Money Transfers from account in credit

mikewest.musician

Hi there, first post here but been a regular reader of MSE!

I am planning to borrow a large amount of money for a small house extension. I am looking into borrowing the money on a 0% credit card - perhaps one of the 29+ month Balance Transfer cards about at the moment.

In order to use this I am obviously going to have to get the cash first. So my plan was to use one of my current credit cards for a money transfer, and then pay the balance off with a balance transfer from the 0% card. I know this will cost me twice in transfer fees, but I can't think of another way to do this and this still appears to be cheaper than a loan.

Can I balance transfer the money first though, and then do a money transfer, so that I don't pay any interest on the money transfer?

Any thoughts appreciated!

Mike

grumbler

mikewest.musician wrote: »

In order to use this I am obviously going to have to get the cash first. So my plan was to use one of my current credit cards for a money transfer, and then pay the balance off with a balance transfer from the 0% card. I know this will cost me twice in transfer fees, but I can't think of another way to do this ...

A new card that offers 0% on money transfers?
>> Money Transfer

Can I balance transfer the money first though, and then do a money transfer, so that I don't pay any interest on the money transfer?

You can get away with this, but all CCs in the T&C don't allow putting the account in credit and if you do this can insist on money being returned back to the other CC.
An interest for a few days, if you calculate it, is likely to be negligibly small anyway

CLAPTON

mikewest.musician wrote: »

Hi there, first post here but been a regular reader of MSE!

I am planning to borrow a large amount of money for a small house extension. I am looking into borrowing the money on a 0% credit card - perhaps one of the 29+ month Balance Transfer cards about at the moment.

In order to use this I am obviously going to have to get the cash first. So my plan was to use one of my current credit cards for a money transfer, and then pay the balance off with a balance transfer from the 0% card. I know this will cost me twice in transfer fees, but I can't think of another way to do this and this still appears to be cheaper than a loan.

Can I balance transfer the money first though, and then do a money transfer, so that I don't pay any interest on the money transfer?

Any thoughts appreciated!

Mike

what do you mean by 'large' amount of money?

Aquamania

mikewest.musician wrote: »

Hi there, first post here but been a regular reader of MSE!

I am planning to borrow a large amount of money for a small house extension. I am looking into borrowing the money on a 0% credit card - perhaps one of the 29+ month Balance Transfer cards about at the moment.

In order to use this I am obviously going to have to get the cash first. So my plan was to use one of my current credit cards for a money transfer, and then pay the balance off with a balance transfer from the 0% card. I know this will cost me twice in transfer fees, but I can't think of another way to do this and this still appears to be cheaper than a loan.

Can I balance transfer the money first though, and then do a money transfer, so that I don't pay any interest on the money transfer?

Any thoughts appreciated!

Mike

Here's a thought. Why not ask the bank or even your current mortgage provider for help?

mikewest.musician

Hi, thanks for your replies. I'm looking to borrow £15,000, which I suspect will be part loan part card anyway., though barclaycard have given me a £10000 limit on my current card with them. I understand I could easily borrow the money with a personal loan, but I'm exploring the 0% credit card idea as I could pay less to borrow! and although the plan is to set a reasonably high direct debit to pay it off, I can also lower it should life throw something unexpected.

The mortgage provider won't lend me any more for home improvements because I don't have enough equity.

jamesd

It's not efficient to use a large direct debit when you have a 0% ongoing rate. Best is to put the extra money into a savings account until near the end of the deal so you make interest on the money. Then use it to reduce the balance at the end.

adindas

Have you thought about getting 0% for purchase credit card ?
Any building materials you want to buy use this credit card. Doing this you will not pay any interest until certain duration of time. When you are about to pay interest, shift it to BT credit card ....

But certainly you will need some cash to pay the Labour. For this you will need Super balance Which allow you to transfer cash into your current A/C for a fee.

mikewest.musician wrote: »

Hi there, first post here but been a regular reader of MSE!

I am planning to borrow a large amount of money for a small house extension. I am looking into borrowing the money on a 0% credit card - perhaps one of the 29+ month Balance Transfer cards about at the moment.

In order to use this I am obviously going to have to get the cash first. So my plan was to use one of my current credit cards for a money transfer, and then pay the balance off with a balance transfer from the 0% card. I know this will cost me twice in transfer fees, but I can't think of another way to do this and this still appears to be cheaper than a loan.

Can I balance transfer the money first though, and then do a money transfer, so that I don't pay any interest on the money transfer?

Any thoughts appreciated!

Mike

mikewest.musician

Ok, thanks. Purchases credit card - good idea I say! As for the money transfer card for the cash, do the limits for money transfers tend to be lower than the main credit limit on the card?

grumbler

For any transfers it's typically ~90%.

mikewest.musician

Oh ok thanks for clarification. I only ask because the money transfers facility on my tesco cc seems to have a limit of about 30% of the full limit!

fuzzgun19

Virgin card told me they are 95% on the money transfers.