0% Balance Transfer Timing

coolguycp1

I am looking to pay for my new car using my existing credit card (around £8000) and transfer the balance to a 0% credit card.This is mainly to spread the cost over a longer period for a flexible cashflow. I have a very good credit history with no missed payments and no outstanding credit card balance so, hopefully, balance transfer should be a straight forward process as long as I get a credit limit around my existing card.

There is normally a 60-90 day window for balance transfer after a successful credit card application.


Should I apply for the new card now or after I pay for the car as I have read somewhere that the credit card companies usually look into the applicant's amount of current available credit already used while deciding the credit limit.

marathonic

Apply before you buy the car - otherwise, you could end up paying your current credit cards rate of interest on the £8k if you are not accepted for a balance transfer offer.

Also, if you only get a limit of, for example, £5k on the balance transfer card, you'll know that you need to lower your budget or face huge amounts of interest.

MallyGirl

have you also checked that the seller will accept payment by CC?