£2k cash without interest

jasmin10

I am around £2k short for a new roof for my house and was wondering if there was a way of borrowing without having to incurr interest charges.

It would only be short term as I would be able to pay it back in 4 months so wasn't sure if all these 0% interest credit cards would help.

I've never had a credit card so wasn't sure if the 0% interest covers cash withdrawals

NickX

If you get a card with SBT (Super Balance Transfer) facility you can transfer funds direct to your Bank Account and pay for your roof from there.

There are only a few cards that allow this, namely Egg or one run by MBNA (such as the Virgin range of cards).

There will ususally be a fee of around 2.5% - 3% for the facility, but if you really think you can repay within 4 months, I would recommend the Virgin Atlantic White American Express card.

This has 0% on Balance Transfers for 6 months, and the fee is 3% capped at £50. As long as you are borrowing more than £1666, then you benefit from the cap on the fee.

If you are not that sure about paying back within 6 months, then go for an uncapped card which will allow you 12-15 months to repay.

ShelfStacker_3

Get a 0% super balance transfer card (basically Egg and MBNA-issued cards, I think) and do a SBT into your bank account for the whole £2k so long as the limit allows you to. If you've got any left over, stooz it (stick it in a high interest savings account) and make a profit on the deal...

jasmin10

Thanks for those ideas, I had never thought of that. I will go and have a look at the Egg one.

YorkshireBoy

A pairing of the Egg Money and Ulster Bank cards could get you your funds fee-free...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#trick