Best way to get interest free cash -advice wanted 24 April 2013 at 8:04PM in Stoozing: free cash from credit cards 2 replies 1.2K views

barkingcar

I'm saving £500 a month into our building fund. We need another £10000 to do the work. We have a £15000 limit on our Barclays Premier Card. If I take £10,000, and then get a long term 0% repayment card for say 23 months, that would be easily repayable, if I'm understanding this properly, wouldn't it?

Having had plenty of loans in the past I've got offers from my 3 banks for loans, but don't see why I should pay interest when at least 2 of them, NatWest & TSB are offering interest free transfers.

Advice please! What's the catch?

mrs_T

I have no experience of barclays premier card, if it's a credit card I'm not sure what you mean by "take £10,000", taking a cash advance usualy incurs a charge. If you mean using a credit card to pay for your building work then transfering that debt to a 0% card there will still be a charge for the balance transfer but that can be as low as 1% http://www.stoozing.com/cards/balance-transfer-cards.php which you will want to balance against the length of 0% period on offer. So no catch but not fee free either.

Why not use a 0% on purchases card instead if you can use a credit card to pay your builder? You can get up to 17 months interest free for a 1% fee http://www.stoozing.com/cards/purchase-credit-cards.php.

Fruit_and_Nut_Case

mrs_T wrote: »

...if you can use a credit card to pay your builder...

Aye, there's the rub. As you imply, not all builders are set up to accept Credit Cards.