Boyfriend going back to Uni, card shuffling!!

Blade26

Boyfriend needs to borrow money on a CDL to fund University, so he is planning on borrowing £8k which will cover his fees and his living expenses. Fees paid directly to the Uni, and the rest into his bank account. He is planning on working part-time, but wants the cushion of the living expenses to fall back on should things go pear shaped. We bought our house together recently, and fortunately I am able to cover the mortgage payments etc on my own.

Anyway, having read these board avidly and pumped various MSErs for help when discovering my Mum was up to her neck in debt, I am now on the cscrouge again!!!

What we had been thinking was the APR for the CDL will be between 8 - 10%, so should he apply for an Egg card and also a Texaco card whilst still working, SBT the £8k assuming he gets that as a credit limit into another bank account - dependant upon introductory 0% period, this could be done arund Xmas time (?), where it can accrue interest and pay off the minimum each month and when the CDL stops being 0% use the money in the SBT account to pay that off and move the Egg debt to Texaco at 3.9% for the life of the balance or whatever it is, so the CDL is at 3.9% for the life of the balance instead of 10% as would have been with Barclays?

Are there any obvious flaws in our plan, other than he may not be able to get either card with the necessary credit limit. He currently has a Goldfish with £8.5k credit limit which he pays off each month in full, so I would imagine that he is a good 'risk'?

Thanks for now......

Reaper

On the whole the plan sounds fine. Once he stops working his ability to get any credit cards will be severely cut, so his chances of getting replacement 0% cards sufficient to rotate the debt is low. The LOB idea is good, but with Texaco the transfer must be done within 6 weeks of getting the card and he needs to get the card while he is working to get a sufficient credit limit.

Also note that new Egg cards now charge a balance transfer fee.