credit cards. help. i've done it all wrong.

lucyhenlife

hi everyone.
gulp. i should have read this first.
i am setting up a business and need about 15k to get going. i will have money coming in after xmas so can start paying off.
i don't have any debt apart from my mortgage.
i thought 0% interest cards would be a great way of doing it! so i appled for 4.
i got them all....and have only now noticed the smal print. i need to do the balance transfers within 60/90 days on at least 2 of them.
hmm....not sure i can buy all i need within that time.
the business i am setting up is seasonal and i need to have stuff in place by april. bit of a rush to get it all by xmas.
what shall i do?
if i can i buy the stuff now...also...how do i pay for them? it's not store stuff. its vintage caravans!
with thanks
lucyhenlife

meer53

Don't really understand your post ?

Balance transfers are for paying off other card balances. How are you intending to buy the caravans ? If you're buying from private sellers i can't imagine any of them accepting CC's.

Edit. Just read your other post. 0% won't apply to any cash you take from the cards unless you have one that allows you to transfer money to a bank account. Maybe you should have thought it through or done some research first before applying for 3 cards. Your chances of getting more credit now from anywhere are pretty slim.

forgotmyname

Cancel the cards and get a loan from your bank?

lucyhenlife

would i be better to cancel the cards? or just not use them?
will either of these options affect my credit rating?
i ws thinking of withdrawing the cash on one of my existing cards and then transferring onto interest free 0% one. i thought even being charged to withdraw the money from one..it wiould still work out cheaper once it was transferred being interest free?

chattychappy

Yes, you could withdraw cash and then do a BT. You will likely pay a cash advance fee (say 2%, it varies) and then the BT fee (typically another 3% to 4%) and a small amount of interest from the time of the withdrawal until the BT arrives (say another 1%).

Another issue is the amount you can withdraw. Typically CCs do not allow you to withdraw all of your credit limit in cash. ATMs have limits too. You may also find your account restricted if you simply start taking out large amounts of cash.

0% on purchase cards are useful for starting a business. Where suppliers accept them, you can use them. You can also use them for your personal expenditure and use the cashflow freed up to support the business.

BUT, it does all have to be paid back and many businesses would need a longer term form of finance.

chanz4

think you need to really research your business plan

meer53

chanz4 wrote: »

think you need to really research your business plan

I agree, getting the finance details wrong doesn't bode well really.

pqrdef

lucyhenlife wrote: »

i got them all....and have only now noticed the smal print. i need to do the balance transfers within 60/90 days on at least 2 of them.

Also check when the 0% period starts - date of transfer, or date of account opening. If there's no time limit on a transfer, it may be because the clock is already running.