Can I raise £20K at 0% with a credit card?

dorks

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.

knowledgeman

dorks wrote: »

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 elsewere