Can someone sanity check this idea?

mantisgb

I'm thinking of buying a car on my existing Egg card (if I can find a dealer that will accept...) - I should then apply for a new card within the time before I get my bill from Egg, then balance transfer to the new card and so on...

Does this work or am I missing something?

SiuLoong

You may have trouble with the timescale, if its feasible apply now for a 0% purchase card (Halifax have 12months) and then buy it on this, obviously being aware of having plenty of time to transfer the balance at the end if you don't have the cash stashed to pay it off.. also some places may try and charge you a %. If I understand you correctly you would only have a month or just over to apply for a new card, get accepted, recieve card and action transfer, assuming (1) you are accepted, & (2) you get the credit limit you need.. for me that would be too many assumes and not enough time!

Bokkens

You would be charged interest on the Egg card from the day of it's use unless it was paid off in full come the statement date.
Halifax is a card I wouldn't use for these circumstances.
A&L,Virgin card is the card to go for,a long 15mths at 0% on BT's.
"Well how is that going to help me I want to buy a car?"
These two cards are easier to apply for they allow a BT into your bank account you then write a bank cheque to the car dealer and your debt is now on a Virgin credit card at 0% for the remaining 15months.
Virgin will charge you a BT fee of 2.98% and they will want a minimum payment each month of £25.So make sure you save enough money in a saving account to pay of the credit card in full in 15 months time.

Balls_Of_Steel

mantisgb wrote: »

(if I can find a dealer that will accept...)

They will gladly accept your card, but may charge a surcharge to cover their processing fee on such a large transaction. The best way would be to find a card that will transfer to your current account, then give the dealer a cheque.

Jenna

Read Martin's article on the best CC deals to see what the best deals are - a month ago when I needed a new BT card, it was the Virgin card with 15 months at 0% with a 2.98% BT fee. Two things to be aware of:

~ You will need to pay the BT fee in full the month after you BT to the card
~ If you pay late, the 0% rate is revoked immediately and you will start paying the full interest rate on the debt (I've set up a DD but, even so, I'm keeping a watchful eye on it)

As others have said, the Virgin card will allow you to BT funds into your normal current account so it's quite flexible in this respect.

HTH