Best card for 2-3 month cash loan for holiday?

jason_pinches

I know it sounds irresponsible to loan money for a holiday but this is a 3 week trip across America (big one for us) and our saving plan has hit some bumps.

We're looking to raise an extra £1000 max for spending money/hotels.

Do I go with:
A 0% money transfer card, transfer it to my current account, then make at least the minimum repayments each month when were back (Most likely will pay back 40% of balance each month). I know there are small fee's for the actual transfer.

Or, something like the Santander All In One card with 30 month 0% on purchases and foreign transactions?

Any tips?
:T

[Deleted User]

jason_pinches wrote: »

I know it sounds irresponsible to loan money for a holiday

No. It's fine. I would only worry if you were looking to borrow money for a holiday.

But assuming you do want to borrow - what's your credit history like - have you tried an eligibility checker? Either option might be appropriate, but it would be worth checking out if you have any chance of getting a decent card before plunging in.

The fact it may take three months to repay a grand suggests affordability may be an issue.

jason_pinches

Deleted_User wrote: »

But assuming you do want to borrow - what's your credit history like - have you tried an eligibility checker?

Thanks for your response!

Yes the eligibility checker says 95% likely to get the ones I've already looked at. I already have a Halifax Clarity that ive been using purely to pay off in full, if used, to boost my credit score.

Im leaning toward the money transfer card I think. That way I'm free to spend from my Monzo without fees. Just wanted to know if there's anything else to consider that i may have over looked.

T-G-C

jason_pinches wrote: »

Thanks for your response!

Yes the eligibility checker says 95% likely to get the ones I've already looked at. I already have a Halifax Clarity that ive been using purely to pay off in full, if used, to boost my credit score.

Im leaning toward the money transfer card I think. That way I'm free to spend from my Monzo without fees. Just wanted to know if there's anything else to consider that i may have over looked.

I would recommend, for a cash transfer, to use a bank account with a debit card. Monzo and other digital wallets are unpredictable and can be frozen or closed without notice.

The last thing you'd want is to be in America without direct access to funds. A mainstream bank account is the safest and most reliable place for your money to be.

jason_pinches

T-G-C wrote: »

Monzo and other digital wallets are unpredictable and can be frozen or closed without notice.

True! Thanks for the advice

Vortigern

jason_pinches wrote: »

I already have a Halifax Clarity that ive been using purely to pay off in full, if used, to boost my credit score.

Use the Clarity for your holiday spending and get a balance transfer card to pay it off?

jason_pinches

I'll need the Clarity card for the safety deposit on a rental car of $1000 whilst I'm there.

tripled

jason_pinches wrote: »

I'll need the Clarity card for the safety deposit on a rental car of $1000 whilst I'm there.

Wow, that's a big deposit. I just came back from nearly three weeks in California. The Rav 4 I hired was $509 for that time and the deposit $200. However, even with a $1000 deposit you surely have a couple thousand or more spare before you hit the limit on the Clarity?

I did have some problems with the Clarity while I was over there - three places it wouldn't work at all, and at a couple of others I had to explain that if it prompts for a PIN, you won't always allow bypassing it for a signature. The places the Clarity didn't work, nor would an Aqua Mastercard, and I had to fall back to an Amex. So it might be worth your second card not being a Mastercard, perhaps a Visa - Barclaycard might be your best shout.

Just a tip - cash machines in the USA pretty much all charge a withdrawl fee, however you can take money out in USD from cash machines at Gatwick if you're flying from there. Just stick in the Clarity, select $, and decline the conversion offer.

jason_pinches

Great advice, thank you! Yes ive only had the Clarity for 6 months and was given £1500 limit to start. So yes I will have some room left on the Clarity.

Most car rentals ive looked at so far have asked for $1000 deposit. I've not yet booked so I'll keep shopping around!