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A few questions from a newbie

Dafbod
Posts: 3 Newbie
in Credit cards
Hi
I'm just starting my own business so I'm now self employed. I need to buy a bit of equipment and I thought a 0% credit card would be a good way to do this. But I've never done anything like this before.
I think I should have a good credit rating, I've never really had any debt apart from my student loan and student overdraft. I have a credit card which I pay off in full each month and we have a mortgage which we've never had any problems with.
The equipment I want to buy is around £1500.
So I've been reading about 0% credit cards and I think I understand it - so if I buy the equipment and then work out the total divided by the number of months intrest free and set up a direct debit for that amount, there shouldn't be any extra unexpected fees. Is that right?
It would be better to do it that way rather than buying it on my current credit card and doing a balance transfer becuase there is a fee for balance transfers?
Will there be any problems with me being self employed and having just started my business? As business is only just building up I don't know what my earnings will be. I know that I will have enough for the monthly payments, but will the bank require proof of income?
Thanks in advance for your help!
I'm just starting my own business so I'm now self employed. I need to buy a bit of equipment and I thought a 0% credit card would be a good way to do this. But I've never done anything like this before.
I think I should have a good credit rating, I've never really had any debt apart from my student loan and student overdraft. I have a credit card which I pay off in full each month and we have a mortgage which we've never had any problems with.
The equipment I want to buy is around £1500.
So I've been reading about 0% credit cards and I think I understand it - so if I buy the equipment and then work out the total divided by the number of months intrest free and set up a direct debit for that amount, there shouldn't be any extra unexpected fees. Is that right?
It would be better to do it that way rather than buying it on my current credit card and doing a balance transfer becuase there is a fee for balance transfers?
Will there be any problems with me being self employed and having just started my business? As business is only just building up I don't know what my earnings will be. I know that I will have enough for the monthly payments, but will the bank require proof of income?
Thanks in advance for your help!
0
Comments
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...work out the total divided by the number of months intrest free and set up a direct debit for that amount, there shouldn't be any extra unexpected fees. Is that right?Are you for real? - Glass Half Empty??
:coffee:0 -
yes but you wont be able to set up the direct debit for the amount you want, well in some cases you can, much better to have a direct debit set up for min then you pay the extra manually, no extra fees if you abide by terms and conditions.
self employed may cause problems, not sure if a personal card should even be used for business expenses?
and maybe as your business is new would you not consider maybe buying cheaper equipment for now, then upgrade when your on your feet? and everythings fine
or if you want to get further into this money saving game, the post above is good advice with saving, paying the min, then pay the full balance at the end but you will need to very well behaved and organised!0 -
Thanks
This is cheap equipment if I wanted to I could easily spends £20,000 on this kind of equipment, as it is I've been gradually buying bits off ebay for some of it and this is the cheapest I can get the main part of it for.0 -
Thanks
This is cheap equipment if I wanted to I could easily spends £20,000 on this kind of equipment, as it is I've been gradually buying bits off ebay for some of it and this is the cheapest I can get the main part of it for.
nothing wrong with ebay mate that's where all my gear comes from too, good luck with your business0 -
I could just about afford to pay for it in full at the moment but it would then leave me without any back-up and as I'm only just starting out I'm not sure how much I'll be making each month at first so may need that little extra to cover the bills etc. Hence why I thought a credit card would be a good way to do it.0
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I could just about afford to pay for it in full at the moment but it would then leave me without any back-up and as I'm only just starting out I'm not sure how much I'll be making each month at first so may need that little extra to cover the bills etc. Hence why I thought a credit card would be a good way to do it.0
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