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Can I raise £20K at 0% with a credit card?
dorks
Posts: 202 Forumite
in Credit cards
I need to raise £20K for an extension.
Somebody has suggested to me that credit cards could be the best way to do this as I could tart at 0% moving from card to card.
I have been to see a mortgage adviser today and I'd end up paying £17K interest over 22 years!!!!!:eek:
As far as I'm aware, I have a perfectly good credit rating. I also have no other debt - apart from my mortgage which is not really stretching the finances.
Can I actually do this? Is it a viable option? Do I need to do a "super balance transfer" that I once read about on here (but cant see any reference to it any more?).
Any help would be gratefully received. Is it a terrible idea? What are the downsides with it?
Many thanks.
Somebody has suggested to me that credit cards could be the best way to do this as I could tart at 0% moving from card to card.
I have been to see a mortgage adviser today and I'd end up paying £17K interest over 22 years!!!!!:eek:
As far as I'm aware, I have a perfectly good credit rating. I also have no other debt - apart from my mortgage which is not really stretching the finances.
Can I actually do this? Is it a viable option? Do I need to do a "super balance transfer" that I once read about on here (but cant see any reference to it any more?).
Any help would be gratefully received. Is it a terrible idea? What are the downsides with it?
Many thanks.
0
Comments
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I need to raise £20K for an extension.
Somebody has suggested to me that credit cards could be the best way to do this as I could tart at 0% moving from card to card.
I have been to see a mortgage adviser today and I'd end up paying £17K interest over 22 years!!!!!:eek:
As far as I'm aware, I have a perfectly good credit rating. I also have no other debt - apart from my mortgage which is not really stretching the finances.
Can I actually do this? Is it a viable option? Do I need to do a "super balance transfer" that I once read about on here (but cant see any reference to it any more?).
Any help would be gratefully received. Is it a terrible idea? What are the downsides with it?
Many thanks.
You need to remember most banks are charging a 3% fee though so thats £600 and reducing for each time you transfer it
20k is also a substantial limit and unless you have an exceptional credit score i doubt any bank will give you one outright
I think you also need to consider the changing markets for such a long term plan and the fact that banks could decide to dramatically reduce or even withdraw the 0% balance options
whilst 20k at 0% may sound appealing for security etc I would take the option of a long term fixed rate loan
Certainly the price you have been quoted seems very high and im sure you could do better elsewere0
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