Money Transfer

AnwenS

I am planning to borrow £4k for a small home improvement. I have an MBNA credit card, paid off with enough credit that is offering 3.9% over 36  months with a 0% fee, I have budgeted for the repayments and I don't plan on using the card for purchases or anything else. I haven't used credit for a few years apart from the odd purchase to stop my cards from going dormant but from reading through the advice here I am thinking this may be a better interest rate than a personal loan. Before I go any further, I am cautious about credit - does this sound like a good option or am I missing something? 

[Deleted User]

It depends on your other options and how you need the funds. Can you use a card to pay, or do you need cash?

What is the offer from MBNA? A money transfer? 

Over what period could you repay?

AnwenS

Thanks for getting back. Yes its a money transfer and I could repay over 36 months. I haven't asked the company doing the work if they take cards, but its a very old card with a high standard apr. Having not used it apart from the odd purchase immediately paid off, I'm reluctant to use it. I've also looked at small personal loans but the apr is double what MBNA is offering.

[Deleted User]

If they do take cards, it would be much cheaper to get a 0% purchases card. so that's the first avenue to explore.  You wouldn't use a standard rate card to borrow on.

But it's not a bad rate, especially if you really do need 3 years to repay. You'd probably have cheaper options if you could repay it quicker though.

AnwenS

Thanks very much for your help, I'll check if they do and explore the 0% purchases card option, yes I could probably pay it off quicker.