Credit card 0% transfer clueless newbie

Marvel1

I have had my current credit card for years and have a £5000 limit.
It's used monthly to pay for Lovefilm by post and gets cleared each month.

I wish to make a car purchase and after viewing prices against my own savings, I would need to at least borrow £2000 which I hope to clear within 2 years or much less if repayments are less than expected.

I have heard of 0% interest of a balance transfer for X number of months.

So I would use my current card to pay £2000 and then transfer the £2000 to new card, can I transfer the fee also? How do you transfer the balance? Can I just close the account once new card cleared with no fees?

Is there a calculator to work out minimum payments each month?

I'm also worried that if I apply and it's not £2000, could be £1000 (I will not proceed) and it lowers my credit score.

Thanks

Dobbibill

Have you considered asking your current credit card provider if they are able to offer you a 0% on purchases deal? You can buy the car and just pay it back before the 0% deal ends.

grumbler

It's unlikely that a current provider offers 2 years. Such deals are for new customers mainly.

MSE articles:

• 0% Credit Cards
• 0% Balance Transfer & Spend

cjdavies wrote: »

So I would use my current card to pay £2000 and then transfer the £2000 to new card, can I transfer the fee also?

What fee? You pay the BT fee to the new card, and it's added to the balance.
And you don't have to transfer anything if you get a 0% spending card and use it to pay.

How do you transfer the balance?

You call the new card and ask to do this. Some (most?) cards allow doing this online.

Can I just close the account once new card cleared with no fees?

Why not?

Is there a calculator to work out minimum payments each month?

They depend on the card. See MSE article.

I'm also worried that if I apply and it's not £2000, could be £1000 (I will not proceed) and it lowers my credit score.

Well, don't apply then.

Seriously, the effect of one credit search is minor and short-lasting.

Debtslayer

Who is your current credit card with?
If it is someone like Barclaycard they quite often have special deals for existing customers; such as a 0% purchase offer
Seeing as your current card has a 5k limit it would be best to see if you can get a 0% free purchase period first.
If not then you purchase car with existing card.
When you have done this you then look around for a new balance transfer card. Make an application for this new card and part of the application it will ask you if you want to make a transfer from an existing card; then you enter the card details and the amount you wish to transfer. Most charge a transfer fee on the amount you are transferring.