Credit Card or Loan?

libertine85

I'm sorry if this has been asked, had a look but couldn't find a recent answer.

I need approx £3500 for a surgery that I'll have to have abroad, as due to Covid the wait list for NHS has now doubled and the Private waiting list is almost as long. It's sadly a procedure I can't wait too long to have.

I've only ever borrowed money for my mortgage, car and have a credit card (0% balance I'm paying off having needed a new boiler). Credit Score is Excellent.

Question is.....should I pay for my procedure using a spending credit card or am I better getting a loan? I can pay the balance off within 6 months or so, so it wouldn't be longterm.

Advice would be great, thank you!!!!

MalMonroe

Isn't there anywhere in the UK you could pay privately to have the surgery rather than travelling overseas? You have to also think about cost of travel and will there be any travel restrictions here or in the country you plan to travel to at the time of your surgery.

Have you tried doing soft searches before applying for either a credit card or loan? 

The obvious choice is the one with the lowest interest rates. There's a lot of recent info in the link from this very forum below -

https://www.moneysavingexpert.com/borrowing/

Although your credit score is excellent, it's never seen by lenders as they have their own scoring system. 

y3sitsm3

You're likely going to face a Hobson's choice unless it's also a travel credit card, otherwise expect an immediate 3 or so percent on the bill as well as the interest.

Travel credit cards are somewhat limited and are unlikely to offer the combination of acceptance, limit and low (or no) interest rate you desire.

[Deleted User]

MalMonroe said:

Isn't there anywhere in the UK you could pay privately to have the surgery rather than travelling overseas? You have to also think about cost of travel and will there be any travel restrictions here or in the country you plan to travel to at the time of your surgery.

Have you tried doing soft searches before applying for either a credit card or loan? 

The obvious choice is the one with the lowest interest rates. There's a lot of recent info in the link from this very forum below -

https://www.moneysavingexpert.com/borrowing/

Although your credit score is excellent, it's never seen by lenders as they have their own scoring system. 

OP literally said in the post that the waiting list in the UK for private is too long

Whether loan or card is better depends on whether the firm accepts cards. A loan is likely to be cheaper than a MT card