Credit Card for £5000 purchase or save cash for it? Dont knows for the best?

archer7

I have a suspicion that what I'm about to propose is a very very bad idea, so please wait for other opinions before considering this - doesn't the private hospital do any finance options? I noticed BMI Healthcare do a "card" with six months interest free, but I don't know how it would compare to a credit card or loan, or whether you'd be accepted with the credit limit you need. Might be worth looking at with the provider you've chosen.

Edit: Wow... those are good card offers. Check out your provider anyway, see if they're particularly generous.

izools

TBH with a credit file that produces a 80-90% chance of acceptance for a simplicity OP will probably get a bare minimum of 5.5K no matter who he applies to.

I'll read posts more carefully in future as I totally spaced on the fact he'd had several loans in the past Bad iZools. Go do something else.

lisyloo

Yet i cant help but feel im being patronised on a regular basis for doing so. So, thank you for the heads up.

Sorry, I wasn't trying to patronise you.
Just offer some sound financial planning advice, which many people forget. They don't seem to think about how it will work if something goes wrong (and redundancy is a real risk for many people).
If you have thought through the risks and consequences and you are happy with it, then the job is already done.
Good Luck.

Mozzyp

@ archer7 - The private hospital does have its own financial institution but the interest rates were far too high. It was the first thing i looked in to. But thank you for the suggestion.

@ izools - lol, so is this problem solved?! The simplicity card seemed too good to be true when it came up, i was a bit shocked. So would it be good advise to take up that card (providing of course the application is approved), use it for the purpse im getting it, pay that off as quickly as possible whilst also paying the 6.8%APR, then continue using the card after for things such as fuel, where i clear the debt each month and build up a good solid credit rating? Or is the other card a good idea as i am very likely to pay the entire debt (if at least 90% of it) by the end of the 12 months? Also, which is likely to have the desired ammount on the card?

@ lisyloo - Dont worry, i probably misunderstood the tone as i felt i was already struggling to make myself clear.

I will apply for the Simplicity card (once i get the all clear from izools of course ) and let you all know how i get on.

Thank you so much for your time, patience and advice.

izools

Yes indeed, the good thing with Barclaycard is that if you fail the application for the card you applied for they will send you out an application form for the best card you reached the pass mark on.

I, however, think that with your history with the bank and the loans you mentioned (considering I now read your posts properly) you stand a pretty good chance.

The "Am I Eligible" checker does a "soft" credit search (that lenders can't see) so this is based on the actual content of your credit file - it must be good to be given an 80-90% chance of approval.

As I say, if you do end up failing on the application for Simplicity but reached the pass mark for say the Gold card or Platinum Balance Transfer card, they will send out an application for that one.

It sounds like you're a shoe in. If the worst happens, you haven't lost anything. One credit search by Barclaycard won't affect your ability to get a loan.

Good luck, do let us know how you get on :beer:

Mozzyp

Done! Applied online through my internet banking, application was approved within 10 seconds! Card will be in my possesion within 5 days. Still unsure how much the limit is yet of course but i'll update that when i know.

izools

The Simplicity?

Welcome to the best standard rate APR card available in the UK! :beer:

Again, apologies for not reading your OP properly.

Fingers crossed it will have sufficient limit for your purchase

[Deleted User]

Nice work - congratulations! As long as your limit is high enough to buy us all a drink, that's all that matters

Mozzyp

Haha, if my limit succeeds what i require i would buy everyone a drink here! Everyones been extremely helpful and im confident ive got the best deal, thanks to the advice ive received here.

Any

Mozzyp wrote: »

Done! Applied online through my internet banking, application was approved within 10 seconds! Card will be in my possesion within 5 days. Still unsure how much the limit is yet of course but i'll update that when i know.

Congrats!
Looking forward for the update from you. Fingers crossed the limit will be high enough for your dream. And with a bit of luck those drinks you promised;)