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Credit card cheques...then balance transfer
slackpants
Posts: 1 Newbie
in Credit cards
Please can someone tell me if this would work?
I currently have a Halifax credit card that I clear each month, I keep getting sent cheques to use with this card and was wondering if I paid for some home improvements using a credit card cheque (approx £1800-£2000) then transfer the balance to a new card 0% on balance transfers????
I am aware that I get charged 3% to use a cheque then 3% again to transfer.... would this still be a cheaper option to enable me to have the work done now and pay it off interest free over a few months? Or am I missing any hidden charges etc?
I am unsure of my credit rating, have never defaulted on any payments, no mortgage or loans at the moment though... I am hoping applying for the new card won't be a problem.
Many thanks in advance if anyone can help me.
I currently have a Halifax credit card that I clear each month, I keep getting sent cheques to use with this card and was wondering if I paid for some home improvements using a credit card cheque (approx £1800-£2000) then transfer the balance to a new card 0% on balance transfers????
I am aware that I get charged 3% to use a cheque then 3% again to transfer.... would this still be a cheaper option to enable me to have the work done now and pay it off interest free over a few months? Or am I missing any hidden charges etc?
I am unsure of my credit rating, have never defaulted on any payments, no mortgage or loans at the moment though... I am hoping applying for the new card won't be a problem.
Many thanks in advance if anyone can help me.
0
Comments
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Would it not be cheaper to get a card with a long 0% purchases offer?0
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binaryuniverse wrote: »Would it not be cheaper to get a card with a long 0% purchases offer?
Yep it would.
The OPs plan involves 2 Balance Transfer fees and some Cash Advance interest for a period of time between transfers. Not the best plan IMO.
Tesco currently offer a 12 month 0% Purchases deal which would be completely free.0
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