Stoozing advice? 5 June 2018 at 8:15PM edited 5 June 2018 at 8:18PM in Stoozing: free cash from credit cards 3 replies 2.5K views

danbo100

We have a planned expense for the next couple of years for my wife to do some training. The fees will be about £7k over the next 2 years. I'm trying to work out if it will be better to arrange a normal loan for this or to take out a 0% card. The issue is, I think we would be better to try and release the cash from the card and make the minimum payment for the duration, or would it be better to just spend the money on the card as needed and make the payment during the term of the card. If needed I could swap it to another card later on.
I have a good credit score, the only other debt we have I said a mortgage and a personal loan but should pass the affordability for it.
I a man organised so could manage the minimum payments etc. But I'm just trying to figure out the best way to fund this training cost.
Student grants / loans aren't really viable due to the training but it will increase her income after the 2 years so will be worth in it in the end.

Ben8282

This is not stoozing!
A 0% card would be better than a loan for the simple reason that it would be interest free while a loan would not be.
Assuming the cost of the training can be paid by credit card then obtain a 0% purchases card with a sufficient duration (and credit limit) and just pay for the training as each payment becomes due.

danbo100

Thanks, my only question is, will the 0% on the card allow spending to be built up for the duration of the course as the training needs to be paid in instalments.

Vortigern

danbo100 wrote: »

Thanks, my only question is, will the 0% on the card allow spending to be built up for the duration of the course as the training needs to be paid in instalments.

That depends on the card issuer and the terms they offer you.

Some 0% on purchases cards will give 0% on purchases made within a limited period from the start if the agreement. Later purchases will incur interest if the card is not paid off in full. Avoid these.

Others give 0% on all purchases made within the 12/24/n months of the agreement. This is what you need, but first you must ensure that the course provider will accept payment by credit card.