Paying car insurance with credit card?

sammig

Hi

Just looking for some advise.

I can get car insurance for around £600 however I cant pay it off in full. To pay monthly the total cost goes up to nearly a grand. I was thinking to get round this to get a 0% credit card and pay with that. Then I can pay off montly without interest.

It seems like a seamless plan....but I know its never that simple.

Can anyone advise?

ps It would be my first credit card....first time on insurance (as I have been on a company insurance for last 7 years).

Many thanks!!

mikey72

It's the best way so long as you qualify for the card, and you pay it off before the 0% period runs out.
Have you negotiated a discount for the 7 years you (hopefully) have been claim free on company insurance.
If you havent, and are being quoted with 0 ncd, go back and ask.

adamc260

You just need to double check that the company doesn't make a charge for using credit cards.. not many companies do to be honest but best to ask the question! Lots of people buy their insurance on credit cards (worked in insurance sales) just because it's easier to spread the payments without being charged high APR that some companies charge.

sammig

Great

Thanks for the advise

huckster

I thought the 0% cards were for balance transfers. So you have to buy on one card and then transfer to another ?

Are you sure you can do this ? Would have thought there must be some t&c's that would prevent this.

scottishblondie

huckster wrote: »

I thought the 0% cards were for balance transfers. So you have to buy on one card and then transfer to another ?

Are you sure you can do this ? Would have thought there must be some t&c's that would prevent this.

You also get 0% purchase cards.

huckster

scottishblondie wrote: »

You also get 0% purchase cards.

Just surprised that companies are offering 0%. Thought that they were being careful still. I see the Tesco clubcard Credit card has a 15 month 0% interest period, for those with good credit ratings.

adamc260

huckster wrote: »

Just surprised that companies are offering 0%. Thought that they were being careful still. I see the Tesco clubcard Credit card has a 15 month 0% interest period, for those with good credit ratings.

Why are you surprised companies are offering 0% interest... when you just got a card with 0% on it? lol

huckster

adamc260 wrote: »

Why are you surprised companies are offering 0% interest... when you just got a card with 0% on it? lol

I had not looked until about 10 minutes ago, as I just thought they were available for balance transfers only.

chattychappy

There are a few around, but unfortunately they are hard to get if you've not had credit before.

Lots of good advice here: http://forums.moneysavingexpert.com/forumdisplay.php?f=11