Need advice..credit card or loan?

dahliaandross

Hi there. Hoping someone can help us.

The basics 1st of all.

We have a credit card with a balance of £3000 and a limit of £4600 which the 0% offer runs out next month.
We also have another card with £0 balance and £8000 limit with a 6.9% LOB offer.
We also now need £4500 for a new bolier and all the work required .

My head is spinning from all the options we have. Hopefully someone can help explain what the best options are.

Now option 1 is transfer the £3000 to a 0% card and bounce it around once the offer runs out, and then get a loan for the £4500 at (hopefully) 8.2%.

Option 2 is transfer the £3000 to the 6.9% card, pay for the boiler on the other card and then transfer that also to the 6.9% card.

Option 3, get a loan for the lot at 6.9%.

I'm thinking Option 2 is the best bet since we don't have to apply for other credit and there'd be no guarantee we would get another card or loan.

Or am I totally wrong? Is there another option I'm not considering?

Tixy

What card is the one with the £4600 limit?

Once the balance is BT'd to the other card after a nil statement you could see if they will offer a 0% purchase deal to buy the boiler? Some cards do these a lot, others almost never but it would be worth asking before you do the second BT.

dahliaandross

Tesco Creditcard has the balance.

The other one is Barclaycard so I'm also mindful of not getting the longest 0% BT deal going if I have to get another card.