Credit card?

[GrumpyGuts]

Dear Auntie BCF,

I'm thinking of getting a credit card for the first time. The reason is because when my insurance is due, I will not be able to afford buying a new bike AND insuring it (I'd rather pay in one go instead of monthly like I am now) so I want to use a credit card to pay for it.

However, the idea would be useless if I use a credit card and end up paying interest every month which is what I'm doing at the moment.

Is there a decent credit card out there with 0% on purchases (which includes financial services) for 12 months, so I pay the premium off over one year and then cancel it after the 12 months?

I've got decent credit according to Experian so there's no problem there.

Cheers
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My Bikes: Lifan Beat 125cc '11 -> Suzuki B120P '76 -> Suzuki EN 125-2A '08 -> Honda CG 125 '04 -> Honda CB600F Hornet '98 -> Kawasaki ZZR 600 '99 -> Kawasaki GPZ 500S '95 (Current)
Theory test passed - 09/02/2012 >>>> Module 1 passed 24/07/2012 >>>> Module 2 passed 24/10/2012

[Polarbear]

Go here and compare....

https://www.compareandsave.com/dealfinder/top-10-cards/

There are loads if you have a reasonable credit rating
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Triumph Trophy Launch Edition

[J4mes]

I have a few cards from a few different providers but have found that Virgin and Barclaycard ALWAYS seem to have 0% on purchases or balance transfers for 12 months.

Next best is Natwest.

Tesco, Mint, Capital One never seem to have any offers on so I'm going to bin them all off in the next few months.

[GrumpyGuts]

Ahh. I see Tesco only have 0% for 6 months. I'm going to look at a Barclays card if it has 0 for 12 months. Insurance is the only thing I'm going to use it for
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My Bikes: Lifan Beat 125cc '11 -> Suzuki B120P '76 -> Suzuki EN 125-2A '08 -> Honda CG 125 '04 -> Honda CB600F Hornet '98 -> Kawasaki ZZR 600 '99 -> Kawasaki GPZ 500S '95 (Current)
Theory test passed - 09/02/2012 >>>> Module 1 passed 24/07/2012 >>>> Module 2 passed 24/10/2012

[0l0dom0l0]

You could just pay the insurance monthly anyway?

Or do you not want to do that because you end up paying more?

Nationwide do one with 12month 0% I believe.
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CBT Passed: 30/08/2009, Theory Passed: 31/08/2010, Mod 1 Passed: 6/9/2010, Mod 2 Passed: 13/09/2010. Restriction ended 13/09/2012.

Bikes: 2007 Derbi GPR 50, 1998 Yamaha Fazer 600 (written off), 2002 Yamaha Fazer 600, 1994 CBR 600F, 2003 Triumph Daytona 600, Kawasaki ZX6R J1.....Current: 2006 Yamaha FZ6, 1998 Suzuki TL1000R and a Honda VFR 400 NC30.

[Kradmelder]

Credit cards are fine if you keep a positive balance, and use it to pay for things without carrying large sums of cash. Or if you pay within 30 days (or whatever limit), before they start charging interest.

If you use it as they want you to, to borrow money, buy now pay later, then shylock will take more than his pound of flesh. Interest rates are huge.

Every month I put R10 000 in mine. It starts the month positive and rarely goes negative. Every thing from fuel to groceries to restaurants goes on there. The few times I needed to borrow money I took it out of my house bond. 9% interest vs 27% on credit cards. My house is paid but I keep the bond at like -R300, so it serves as a quick source of borrowing money at low interest (prime -2%) if I ever need cash.

If you want to pay something, what about an overdraft? what interest are they charging you compared to a credit card?

Credit cards are usually the most expensive form of borrowing after loan sharks/cash loans.


The most disgusting thing about these shylocks is that they make fortunes lending cash they dont have. I think they only need 10% reserves for all the money they lend out. So they make money not just on lending out your money, but on money they dont even have, which is why silverstein wanted to go off the gold standard.

The only way to beat them is let them sit with the debt for 30 days, then pay it all back before you owe interest. Or you could outjew them. if they lend for 6 months interest free, borrow the maxium for 6 months, invest it, make money, then pay them back after 5 months and 30 days.
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2011 KTM 990 Dakar
2009 BMW 1200 GS

[J0Al1]

Just got a Halifax 15 month 0% transactions and 3% balance transfers...

Will concolidate whats left (in 15th months) with what remains of my loan. Which should be for a much better rate than the 17.9 the card then goes up too! I hope for no more than 10%.

[t121anf]

[Kradmelder]

[stinkwheel]

I think you should abandon the idea of buying a new bike and insurance on credit and just save up until you can afford both.

By your calculations, this should take less than 12 months.
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“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.

[Bubbs]

[GrumpyGuts]

[Irn-Bru]

I got my first CC earlier this year, looked into alsorts of cards like you're after but they usually require you to have a certain income, very good credit score etc. I ended up going with Barclay Card Intial, basically a starter CC with £800 limit, which raises as you pay it off on time, up to £1,200 limit now. You have something like 54 days to pay stuff back from the start of the new month so it's useful.

I tried to apply for an Asda CC for the 0.5% cash back the other month and got knocked back Oh well.
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KTM 990 SMT & Suzuki DR-Z 400 SM

[LordShaftesbu...]

[willis1337]

This is the definative site for all things money:

https://www.moneysavingexpert.com/cards/best-0-credit-cards


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Current bike: KTM SD1290GT
Previous bike: BMW K1300S

[J0Al1]