Is A Credit Card Feasible?

scrivomcdivo

I am trying to plan ahead and am wondering if a credit card could assist me.

In October 2007, I will begin to be charged interest on my overdraft of £1,300. Not too sure what the percentage will be. In addition to this, I will need to pay a total of £1200 as part of tuition fees for a university course.

Now, to get myself straight (well kind of), I want to get a short term 'loan' over 12 months for a total of £2,500. With this, I can pay off my overdraft (thus not incurrnig any charges and interest) and I will also be able to pay my tuition fees. I will then be in a position to pay this £2,500 off over a 12-month period.

I am just wondering if I can get a credit card with 0% balance transfer and 0% purchase for 12 months on it? I've never had a credit card and so don't understand them.

Could I get a credit card to do the above without incurring me any interest? After the 12 months, I would have the total £2,500 paid back and would then destroy the card.

scrivomcdivo

*Bump*

Any ideas?

emma396

hmmmmmm. i graduated 2 years ago, i still have £1k interest free overdraft, i would check the interest rates first. £2.5k on a CC interest free for one year, sounds good, but not sure where u will find it. most CC companies charge a balance transfer fee, the ones that i know of that don't only give 6 months interest free. I'm not sure whats best for you, but i would definitely check with bank on the interest on your overdraft

jonesMUFCforever

Have you got a student account ?
If so and you are doing an extra year most banks will accomodate this by providing an extra year at student rates.
If yours is not one of these and you have graduated from an earlier course get yourself converted to a Graduate account.

jinkssick

yeh, basically when you open a new credit card with 0% you can move all your money there, youll only get charged a fee, check the best balance transfer card and move all the money there, you have then 12 months to pay it off without incurring interest.