a new customer then.

0% Spending Credit Card Query

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