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Purchase then 0% Transfer ?
Wrath_of_Kain
Posts: 72 Forumite
in Credit cards
The youngest wants a top of the range IPad with all the bells n whistles i.e. pencil, keyboard and ear pods c. £1400 ..... the eldest is yet to hit me with her santa list 
I am waiting for the sales and was going to get it on my credit card and then immediately do a 0% balance transfer to one of my other credit cards.
Obviously there is the 3% charge but thinking that will hopefully be offset by the xmas sales saving and lets me break down the cost over say 18months.
Is there anything else i need to consider ? it should be straightforward or is there a delay between purchasing and transfer which exposes me to interest on the purchasing card ????
I am waiting for the sales and was going to get it on my credit card and then immediately do a 0% balance transfer to one of my other credit cards.
Obviously there is the 3% charge but thinking that will hopefully be offset by the xmas sales saving and lets me break down the cost over say 18months.
Is there anything else i need to consider ? it should be straightforward or is there a delay between purchasing and transfer which exposes me to interest on the purchasing card ????
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Comments
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Do you have a 0% BT card to transfer the purchase to?
Does said person REALLY need said iPad and all the gubbins?0 -
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If you use a card with an interest bearing balance then yes obviously you will pay interest on the purchase until the balance is cleared by the balance transfer.
If the card has no interest bearing balance (i.e has a nil balance or is currently being paid in full every month) then you will not be charged interest on the purchase so long as you repay by the payment due date which should be more than long enough to do the balance transfer.0 -
Wrath_of_Kain wrote: »I am waiting for the sales and was going to get it on my credit card and then immediately do a 0% balance transfer to one of my other credit cards.
There's been an odd trend of people wanting to do this recently.
Why not get a 0% purchases card and save the hassle and the fee?0 -
If you use a card with an interest bearing balance then yes obviously you will pay interest on the purchase until the balance is cleared by the balance transfer.
If the card has no interest bearing balance (i.e has a nil balance or is currently being paid in full every month) then you will not be charged interest on the purchase so long as you repay by the payment due date which should be more than long enough to do the balance transfer.
Oh yes it will be transferred well before the due date my only concern was the processing time and timing between purchase and transfer.0 -
Processing time can vary but it normlly should be quite quick a matter of a few days.Wrath_of_Kain wrote: »Oh yes it will be transferred well before the due date my only concern was the processing time and timing between purchase and transfer.
I understand that there may be reasons for not wanting to apply for a new card at this time but have you considered the suggestion of obtaining a new 0% purchases card and saving yourself the fee?0 -
Deleted_User wrote: »There's been an odd trend of people wanting to do this recently.
Why not get a 0% purchases card and save the hassle and the fee?
Firstly I have a few cards and I promised myself not to put any more plastic in my wallet after clearing them all.
BUT
I hadn't realized the 0% could be as long as it is on those cards, MBNA is 26months :j. I suppose my only concern now would be having one ready and waiting before the sales start in earnest. Also if I already have an MBNA card can i apply for another one ?0 -
I don't like that MBNA card (as a purchases card; it is OK as a balance transfer card) because it requires all purchases to be made in the first 60 days which effectively makes the card useless for further use. It is not a proper 0% purchases card.
The Sainsburys card has a good 0% purchase period without the 60 day restriction (unique to MNBA) which means you can continue using it for purchases throughout thee 0% period.
There are other cards as well. In my opinion, best to apply to a provider that you don't already have a card with.0 -
Apple rarely offer brilliant discounts on things even on Black Friday and Cyber Monday.0
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