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Cheapest way to fund a new kitchen
Purple_Peril
Posts: 84 Forumite
Apologies if this isn't the right place to post this.
Just before Christmas I took out a Virgin Credit Card (0% on balance transfers for 15 months) with the intention of stoozing with it. However, I then decided to get a new kitchen instead.
I paid the deposit with a CC cheque (2.98% fee, but qualifies for 0% for the offer period - until March 009). I have some money still available on the Virgin CC at 0% to pay part of the balance, but I will be short by about £2000. Although I have enough money to pay for the new kitchen from my savings, I am reluctant to use this money as it is earning 6.15%. It is cheaper to pay a 2.5% to 3% fee and borrow the money at 0% (as that way I am still earning 3%+ on the money - especially if the deal is for more than 12 months).
I have just applied for, and been accepted for, an Egg Money Card so I should be able to use a different 0% credit card and do a balance transfer using the Egg Money card as a mule.
My question is - which would be the best 0% card to apply for and use for this. I already have Amex, Nationwide and Capital One cashback cards so I can't go to any of them. I also want a long interest free period (it's not worth doing for six months or less), and I don't mind paying a reasonable fee.
Any advice would be welcome, along with other peoples' experiences of doing this. Hopefully another card would give me some 'spare' money which I could also stooze - but that would be a bonus.
Just before Christmas I took out a Virgin Credit Card (0% on balance transfers for 15 months) with the intention of stoozing with it. However, I then decided to get a new kitchen instead.
I paid the deposit with a CC cheque (2.98% fee, but qualifies for 0% for the offer period - until March 009). I have some money still available on the Virgin CC at 0% to pay part of the balance, but I will be short by about £2000. Although I have enough money to pay for the new kitchen from my savings, I am reluctant to use this money as it is earning 6.15%. It is cheaper to pay a 2.5% to 3% fee and borrow the money at 0% (as that way I am still earning 3%+ on the money - especially if the deal is for more than 12 months).
I have just applied for, and been accepted for, an Egg Money Card so I should be able to use a different 0% credit card and do a balance transfer using the Egg Money card as a mule.
My question is - which would be the best 0% card to apply for and use for this. I already have Amex, Nationwide and Capital One cashback cards so I can't go to any of them. I also want a long interest free period (it's not worth doing for six months or less), and I don't mind paying a reasonable fee.
Any advice would be welcome, along with other peoples' experiences of doing this. Hopefully another card would give me some 'spare' money which I could also stooze - but that would be a bonus.
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