Card 0% Loan?

Fix_Rate

I want a loan to buy a car. I don't want to pay interest (obviously). Can i use credit cards on 0% deals and transfer the balance when one deal runs out to another? Is this a 'safe' thing to do?

YorkshireBoy

Fix_Rate wrote: »

I want a loan to buy a car. I don't want to pay interest (obviously). Can i use credit cards on 0% deals and transfer the balance when one deal runs out to another?

Yes, although if you use a 0% on purchases card (and if indeed the dealer will accept such a payment) you will probably be charged the 2% or so merchant fee the dealer will incur - and if you aren't, then you didn't haggle enough!

An alternative may be to use a card that will transfer money into your current account at 0%, such as Egg or MBNA.

Is this a 'safe' thing to do?

It depends on your credit-worthiness, income, organisational skills, and if (cost effective) BT deals are still around when you need to transfer the debt.

Getting it wrong could cost you a lot of money.