any chance i can do this ?

mcdermott_c

Hi

I need to fund a new kitchen. I have some cash saved but would like to borrow about £2000. I was going to get a loan but then thought a 0% c card might be a more convient way to fund the rest of the purchase.

My question is i have a few c cards (all with 0 balance) and wondered if rather than apply for another card to get 0 % on purchases if i phoned one of the existing cards up whether they are likely to give me a 0% deal for 12 months - are they likely to do this ?

cheers

also whats the likelyhood that the joiner would take credit card as payment ? i cant think of a way of getting money on a c card but pay the joiner in cash

thanks for any advice

CannyJock

mcdermott_c wrote: »

Hi

I need to fund a new kitchen. I have some cash saved but would like to borrow about £2000. I was going to get a loan but then thought a 0% c card might be a more convient way to fund the rest of the purchase.

My question is i have a few c cards (all with 0 balance) and wondered if rather than apply for another card to get 0 % on purchases if i phoned one of the existing cards up whether they are likely to give me a 0% deal for 12 months - are they likely to do this ?

cheers

also whats the likelyhood that the joiner would take credit card as payment ? i cant think of a way of getting money on a c card but pay the joiner in cash

thanks for any advice

Potentially a good chance. Call them, ask, if they say no, cancel the card as you're not using it anyway and it's just hogging potential credit from other providers.

If you've got an Egg Money card you can route money from credit cards through that into your current account. If you get a Virgin money card you get 0% cheques that can be used for any purpose, or you can just transfer the money straight into your current account and then write them a cheque.

Highly unlikely an independent joiner will take a credit card payment as there's a 2-3% merchant fee deducted from it - if you do find one who takes credit cards then even better if you can use a 0% purchase card and get it 0% for 12 months.

mcdermott_c

CannyJock wrote: »

Potentially a good chance. Call them, ask, if they say no, cancel the card as you're not using it anyway and it's just hogging potential credit from other providers.

If you've got an Egg Money card you can route money from credit cards through that into your current account. If you get a Virgin money card you get 0% cheques that can be used for any purpose, or you can just transfer the money straight into your current account and then write them a cheque.

Highly unlikely an independent joiner will take a credit card payment as there's a 2-3% merchant fee deducted from it - if you do find one who takes credit cards then even better if you can use a 0% purchase card and get it 0% for 12 months.

Hi CannyJock

Im interested in the egg money card and the virgin money card. How does the egg money card work ? how do you route the money from another credit card into your bank ?

As for the virgin money card - do you mean i could simply write a cheque to the joiner for the kitchen and the money would go on the credit card without any fees ?

Both options sounds good I wonder which would be the best choice for me in my situation

cheers

chris

Purple_Peril

I've applied for an Egg Money card (been approved and know the details as it's showing on my Egg online banking - just waiting for the card to arrive), so I'm not sure of the exact details on how to transfer money. Somebody else in this forum will give you (us) details of that, but I understand that it's easy.

As regards the Virgin cheques - yes, you could just write one of these cheques to the joiner (I did exactly that to my kitchen fitter for the deposit on my new kitchen), although it does have a fee (2.98%). Reme,ber that paying with a cc cheques does not give you the extra (Section 75) protection that you get by paying directly with a credit card.

CannyJock

mcdermott_c wrote: »

How does the egg money card work ? how do you route the money from another credit card into your bank ?

Once you have the Egg Money card, you can take any 0% balance transfer card and transfer money from that card onto your Egg Money account - and from Egg Money you can transfer into your current account. You basically bounce the money through the Egg Money card, avoids paying two sets of fees and avoids it being treated as a "cash withdrawal" that has sky high interest rates.

mcdermott_c wrote: »

As for the virgin money card - do you mean i could simply write a cheque to the joiner for the kitchen and the money would go on the credit card without any fees ?

It'll get a 2.98% fee - it treats it as a balance transfer. Other credit card cheques if you use them count as a "cash withdrawal" and you get shafted with sky high interest rates. Great wheez if you're the marketing exec who dreamt that one up, bet his bonus went through the roof that quarter! Virgin cheques during the introductory period don't have this problem.

Personally I'd apply for both if I was you - the Egg Money card is very useful for stoozing, and the Virgin Money card has a great 0% offer for 15 months.

If you want the easiest single option, it'd be the Virgin Money card.

mcdermott_c

CannyJock wrote: »

Once you have the Egg Money card, you can take any 0% balance transfer card and transfer money from that card onto your Egg Money account - and from Egg Money you can transfer into your current account. You basically bounce the money through the Egg Money card, avoids paying two sets of fees and avoids it being treated as a "cash withdrawal" that has sky high interest rates.



It'll get a 2.98% fee - it treats it as a balance transfer. Other credit card cheques if you use them count as a "cash withdrawal" and you get shafted with sky high interest rates. Great wheez if you're the marketing exec who dreamt that one up, bet his bonus went through the roof that quarter! Virgin cheques during the introductory period don't have this problem.

Personally I'd apply for both if I was you - the Egg Money card is very useful for stoozing, and the Virgin Money card has a great 0% offer for 15 months.

If you want the easiest single option, it'd be the Virgin Money card.

Thanks cannyJock

Can you confirm that these are the two cards you are referring too before I apply for the wrong things.

http://new.egg.com/visitor/0,,3_78868--View_1636,00.html Egg Card

http://uk.virginmoney.com/credit-card-v3/ virgin Money card

The virgin one says 0% for 15 months for balance transfers and 0% for 3 months on purchases - is this correct

Thanks for the help CannyJock I really appreciate it

chris

CannyJock

mcdermott_c wrote: »

Can you confirm that these are the two cards you are referring too before I apply for the wrong things.

http://new.egg.com/visitor/0,,3_78868--View_1636,00.html Egg Card

http://uk.virginmoney.com/credit-card-v3/ virgin Money card

The virgin one says 0% for 15 months for balance transfers and 0% for 3 months on purchases - is this correct

Yup, both the right cards and 0% for 15 months (with a 2.98% fee). If you use the card for balance transfer, DO NOT use it for purchases.

I'd apply for the Virgin card first incase the application for one affects your credit limit on the second application (I've saw credit limit offers drop over a series of same-day applications on different cards). You won't need much of a credit limit on the Egg Money card, I've reduced mine down to £ 500.

Oh yeah, and remember that Egg Money card is just a vehicle for routing other cards 0% balance offers through where they don't allow payments direct to your bank like Virgin do. On it's own, it won't give you 0% funds to use, you need another card for that.

mcdermott_c

Many thanks for you advice cannyjock.

I will apply for the virgin card and pay for the kitchen and then apply for egg money for future usee too !

i knew there was a better way to finance the kitchen than take 15% interest for a small loan.
thanks for all yoru advice