Pay off balance and then borrow again at 0%?

KyriaZante

Hi Forumites, I have a question re stoozing. I have a credit card balance of around 13k, I also have just received a private pension payout. I need to buy a car but I'm thinking of clearing the credit card debt and then arranging a cash transfer up to the 13k again so that the debt is 0% until the deadline. My question is, am I taking a risk paying it off and then NOT being able to cash transfer it back again? Or is this something that people do regularly? Thanks for any advice/opinion.

born_again

All depends on finding a lender that will do a 0% cash transfer for a decent period. Don't forget the fee as well.
Given you already have £13K of available credit. Many lenders may not offer anything. Unless you have a very good income compared to the debt.

KyriaZante

Thanks for the feedback. The card company have already offered me a cash transfer, 0% until September 2026 with 3.3% fee. Obviously not worth it with my balance this high so I'm thinking of paying it off and then borrowing the full amount available back again.