How to borrow £7500 on credit cards

dwalms

Hi there, I’m 36 and never owned a credit card until 18 months ago and been fine using it to date and cleared off any balances etc..I’m good with my money.
 Im due to pay £7500 on fertility treatment this year and was hoping to put it on a credit card with the view of paying back £7500 over 5 years then after the 12-18 month 0% interest free period ends I would use a different card for a 0% balance transfer card. I’ve never done that before so I’m only assuming that you can transfer over a few thousand pounds on a credit card?
Just wondered too if you can actually have a credit limit as high as £7500 on one card or do I apply for 2 cards? Was hoping not to take a bank loan out and pay like £1300 interest of whatever it will be.

At present I have a good credit rating, work full time and can afford to pay back the debt etc. 

I had saved £5000 towards the treatment so far, I just rather keep that for potential maternity leave and gradually pay back the debt over the next few years instead.
Any advice would be appreciated , thanks

sassy_one

You be better of using the funds to pay for the treatment, then use a credit card to 'get by if needed.

Backwards makes no sense.

hugheskevi

 Im due to pay £7500 on fertility treatment this year and was hoping to put it on a credit card with the view of paying back £7500 over 5 years then after the 12-18 month 0% interest free period ends I would use a different card for a 0% balance transfer card.

It is a risk to rely on there being future 0% offers when you need them - offers themselves may be withdrawn, or lenders may not want to lend to you given you already have an outstanding credit card balance.

I’ve never done that before so I’m only assuming that you can transfer over a few thousand pounds on a credit card?

You can usually transfer 90-95% of the card's credit limit. That may be several tens of thousands or it may be a lot smaller.

Just wondered too if you can actually have a credit limit as high as £7500 on one card or do I apply for 2 cards? Was hoping not to take a bank loan out and pay like £1300 interest of whatever it will be.

Credit limits routinely run into 5 figures, but they are based on your individual circumstances so may be a lot smaller.

Any advice would be appreciated , thanks

If you are accepted for a 0% on purchases credit card with a £7,500+ limit and the services you wish to purchase accept credit card payment then it is easy. If not, things get problematic. Not necessarily insurmountable, but more difficult.

maxsteam

Yes, it's possible to have credit limits like that. Whether it's sensible, whether the bank will give you a high limit and whether they will lend to pay off the card are separate questions.

It's a possibility that you need to prepare for that the treatment will be unsuccessful.

Emmia

If you get a 0% card now, there is no guarantee that you'll get another 0% card at the end of the fixed term. 

What if the £7.5k isn't enough for you to have the baby you want? Would you take out more debt (loans / credit cards) for more cycles?

pbartlett

I would agree with the poster above that from a financial point of view it is much better to use the £5000 for the treatment and borrow 2500 on a 0% card

 Make sure the clinic allows you to pay by credit card - if they do not then you will need a 0% 'money transfer' card which allows you to take the money off the card and put it into your bank account

if hopefully you find yourself on maternity leave you can then use a credit card for day to day spending

FaceHead

Do the MBNA eligibility checker on their website. It'll tell you what they'll offer, including the limit, and it'll probably be one of the more generous limits you'll get.

Note that their purchases cards are 0% only on purchases made in the first 90 days, so it's ideal for a one off spend, to be paid over a couple of years.

Even if it's not suitable, the eligibility checker will give you an idea of whether you can borrow the sort of money you're looking for.

kimwp

When you say you can afford it, have you taken into account your income dropping during maternity leave, additional costs of buying what the child needs and nursery costs (circa £12k a year)?