is it worth applying?

snakey_2

Hi

I have taken out some insurance for my car, which for the year has cost rougly £1200. Now its slightly my error but I wasn't aware, until the paper work came through yesterday, that I would be charged 37.3% apr on top of this. I have paid a 20% deposit and should have no problem in getting that back, touch wood! Anyway I have until this Friday(21st) to cancel the insurance through this particular finance company, I want to keep the insurance policy mind but I am considering getting a credit card and paying it with that(0% say tesco). So all I do pay is a total of £1200, obviously I want say a 9month interest free card to do this. Anyway if I apply for a card will I get in time to pay my insurance and cancel the 37.3% finance? Any ideas/thoughts?

Thanks

deemy2004

No

It would take at least 3 weeks from applying to gettting the card, 6 days is an impossible time frame.

snakey_2

oh dear, nevermind, anyway thanks

westernpromise

oh dear, nevermind, anyway thanks

Your best bet is to pay the premium upfront and go into overdraft if necessary to do so. You could then apply for an Egg card. Egg will advance cash into your current account and treat it as a balance transfer. So assuming you're approved, you have them balance-transfer your overdraft to their card.

You then pay it off over 9 months interest free.

deemy2004

Even if by some miracle you got the card within the 6 days, its going to take them TIME to make the balance transfer

As above, use your overdraft until you get the card.

Its probably a minimum of 4 weeks from applying for a card to the balance transfer hitting the target account.

Walletwatch

Do you have an authorised overdraft? If not, you could try getting that set up. You may just have time for that.

snakey_2

Walle****ch wrote:

Do you have an authorised overdraft? If not, you could try getting that set up. You may just have time for that.

have setup an overdraft for £1000. 1.16% interest each month, beats 37.3%!

However I received my forms from egg on Friday, as stated they have given me £750...is that any good...have got a 6k loan and thats it...£750 although I am happyish seems pretty low and am just considering whether its worth going anywhere else before I sign!

Also this seems daft me asking but in my terms and conditions it says handling fee of 2% of an cash advance....is this classed as the balance transfer from the egg card to my overdraft?

Cheers for all your times!

deemy2004

Are you pleased to see me or is that a big signature you got there ???

The 2% is not on balance transfers, cash advances are technically different i.e. using your card to get cash without going via your current account.


£750 is LOW - Why don't you try to up it online whilst in your 0% period, nothing to lose, try £1k then £2k etc

snakey_2

deemy2004 wrote:

Are you pleased to see me or is that a big signature you got there ???

The 2% is not on balance transfers, cash advances are technically different i.e. using your card to get cash without going via your current account.


£750 is LOW - Why don't you try to up it online whilst in your 0% period, nothing to lose, try £1k then £2k etc

havent got a clue where that signature come from, it isnt mine???

thought as much,will try just that,cheers for your time!