how do i spend £10000 on a c/c and pay it off in 12 months

mikestfc

I need to be able to spend £10,000 on a 0 percent spending credit card then pay it off in full in 12 months time when I have the money instead of getting a loan, any advice please

Candyapple

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

The trouble you will find is unless you have a very high income and no debts and an impeccable credit history, you won't be able to find 1 card company who will give you a £10k limit. You may need to apply to several lenders to meet that £10k limit criteria so you may end up with 3 cards with £3k limit on 2 of them and £4k limit on the remaining one.

Also, don't forget even though it is 0% for however long the period is, you will still need to make monthly minimum repayments which can range anywhere from 1%-3% of the balance.

agrinnall

Although it's not quite so MSE I simply got a cheap £10K loan from Nationwide - I'm paying it back over 2 years and it'll cost me £350 in interest.

Sharon87

What are you buying? Will you need the cash or using the credit card to actually buy it?

Because you will either need a 0% on money transfers card or 0% on spending card, if you can get the limit. Or multiple cards if you don't get the limit you need.

grumbler

mikestfc wrote: »

how do i spend £10000 on a c/c and pay it off in 12 months

You get a card with £10K+ limit offering 0% on spending for 12+ months.
You spend £10K
For 12 months you keep making minimum monthly payments.
At the end you pay the remaining balance off.

As simple as that.

bris

what advice can anyone possibly give you?


Ok I'll try, Apply for a CC with 0% interest and a 10k limit, spend it and pay it all back before 12 months are up.

nomoneytoday

Easy - you give the card to my other half, who will easily spend it

megaginge

You know there's a comparison tool on this website that allows you to pick a deal and apply online right?

What advise is it you actually need exactly?

If you don't get the limit you want apply for 2 cards.

Bear in mind 0% spending will likely come with say a 2% fee added on and also most lenders only allow transfer of 95% of card balance so you'll actually need 10.7k ish to transfer 10 onto the card.

Also bear in mind a 10k balance you'll have to pay 125 a month on.

And if you don't pay it off when the term ends, then paying 125 a month it'll take you about 18 years to clear the balance.

mikestfc

A new caravan, its for the cash shortfall & even with a 3 percent surcharge its cheaper than a loan

boo_star

megaginge wrote: »

You know there's a comparison tool on this website that allows you to pick a deal and apply online right?

What advise is it you actually need exactly?

If you don't get the limit you want apply for 2 cards.

Bear in mind 0% spending will likely come with say a 2% fee added on and also most lenders only allow transfer of 95% of card balance so you'll actually need 10.7k ish to transfer 10 onto the card.

A 0% purchases card won't have any fees added.

A 0% balance transfer card more than likely would, but that isn't what the OP is after.

Hopefully the OP understands the differences and applies for the right one(s)

boo_star

mikestfc wrote: »

A new caravan, its for the cash shortfall & even with a 3 percent surcharge its cheaper than a loan

Will they take CC without applying a surcharge?

Granted the surcharge will almost certainly be less than the interest on a loan over 12 months, but it needs to be factored into the equation.