Can I settle finance on my TV with a credit card?

gemsta

Hi,
Last December I took out finance on a TV with Currys at 0% for 12 months. My intention was to save £100 per month to enable me to clear the balance. However.....my plan has so far failed and I have nothing saved towards it! I am going to struggle to find even half of the cash to pay it off. I am wondering whether at the end of the period I can either transfer the 'balance' onto another CC as a balance transfer or if I can simply use a CC to pay the balance off and then tackle the payments from there. Hope this makes sense. I am just trying to plan ahead and if I know what my options are I can begin to think about applying for a card purely for a balance transfer or look for one with 0% on purchases. The balance will be 1200 if that makes any difference to my options? Please advise it will save me so much worry and give me time to get a game plan. I have 4 months left to sort this out. Dont wanna get stung!!!!:(

nogoodwithmoney11111

Sorry i cant give an exact answer re Currys finance provider but i did this to pay off an electrical item bought through Hitachi Capital. Used a credit card with 0% purchases for 7 months and proceeded to whack as much as I could at it in the 7 months (did it in 6). I had to pay 2.5% credit card fee though to Hitachi Capital but used their online service which was excellent (rate was not so excellent at 24.9% APR!!).

So not 100% sure if you can balance transfer but remember you might have to pay 2.5% card fee to your finance provider AND a 3% balance transfer fee - still better than the 29.9% you will likely end up on if the balance stays where it is.

Whatever you do you need to SAVE UP AND STICK TO THE PAYMENT PLAN (£100 p/month)!! Make it work this time though otherwise you will be pushing water uphill for a few years.

hth.

gemsta

I have just attempted to make a payment by CC (I was told by the finance compant that I could do this) only to be told that my card was declined. I rang the CC company who have explained that I 'can't pay credit with credit' - HELP!!! I have to the 14th of September to somehow make this payment. I am soooo angry that I was told that I could pay this way - are they trying to stump me and get another lump out of me in late payment charges????? Any advice will be of comfort. What can I do?? Thanks for your help

fozmcfc

Depends on your credit card.

If it is a super balance transfer card, you could transfer the money for the tv into your bank account (there is normally a 4% fee for doing this).

Then you could pay off the tv via a debit card from you current account and you are left with the cost of the tv + the 4% fee on your credit card.

If you have a super balance transfer card, see if there is a interest free period for super balance transfers.

Failing that if you card isn't a super balance transfer card, then if your credit rating is good enough you could apply for a card.

In the most simplest terms.

1 Apply for card, get accepted.

2 Transfer money into bank account (4% fee on top charged).

3 Pay off TV via debit card linked to bank account.

4 Pay off price of TV + 4% fee off credit card with no interest for xx amount of months depending on how many months free you get.

At this point as long as you pay the minimum amount as per your credit card statement each month you'll be interest free for xx amount of months.

You need a SBT card, link with cards with 0% deal, some of which are SBT cards.

http://www.stoozing.com/0fees.php

td_007

gemsta wrote: »

I have just attempted to make a payment by CC (I was told by the finance compant that I could do this) only to be told that my card was declined. I rang the CC company who have explained that I 'can't pay credit with credit' - HELP!!! I have to the 14th of September to somehow make this payment. I am soooo angry that I was told that I could pay this way - are they trying to stump me and get another lump out of me in late payment charges????? Any advice will be of comfort. What can I do?? Thanks for your help

You could apply for a 0% card that allows BT to an account and then use this pay off Currys. Be aware that you will have approx 4% fees for the transfer.

Curt.

gemsta wrote: »

The balance will be 1200 if that makes any difference to my options?

Wow, !!!!!!? After 9 months without any additional interest added on, you are still left with 1200 of debt? What the heck sort of a TV did you buy at that cost???