emu1

EMU1_3

please can you help,i need a £2500 and I am not sure which is the best option.A bank has offered me a loan with repatments of £80 per month for 3 years,could I benefit by using an interest free credit card which I could get as I have good credit rating.I cannot seem to find out how much the repayments per month would be while still interest free I have read all the information on the website but have just got myself extremely confused.any clear headed thinkers out there that can help!

hur575

Well if you have good credit rating you can benefit from interest free credit card. Obviously you need to pay the minimum every month about 3% so with your figure might work out £75 pounds but will get less as you keep paying it. It is better than the loan but you have to be very careful not to go over limit or miss payment or you automatically lose the 0%. The period for the offer vary some for 3 months, 6 or even 15 months so in the long run they are great tool if used correctly.

YorkshireBoy

EMU1 wrote: »

i need a £2500 and I am not sure which is the best option.

0% (or as close as) is always going to be the best option.

I have good credit rating.

How do you know?

I cannot seem to find out how much the repayments per month would be...

In the T&C's, although a 'lighter' version can be found in the summary box.


Start off with a Virgin card (with 0% on super balance transfers, ie current account transfers) for the first 15 months. Transfer whatever balance is left to another ordinary balance transfer card. Repeat until you've repaid the debt. Every (well, most) transfer will cost you a 3% fee.

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#MBNA (for the basics)

www.stoozing.com (for a bit more detail)

EMU1_3

Thanks for your help I just needed someone to confirm my doubts,thanks again