5k purchase on a CC then transferring the balance

TommyB123

Hi,

I'm looking to purchase a motorcycle to commute to work.

My budget is 5k, HP, PCP and loans are all 5-8% interest.

I'm wondering if I can make purchase on a purchasing CC then transfer the balance to a 0% balance transfer card and pay off without interest Asap. (Well the 3% fee, but it's less than other options!)

Any advice on this or pointers as to why this might not work?

grumbler

Yes, you can, theoretically, but if you use a card with 0% on purchases, not BTs, you'll save on BT fees.

>  Best 0% credit cards

Theoretically - because most car dealers don't accept big CC payments. Don't know about motorcycles, but if it's the case you need a  0% money transfer card

born_again

As above check dealer, but also need to be aware that you might not get a balance transfer card with a 5K limit.

Belenus

born_again said:

As above check dealer, but also need to be aware that you might not get a balance transfer card with a 5K limit.

And be aware that you will probably be limited to 95% of that limit for balance transfers.

TommyB123

Thanks for the replies. I will check with the dealer to see if they accept CC as a payment method. I used the eligibility calc and got 100% chance of getting MBNAs 22month 0% rate which would be ideal. I'm just not sure what the limit would be, and now sure how to find out?! Same with the money transfer cards. There's no point in me applying if the won't lend the ammount I need.

TadleyBaggie

TommyB123 said:

There's no point in me applying if the won't lend the ammount I need.

Catch-22 then, you won't find out what the limit is unless you apply.

daivid

TommyB123 said:
There's no point in me applying if the won't lend the ammount I need. 

Not true, if for example they give you half what you need and you pay for the rest by loan you will (all things being equal) pay half the amount of interest. Or you try for 2 CC to split the payment.