How can I pay for a large private purchase on my credit card?

mrdarcy101

I wonder if this can be done??? I am going to be buying a car in the next month or so off a family member. My bank today said I could have 6 months interest free on balance transfers and new purchases!

It got me thinking, I have enough credit limit to buy the car on my credit card, but how do i get it onto my card as a balance transfer or purchase, without either myself or my family relative paying anything?

I can buy the car cash, just trying to see if i can delay paying for it for 6 months or more by buying on a credit card, are there any money savers that can assist? All advice greatly received

Thanks Mrdarcy

V.Lucky

I can't see how you can do it as for it to be classed as a purchase on your credit card, your relative needs to take credit cards for payment, which isn't going to happen.

The only thing I can think of is to do a cash advance on one card, and then transfer the balance to the new card. You will incur a cash advance fee on one card and then a balance transfer fee too, so you would need to check your facts and figures.

IWantToBeFree_2

If you got a card that does balance transfers to your current account this would be possible. MBNA, Egg & Post Office all offer this and charge around a 4% fee for doing so.

EDIT - If you have the cash, it may be the better option. Savings rates still aren't great, the only way you can get round putting it on a card is via a balance transfer which will incuur fees, if those fees are higher than what you would get in a savings account then you may have successfully delayed paying for the car but you will have paid more for it in the long run.

iceage3

i dont know but could u use paypal has family /friends?

would this work?

jonesMUFCforever

I think Paypal would make you jump through hoops before letting you have access to the money. A non starter in my opinion.

duggie1982

Paypal normally charge a fee to recieve money

mrdarcy101

Thankyou all for your prompt responses, i guess i thought i could take the £6,000 cash out on my abbey credit card, then immediatley transfer the cash as a balance transfer onto the new 0% balance transfer with no fees with Halifax? what do you think of that?

duggie1982

Could this work?

Buy something from a place like tesco (large purchase that can be returned) Use your interest free purchase card to pay.
Return this item and have the refund onto another card that has no balance(this has been done with myself several times in tesco when not got orig card). Then make a cash withdrawl from the 'in credit card'.

You should then have the cash and is down on original card as a purchase.

Just a thought!!

Not sure if a cash advance counts as a purchase or balance transfer.

I know its a bit of a bother but I think this could work. Not sure about £6k though. Anything in tesco at that amount lol

duggie1982

When my sister sent me money through paypal the took a percentage and i did not get the same as was sent

CannyJock

Use your card to make £6k of purchases for your family member. They sign the car over to you - job done

There's a variation on this you can do paying for things for other friends/family and get them to give you the cash.

There's no way that anyone has come up with use Paypal or Google Checkout for extracting cash and avoiding fees.

gazelle8760

duggie1982 wrote: »

Could this work?

Buy something from a place like tesco (large purchase that can be returned) Use your interest free purchase card to pay.
Return this item and have the refund onto another card that has no balance(this has been done with myself several times in tesco when not got orig card). Then make a cash withdrawl from the 'in credit card'.

You should then have the cash and is down on original card as a purchase.

Just a thought!!

Not sure if a cash advance counts as a purchase or balance transfer.

I know its a bit of a bother but I think this could work. Not sure about £6k though. Anything in tesco at that amount lol

I didn't know you could have the refund onto a different card number, surely you have to have the refund on the card you did the original purchase with, if you don't have that card, you then generally get a Credit Note or Vouchers.