Help needed -1st Post

shoggi

Hi,

I need to raise 10k in a short timeframe, ( I will pay this off in 6 months when i sell a property )

Is it possible to ;-

Use a credit card on 0% to transfer 10k into a bank account and then just pay a very small amount each month? ie around the £5-10 pcm??

I think the card has to be a MBNA affilitated one , but how many of those are there?

Is my maths right on this ?

Thanks in advance.

Clariman

MBNA is the only lender who actively allows you to move your credit limit (90% of it) in to your bank account. They also have low minimum payments. Depending on the card it will be a fixed amount between £5 and £25. Most credit cards will charge you a balance transfer fee these days so you will need to factor that in to the equation. MBNA is no exception to this, but they do have a card that has a capped fee of £50 for a 6 month 0% deal - it is their Virgin Atlantic (Amex) card.

If a 6 month deal is too tight (you say that you will sell a property in 6 months time) and you want a longer 0% period, then you will need to compromise on the costs of the BT fee and/or the level of the minimum payments. I'd look at the Citibank card which has a capped fee of £75 for 9 months at 0% but has a 3% minimum monthly payment which might be a problem for you. If the low min payments are essential then look at the Virgin Money (MBNA) card which has 15 months at 0% but with an uncapped 2.98% BT fee.

Note - if you go with the Citibank card, you will need to route the money via an Egg Money card in order to get it in to your bank account.

There is a complete, unbiased list of credit cards on the stoozing website and also details of how to use the Egg Money card to route money.

Good luck
Clariman