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  • FIRST POST
    • hartushare
    • By hartushare 7th Jan 18, 9:01 PM
    • 3Posts
    • 0Thanks
    hartushare
    Cash transfer credit card zero % interest to 0% balance transfer, is it possible?
    • #1
    • 7th Jan 18, 9:01 PM
    Cash transfer credit card zero % interest to 0% balance transfer, is it possible? 7th Jan 18 at 9:01 PM
    OK, I've only ever had 1 credit card for £5000, I used it for a 1 off large item purchase. I've now paid it off by switching to 0% balance transfer cards, thus only incurring the transfer fee, very common I know.

    So, now I'm debt free apart from my mortgage. I want to raise at least £18.000 to buy a VW van to convert to a camper, I have some savings as well as the total cost will be about £23.000.
    My thoughts were to get a cash transfer credit card for 0% interest for as long as I can, but I realise that if the transfer is for say 2years, there will still be around £7500 left to pay, assuming I pay £300 ish per month on the payment.
    My questions are as follows:-
    1)Is it possible to get a cash transfer credit card for £18.000, or is this to much?
    2) Can I transfer the balance of that debt to a another 0% interest card.
    Obviously I'm trying lend money as cheaply as possible.
Page 1
    • zx81
    • By zx81 7th Jan 18, 9:07 PM
    • 17,250 Posts
    • 18,333 Thanks
    zx81
    • #2
    • 7th Jan 18, 9:07 PM
    • #2
    • 7th Jan 18, 9:07 PM
    1) depends on your circumstances. It's high but not entirely impossible
    2) yes. But only if you can get one.
    • Kim_13
    • By Kim_13 7th Jan 18, 9:33 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    • #3
    • 7th Jan 18, 9:33 PM
    • #3
    • 7th Jan 18, 9:33 PM
    You may find the MSE guide on money transfer cards useful: https://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

    As zx81 says, it is theoretically possible to balance transfer this balance elsewhere, but it's not guaranteed it would be accepted, especially for such a large amount. Lenders have to assess the application as if it were new borrowing rather than a balance transfer. Do try to clear in full with the period.

    The best cards for money transfers and balance transfers are different, as you may already be aware. Here is the MSE guide on balance transfers: https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £19.55/£180.00
    CCCC 2018 #1 ~ £20.75/£180.00
    • chattychappy
    • By chattychappy 7th Jan 18, 10:05 PM
    • 6,805 Posts
    • 3,698 Thanks
    chattychappy
    • #4
    • 7th Jan 18, 10:05 PM
    • #4
    • 7th Jan 18, 10:05 PM
    You can always apply for two cards. If you apply for two cards, it's probably better to do one immediately after the other.

    The reason is that if you apply in quick sucession, when the second card credit checks, they will see the previous search but not any new account set up. If you delay and the account is shown, then they might consider you have too much credit available.

    (There also arguments that the opposite is true..)
    • hartushare
    • By hartushare 8th Jan 18, 9:09 AM
    • 3 Posts
    • 0 Thanks
    hartushare
    • #5
    • 8th Jan 18, 9:09 AM
    • #5
    • 8th Jan 18, 9:09 AM
    Thanks for that, I've already been accepted for a bank loan for the amount and I may still go down that route as it's easier and there are less potential problems, but I played the balance transfer game quite well in my previous credit card so I'd like to try again if post. The problem I have is I can't use a traditional credit card, I might be a less to buy the van on a credit card but not all of the major companies will accept them for such a large purchase, and the company I'm using to convert the van don't accept credit cards.
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