Using a credit card...
 

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[Closed] Using a credit card to settle motor finance....

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does it count as a new purchase? im specifically looking at the tesco card, and thinking of applying for one. 16 months 0% on purchases.
the finance company say i can pay it off with a card, but if it doesnt class as a purchase, then prob no point.

im looking more and more at campervans, and as i still owe on my octavia, then that would be a barrier to moving quickly if i see one, hence trying to get it cleared.

thanks


 
Posted : 20/05/2013 10:47 pm
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i'd say yes.... you're not transfering a balance but depending on what you owe on your car it may work out more expensive in the long run


 
Posted : 20/05/2013 11:21 pm
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Shouldn't be an issue, it'll just register as a purchase.
I found he I can use my Tesco CC for stuff paid for via Paypal and it still registers as a purchase to use the 0% period.


 
Posted : 21/05/2013 12:13 am
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thanks chaps. think my working out shows itd be cheaper, just need to make sure i can get it paid off in the 16 months 🙂

owe £3300 with 2 and a half yrs left, finance co say id save £500 paying early. 3% cost of paying by credit card would cost me a ton, so itd save me £400 overall. AS LONG AS I PAY IT OFF!! 😀

thanks


 
Posted : 21/05/2013 6:10 am
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I'd not be too hasty. Check with the credit card company as they may class it as a cash withdrawal (like buying foreign currency) which is unlikely to qualify for the 0% rate.


 
Posted : 21/05/2013 6:20 am
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and there is the rub,, dont pay it off and youd be looking at losing your 400 quid benefit in about 3 months..

tesco looking for 30k pa income on new card holders.. they dont check thou..


 
Posted : 21/05/2013 6:22 am
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If it does count as 0%, just set up an automatic direct debit so you don't need to remember to pay it.


 
Posted : 21/05/2013 6:28 am
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yeah I'll check with tesco first about the purchase thanks. and the dd is a good call, although my main concern is the ability to pay the increased monthly amount rather than forgetting to pay 🙂

thanks


 
Posted : 21/05/2013 8:40 am