Credit card or loan?

ryan52

Hi There. I'm after a bit of advice on whether to increase my credit card limit or take out a loan.
Basically i'm looking to go travelling round asia and australia next year, but i'm unsure of the best way to fund it. I have £3000 saved up in cash but to spend a year away i would need a further £6000-7000. Ideally i would like to find a part time job whilst in Australia, giving me income to pay off the minimum payments on any borrowing i have made. However if i do not manage to find work i would be unable to pay back any minimum payments. Is there such thing as a loan that is borrowed, yet you don't start paying it back until a year after? Or is my best bet whacking everything on a £10,000 limit credit card, with a low intrest rate, and use my £3000 in the bank to pay off the minimum repayments over the course of the year? I already owe just over £1000 on my Virgin credit card, is asking for the limit to be increased to such an extent possible? Or is there a better credit card out there that anyone can suggest?
Your answers are most welcome, and i appreciate and help and advice given.
Many Thanks
Ryan.

Moggles_2

What's the current credit limit on your Virgin cc and what interest rate(s) are you charged at the mo?

Do you have other cards besides Virgin?

TrickyDicky

I would advise you to save up for another year when you can actually afford to go travelling.

BigDave81

I would definitely advise saving for a lot longer until you had the money you require and the credit card would be for unforseen circumstance and emergencies, which always seems to occur with long travel abroad.

Have you thought about the travel arranging company that works out your travel itinery and gets you jobs in the various places you are travelling all set up in advance? That sounds ideal, my managers son did this recently on a round the world extravaganza!

What ever you do, do not neglect to get travel insurance! Preferably with an excess waiver, worth paying a little more for the premium than paying £50 every time you need to claim!

BigDave81

Also how do you know you are guaranteed to be accepted for a £10k limit on a credit card anyway? Especially as you will be travelling and therefore have no income.