0% on new purchases

jimhuf

Hi, i need some help understanding credit cards before I get involved. A while back i bought a laptop on 0% for 6 months then stupid% after. Now that the 6 months is coming to the end i want to pay the balance off on a new credit card. one with 0% on new purchases. Am i right in thinking i can do this, and pay the laptop off bit buy bit for the length of the 0% period without incurring charges?

Any help or advise is greatly appreciated.

Thanks

Jim

Moggles_2

Welcome to MSE!

You need a new card which offers 0% on balance transfers, not purchases.

For more info, see Martin's *Best Balance transfers* article which includes a
Q & As section

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

To help you further, we would need to know which credit card(s) you have at the mo or have held recently.

jimhuf

Sorry i wasnt clear. The laptop was bought on a store finance not another credit card.

Would that still be classed as a balance transfer?

thank you

Jim

Moggles_2

jimhuf wrote: »

Sorry i wasn't clear. The laptop was bought on a store finance, not another credit card. Would that still be classed as a balance transfer?

No. Which store card is it and do you have credit cards at the mo?

jimhuf

it was a finance deal at pc world, dont know who its with off the top of my head. Its effectively a loan though.

I currently have a tesco's credit card.

cheers

Moggles_2

jimhuf wrote: »

It was a finance deal at pc world, don't know who it's with off the top of my head. It's effectively a loan though. I currently have a Tesco's credit card.

You cannot pay this off with a credit card, at least not directly.

What you can do is apply for a 0% balance transfer card and transfer an overdraft to the card, in other words shift cash from the credit card to your bank account. A handling fee applies, but there are no other charges during the introductory 0% period. You then have funds in your current account with which to pay pc world.

Caution: you cannot use any old 0% BT card. A handful will do this at BT rates. You need:

a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card.

To maximise the 0% period, 16 months is currently available from Virgin on transfers made in the first 60 days.
A 4% handling fee applies, but there are no other charges for the first 16 months

http://uk.virginmoney.com/credit-card-v3/

jimhuf

Thank you very much for your help.