We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
how do i spend £10000 on a c/c and pay it off in 12 months

mikestfc
Posts: 2 Newbie
in Credit cards
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
0
Comments
-
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.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
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.0
-
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.0 -
-
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.0 -
Easy - you give the card to my other half, who will easily spend it0
-
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.Hello There. :beer:0 -
A new caravan, its for the cash shortfall & even with a 3 percent surcharge its cheaper than a loan0
-
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)0 -
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards