Interest free loan using the card trick - help!

joAnn

I need approx £5k to pay for some home improvements and found the 0% interest 'card trick' mentioned on this website very interesting, however, I also found the explanation very confusing and am not sure as to how I might use this method.
Can anybody please outline it to me in a step by step explanation for dummies??!!
For instance, the 1st step: Ask your 0% balance transfer card to do a £3,000 balance transfer from Egg Money,
Is the balance transfer card meant to be a new card I need to apply for or is it an exisiting card?
I already have a credit card with a £4,300 balance on it that I am paying off at 0% until October. Will I have a problem getting another card for this purpose?
Please help!!

roswell

WHy not get a credit card with 0% on purchases for 12 months eg marks and spencer card and save the hassel of all the transfering ??

joAnn

I need cash to pay the builder. Can I do this with M&S card?

roswell

if it "Has to be cash" id be a little worried that he isnt legit

Smilers_2

You can transfer "Cash" to a current account with MBNA using either a credit card cheque or direct to a bank on the phone. There is a 2% balance transfer fee, it is quick to set up and receive the card (a week!).