0% on purchases on existing credit card

mrochester

Hello.

I don’t know whether this is a thing but is it possible to get an interest free period on purchases on a credit card you already hold?

I’m possibly looking to purchase a new car but I have no intention of paying any interest on the purchase price. My existing credit card has a large enough credit limit for the purchase but a new credit card probably wouldn’t.

Has anyone successfully done this?

Many thanks.

M.

[Deleted User]

You'll have up to 55 days, if you clear in full, if you don't have a promotional offer.

Some cards will offer promos from time to time, but the best offers will come from new cards.

mrochester

Thanks, I always clear the full balance from month to month but I am looking for essentially a promotional offer and whether someone has ever been able to successfully negotiate one with their card provider.

ndf9876

mrochester wrote: »

Hello.

I don’t know whether this is a thing but is it possible to get an interest free period on purchases on a credit card you already hold?

I’m possibly looking to purchase a new car but I have no intention of paying any interest on the purchase price. My existing credit card has a large enough credit limit for the purchase but a new credit card probably wouldn’t.

Has anyone successfully done this?

Many thanks.

M.

I would check that the car dealer will let you buy the car on a credit card first of all - then worry about getting a 0% deal. A lot of dealerships accept no more than £1000 on a credit card (fine if you are buying a car up to that value of course!).

mrochester

I’ve just chatted to American Express and they aren’t interested in budging on the interest free period.

bigisi

mrochester wrote: »

I’ve just chatted to American Express and they aren’t interested in budging on the interest free period.

Why would they, what's in it for them?

mrochester

A nice big transaction fee?

PRAISETHESUN

Assuming the dealership accepts CCs, all you can do is contact your existing CC provider and ask nicely if they will offer you a promo - they are under no obligation to do so. Some have reported success when trying this, particularly when threatening to leave, but your results may differ.

The best deals are usually reserved for new customers so it might be worth shopping around for either a 0% purchase offer to buy the car with, or a 0% BT offer to transfer any balance from your existing card. Several 0% BT cards may be required if you are unable to get a single card with a limit high enough to cover the cost of the car.

Alexd52

The other option would be to see if you could get a 0% money transfer offer, this would allow you to transfer the funds into your bank account and then pay cash for the car with the funds. You can then pay the card off as you intended