Credit card cheque??

Sweetsaver

Hi all,

My b/f needs to do some repairs on his house of about £3000 and unfortunatley does not have the cash to do it straight away. He was going to take out a loan however, i wondered if we could get a Halifax 0% Credit card (on purchases) for 10 months and write a cheque the builder and then pay off the balance within 6 months.

I would suggest he saved but the work cannot wait but i am dubious about getting a loan.

I think there will be a charge for using a cheque on a credit card but would be extremely greatful for any posters have.

Many thanks
:beer:
Sweets
x

Saucepot

These cheques often count as "cash" rather than "spend" and are charged interest, rather than 0%

read the terms and conditions before use, as these cheques are often a bit of a con.

clio

Your better of going with MBNA/Virgin and doing a balance transfer to you bank account and paying the bill in cash or a cheque from your normal bank account.

Sweetsaver

Sorry may seem like a stupid question but if he applies for a MBNA/Virgin credit card, he could transfer the money strainght into his current accout? Would there be a charge?

King_Of_Fools

Sweetsaver wrote: »

Sorry may seem like a stupid question but if he applies for a MBNA/Virgin credit card, he could transfer the money strainght into his current accout? Would there be a charge?

Yes 3% but you do not have to pay it all back for 14 months so it is a very cheap loan.

Sweetsaver

Excellent, so would i need to get to get a 0% balance transfer and purchase card???

Then once he gets the card he can move the money accorss.

Thank u so much for everyone help.

King_Of_Fools

Sweetsaver wrote: »

Excellent, so would i need to get to get a 0% balance transfer and purchase card???

This is the one you want with 15 months 0% on balance transfers:
http://uk.virginmoney.com/credit-card/

The card lets you do a balance transfer to your bank account for a 2.98% fee.

But do not use it for any purchases because you will pay interest on them until you completely clear the balance!

Sweetsaver

thats excellent news i will show him this and get him to apply for the card you recommended King

Thank u so much for your help.