Using Credit card to transfer ££ to current account to pay tradesman

MrsMacP1

Hi everyone,

I'm looking for some advice as I've never had a credit card before, always paid cash or saved until I had the funds. However we recently moved house & have a list of jobs that need doing. We are thinking of applying for the Sainsbury's 18mth 0% interest credit card as we have two large projects that need funding (garden & bedroom overhaul), both will be done by local tradesman who are unlikely to accept credit card payment. We thought we could transfer the funds from our credit card to our current account electronically to give us the money to complete both projects but from what I've read we would be charged for this service, is that correct? I'm now not sure a credit card is what we need as those projects are likely to cost around £4k & this primarily was why we thought of applying for a credit card so we could spread the cost over the 0% interest period.

How do others deal with this type of situation?

Thanks

Paully232000

I dont think this card will allow money transfers to a bank account, unless you draw the money from an ATM, which I would not recommend as will cost you more than you need to pay.

What you want to apply for is a CC which allows money transfers (like a balance transfer, but gives you cash in your bank account).

Something like this would be perfect as gives the longest interest free on money transfers that I know of and costs about 4% of the amount transferred.

http://uk.virginmoney.com/virgin/credit-cards/balance-transfer/

Paully232000

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

have a look here for what a money transfer is, if you dont know.

MrsMacP1

Thanks so much for this information and link to the virgin money card. I'll definitely investigate more & appreciate you taking the time to respond.

Cheers :-)

mozzy10

http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/

This card has 0% fee on money transfers.