Credit Card Strategy for new Purchase

leeegglestone

I need some advice on my Current Credit Card situation and a strategy as I have just bought/ordered a Sofa.

Last year I got the Sainsburys Purchase CC,which I have until End of Feb or March before my introductory period ends.

Firstly, if i ring up saying I want to cancel, will they offer me an extension or anything?

Anyway the real issue, the Card has a Limit of 1900. At present Ive got 1477 on it still.
My sofa costs 800pounds, meaning to fit it onto the sainsburys card I would need to pay off around 378 off the Card.

Then my Card will be full and ready to Balance Transfer to a new card. Hoping a new card would give me the full limit to BT.

Is this my best way to do it? as I dont think I should apply for a new card for BT and an additional card for 0% Purchases. Sofa expected in a Month. I read the 0% interest info online but instore they saying its treated as a Loan & interest so i wasnt expecting to shell out the cash for a year.


I have an Amex CC I could use for the Sofa, but if theres a way for me not to pay out the Cash for this im looking to a avoid it as its coming out of my Matched Betting Fund.

Hope you Pro's out there can help

Lee

King_Of_Fools

I am a little confused - have you already bought the sofa?

leeegglestone

Yes, ordered it, i dont have to pay until Delivery Day. around 5 weeks

King_Of_Fools

OK, in which case you will not have enough time to apply for another credit card. As you say your best bet would be to pay off enough on your Sainsburys card to leave room for the sofa.

You could always phone Sainsburys up and ask if they would increase your credit limit, which they might do if you have had the card over 6 months.

leeegglestone

Yeah I didnt think of getting the amount increased, however I still need to apply for a CC to balance transfer that Card as it runs out soon.

Is the best one to apply for the hsbc?

leeegglestone

Yeah I didnt think of getting the amount increased, however I still need to apply for a CC to balance transfer that Card as it runs out soon.

Is the best one to apply for the hsbc?

King_Of_Fools

The following page lists all the 0% balance transfer cards listing the fees and periods:
http://www.stoozing.com/0fees.htm

You would need to get a credit card not run by the HBoS group.

Phoenix79_2

HSBC is the longest 0% one (until April 2nd 2008). It will charge a 2% fee.

M&S &More is 3.9% for life with no fee. They are HSBC as well.

It depends on how long you are planning to pay it off? If its under 6 months then there are still a few 0% BT cards with no fee for that period of time

leeegglestone

when I first got my sainsburys card, they told me that it had nothing to do with any other company and that it was purely from sainsburysbank, so im a bit confused to why its listed as hbos

Is Capital one ok for 15months, 3% for BT. same as hbos

King_Of_Fools

leeegglestone wrote:

Is Capital one ok for 15months, 3% for BT. same as hbos

No Capital One have nothing to do with HBoS.

However, the HSBC card is better than the CapOne as it only charges a 2% fee.