low interest rate card or new loan

fastcam

I have an early settlement figure of £5500 on a car loan,also £1400 on a new 0% interest credit card with capital one until january 2009.My question is,i would like to transfer my car loan to a low interest credit card e.g goldfish which is 4.9% until 2011.I realise that i need a mule card e.g egg money if i was accepted,which shouldn't be a problem as i have a good to excellent credit rating.Would any credit cards give me the £5500 credit limit that i need for my loan or would i have to use the full limit on the capital one card and the rest on another card?The only other choice would be to get a loan from moneyback etc.I want to pay the loan off quickly,hence the reason the credit card route would be better if possible,also i will be mortgage free by november and so i could plough money into the card to pay it off quickly.
Any advice would be much appreciated.

CannyJock

fastcam wrote: »

I have an early settlement figure of £5500 on a car loan,also £1400 on a new 0% interest credit card with capital one until january 2009.My question is,i would like to transfer my car loan to a low interest credit card e.g goldfish which is 4.9% until 2011.I realise that i need a mule card e.g egg money if i was accepted,which shouldn't be a problem as i have a good to excellent credit rating.Would any credit cards give me the £5500 credit limit that i need for my loan or would i have to use the full limit on the capital one card and the rest on another card?The only other choice would be to get a loan from moneyback etc.I want to pay the loan off quickly,hence the reason the credit card route would be better if possible,also i will be mortgage free by november and so i could plough money into the card to pay it off quickly.
Any advice would be much appreciated.

If you've got a good credit rating then I'd go for the Virgin money card. It's 0% for 15 months for a 2.98% fee and you can transfer the money straight into your current account without using a mule card. You can then write a cheque from your current account to clear your car loan.

If you have 1400 at 0% with capital one then I'd just leave that there till the end of the year and make sure that you repay the minimum each month, with the intention being to clear the balance before the introductory offer expires.

If you're in a good financial situation and you want to maximise your gain then you can take more from the Capital One card via a mule card, and take the maximum from the Virgin card and stooze it to actually make a bit of money from it.

fastcam

Thanks for the reply mate.If i get a virgin money card,do i just ask them to transfer the full credit limit into my current account?is it as easy as that or do they have to send me a cheque?