Balance Transfer Card

SMC_87

Hi

I am hoping to get some guidance on my situation (I cant find the answer on the forum).

I am going to spend £5k on my current credit card, which I want to transfer to a balance transfer to spread the cost. My question is can I apply for a balance transfer card, before I spend the money on my current credit card.

Many thanks

Jami74

SMC_87 said:

I am going to spend £5k on my current credit card, which I want to transfer to a balance transfer to spread the cost. My question is can I apply for a balance transfer card, before I spend the money on my current credit card.

That is probably a good idea. You'll want to know that you can transfer your balance to a 0% card before you spend the money otherwise you could be stuck paying whatever interest rate your current card charges.

Do check that your purchase can be made by credit card, otherwise you'll need a money transfer card instead.

SMC_87

Jami74 said:

SMC_87 said:

I am going to spend £5k on my current credit card, which I want to transfer to a balance transfer to spread the cost. My question is can I apply for a balance transfer card, before I spend the money on my current credit card.

That is probably a good idea. You'll want to know that you can transfer your balance to a 0% card before you spend the money otherwise you could be stuck paying whatever interest rate your current card charges.

Do check that your purchase can be made by credit card, otherwise you'll need a money transfer card instead.

Thanks for the advice. I wasn't aware of money transfer cards, so will look into that. 

grumbler

SMC_87 said:

Hi

I am hoping to get some guidance on my situation (I cant find the answer on the forum).

I am going to spend £5k on my current credit card, which I want to transfer to a balance transfer to spread the cost. My question is can I apply for a balance transfer card, before I spend the money on my current credit card.

What's the point in applying for a BT card and paying a BT fee?

Apply for a card with 0% on spending and pay by it.

SMC_87

grumbler said:

SMC_87 said:

Hi

I am hoping to get some guidance on my situation (I cant find the answer on the forum).

I am going to spend £5k on my current credit card, which I want to transfer to a balance transfer to spread the cost. My question is can I apply for a balance transfer card, before I spend the money on my current credit card.

What's the point in applying for a BT card and paying a BT fee?

Apply for a card with 0% on spending and pay by it.

I had thought about this, but I don't seem to be able to get a new card with high enough credit limit. My current card has a limit of £5k, but I clear it every month.

grumbler

SMC_87 said:

grumbler said:

SMC_87 said:

Hi

I am hoping to get some guidance on my situation (I cant find the answer on the forum).

I am going to spend £5k on my current credit card, which I want to transfer to a balance transfer to spread the cost. My question is can I apply for a balance transfer card, before I spend the money on my current credit card.

What's the point in applying for a BT card and paying a BT fee?

Apply for a card with 0% on spending and pay by it.

I had thought about this, but I don't seem to be able to get a new card with high enough credit limit.

Can't you split the payment into two parts then?