Credit card

pppgreenpppgreen New MemberRegistered Posts: 21
I'm looking to purchase a motorbike in the next month or so (nothing too expensive or flash). To finance the purchase i have come across this credit card which offers 0% interest for 26 months on all balances transferred within 3 months. To me this means i could transfer the money needed for the bike into my bank account, say £1500 be charged £39.75 (2.65% fee, min £5) for the privilege and have 26 months to pay back the money without any added interest, in theory an interest free loan. Am i right in thinking this or is there more too it?


http://www.natwest.com/personal/credit- ... &tableid=1

Comments

  • NpsNps Experienced Mentor Registered Posts: 782
    Very few credit card companies allow you to do this (some do). Egg famously offered this facility a number of years back but it never really caught on. Most will class this as a withdrawal and sting you for interest as well as a cash advance fee. There are plenty of cards on the market with anything up to 2 years interest free on purchases (more commonly 9-18 months), these will be a much better bet for you. I buy all my big purchases like this, much better the money is sat in my bank account earning me interest than sat in theirs. Just make sure it's there to pay off at the end of the interest free period.

    PS the link doesn't work.
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