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cash on card then balance transfere ?
rangersmith
Posts: 3 Newbie
in Credit cards
Hi there, I am thinking of buying a motorbike from a private seller, if I get 2 cards and draw £3,500 on one to buy the bike then transfere this balance onto 0% balance other card, would this be ok. I could then keep transfereing to 0 % over 2 years or so and that way have an interest free loan.
Andrew
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Andrew
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Comments
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You would incur a Cash Withdrawal Fee of around 3% and a Balance Transfer Fee of around 3%. Therefore, if your 0% CC is for 12 months, you will have a loan at approximately 6% p.a. for the first year and 3% thereafter provided you continue to shift the balance around.0
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