Advice on 0% credit limit

giddypenguin

Hello,

So, I need a new(er) car. I have needed a bigger one for a while and now mine is starting to show signs of electrical problems so want to change quick!

I've got my eye on a couple of Fiat 500Ls - using my savings, part-ex of my car etc I think I need to borrow a further £2.5-£3k. My parents have offered this at 0% but for lots of reasons I'm reluctant to take them up on it.

I was thinking a 0% card might be a good way to borrow this? Is there anyway to find out what level of credit I'm likely to be offered? Previously I've had NatWest and Tesco 0% cards and believe I was given about £2k at the time.

I also have a AmEx/MasterCard duo account via Lloyds which I do the majority of my spending on, and always pay off in full each month (I'm unsure of the exact rate but I reckon it's in the 20-30% range :eek:) - I have a generous credit limit on this card, and was thinking I could put the purchase on this card, then transfer to another 0% card ASAP - this would obviously incur a fee, but is it possible (i.e., I don't need to leave a balance with them for a minimum term)?

Many thanks for your help in advance :j

[Deleted User]

You won't know the limit on any (I believe) card until you apply.

Remember you'll have additional fees to pay if you pay by card at most dealers. Obviously if you also BT it, that's another fee to pay.

How long to save another couple of thousand?

Candyapple

Try entering your details below for a money transfer card (what you would need):
https://creditcards.moneysavingexpert.com//money-transfers

What credit limit you will be given depends on lots of factors such as existing debt levels, salary, credit history etc. that you won't really know until you actually apply.

Statistically speaking from reading these forums, lots of posters have reported that MBNA, Virgin and Tesco often give high limits.

giddypenguin

Hi, thank you for your replies.

To save up? Another couple of years I reckon - we can save/pay off £60-£100 a month at the moment, but that'll increase in September when my eldest child becomes entitled to 30 hours free childcare.

Thank you for the money transfer card link - it looks like I'd get accepted for a range of Virgin cards which is reassuring. Possibly stupid question: Is the transfer fee an up front payment or added onto the balance?

Alexd52

Transfer fee is added to the balance