Buying car on credit card

Middle_Sister

I am buying a car on my credit card. I can afford to pay off the lump sum when the car comes in but should I look to transfer the amount to a 0% deal and just keep the money in my bank? Advice please.

Skint_Catt

When I bought my Focus for £5000 I paid for it on a cashback card.

I then did a Super-Balance Transfer from Virgin at 0% for 9 months and paid off the cashback card within the month.

Virgin's 0% has just come to the end, so I've transferred to Barclaycard for 10 months at 0%.

I think you will only gain if you can put it on a 0% card, even for 6/9months. You will gain interest on your savings while paying out no interest on your balance.

S_C

Middle_Sister

Thanks, that's what I thought

Middle_Sister

I've just applied for the 0% for 10 months with Barclaycard (thanks for the heads up). Someone said I may be penalised if I pay off the full amount, say one month before the deal is up. That can't be right, can it?

path29

Either way, you'll still have the minimum monthly payments to pay which depending on your card will be at least 2% of the amount - i.e. £120 per month if your car costs 6k.

Good idea though as the money will make you some interest in the 9 months.

Middle_Sister

When I got the 0% transfer balance credit card from Barclaycard there was a credit limit of £3,500. You could only balance transfer 90% of this approx £3,100. What a waste of time.

I need a 0% balance transfer with a credit limit of at least £10,000.

Any ideas?

dc

0% free balance transfers are becoming harder to get, and become fewer the more you use.
After getting fed up of the hassle and clockwatching ( one memory lapse can be extremely costly), my car is now on a Life of Balance (2.9%) with Barclays.

Eat your heart out G.E.

noddy1_2

2.9% life of balance, well done - how did you get that? Was it by negotiation or a deal from a while ago?
I've been a rate tart for about 10 years - thinks it's time I retired. I'd love a deal like that, but sadly I need about 10K. Not used barclaycard before though. Any tips?

cheers
Noddy

Skint_Catt

lesleyfb wrote:

When I got the 0% transfer balance credit card from Barclaycard there was a credit limit of £3,500. You could only balance transfer 90% of this approx £3,100. What a waste of time.

I need a 0% balance transfer with a credit limit of at least £10,000.

Any ideas?

Have you phoned them? The standard issue credit limit is not often the max they can give you - just a standard starting point. I was given something like £1500 with Virgin when i first opened it, but when I told them I had £5000 I wanted to transfer to them they were more than happy to take it! I guess it depends on your credit rating - but never assume the automatic credit limit is the max they will give you.

S_C

Middle_Sister

Yes I rang them but they would have none of it. They could look at it again after I'd had the card for 3 months.

dc

Sorry Noddy, it was late last year, and at the time 2.9% was considered as having paid over the odds :rolleyes: .

What a difference a year makes, tarting seems to be going downhill, or the bus is full .

lesley hi,
AFAIK Barclays limit BTs to new customers anyway (£5000), so not what your after.