Cash transfer credit card zero % interest to 0% balance transfer, is it possible?

hartushare · 7 January 2018 at 10:01PM

OK, I've only ever had 1 credit card for £5000, I used it for a 1 off large item purchase. I've now paid it off by switching to 0% balance transfer cards, thus only incurring the transfer fee, very common I know.

So, now I'm debt free apart from my mortgage. I want to raise at least £18.000 to buy a VW van to convert to a camper, I have some savings as well as the total cost will be about £23.000.
My thoughts were to get a cash transfer credit card for 0% interest for as long as I can, but I realise that if the transfer is for say 2years, there will still be around £7500 left to pay, assuming I pay £300 ish per month on the payment.
My questions are as follows:-
1)Is it possible to get a cash transfer credit card for £18.000, or is this to much?
2) Can I transfer the balance of that debt to a another 0% interest card.
Obviously I'm trying lend money as cheaply as possible.

[Deleted User] · 7 January 2018 at 10:07PM

1) depends on your circumstances. It's high but not entirely impossible
2) yes. But only if you can get one.

Kim_13 · 7 January 2018 at 10:33PM

You may find the MSE guide on money transfer cards useful: https://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

As zx81 says, it is theoretically possible to balance transfer this balance elsewhere, but it's not guaranteed it would be accepted, especially for such a large amount. Lenders have to assess the application as if it were new borrowing rather than a balance transfer. Do try to clear in full with the period.

The best cards for money transfers and balance transfers are different, as you may already be aware. Here is the MSE guide on balance transfers: https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards

chattychappy · 7 January 2018 at 11:05PM

You can always apply for two cards. If you apply for two cards, it's probably better to do one immediately after the other.

The reason is that if you apply in quick sucession, when the second card credit checks, they will see the previous search but not any new account set up. If you delay and the account is shown, then they might consider you have too much credit available.

(There also arguments that the opposite is true..)

hartushare · 8 January 2018 at 10:09AM

Thanks for that, I've already been accepted for a bank loan for the amount and I may still go down that route as it's easier and there are less potential problems, but I played the balance transfer game quite well in my previous credit card so I'd like to try again if post. The problem I have is I can't use a traditional credit card, I might be a less to buy the van on a credit card but not all of the major companies will accept them for such a large purchase, and the company I'm using to convert the van don't accept credit cards.

Cash transfer credit card zero % interest to 0% balance transfer, is it possible?

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