Best Visa card or other way to finance a house extension

[kingkongsfinger]

Quick question for the gang.

Building an extension on my house (man cave), it will cost circa. £15K.
I will be project managing it. Build will take 6 months.

I have the cash in the bank but would like to finance it via an interest free Visa/credit card. Paying off the balance (minimum if need be) every month, paying for materials, services and labour etc. via the card and then settling the balance at the end of the build?

This will give me the freedom of still having some cash in the bank for other things(non build related) that may crop up in the future.

It will also be good to see the statement on the card to actually see how much I'm spending/where I am financially.

Can anyone recommend a card or is their a better way of achieving this?

Cheers Jay.

[Nickbrapp]

You will be very lucky to get a credit limit that big, there's 2.9% loans around which may suit you better?

If not barclaycard tend to offer the highest credit limits but I really doubt you'll get £15k.

[The Moose]

I'm not sure the limit is going to be the biggest issue for you - I'm not sure you'd be able to pay for most of the labour with a credit card? Materials most likely at the merchants but not the other bits

[mike9009]

Surely, you should only apply for a loan/ credit card if you need to spend on 'other' things.

It seems a little needless applying, in case you need more? Are you anticipating other bills which need this money anyway?

Mike

[Nickbrapp]

The Moose said:

I'm not sure the limit is going to be the biggest issue for you - I'm not sure you'd be able to pay for most of the labour with a credit card? Materials most likely at the merchants but not the other bits

Yes finding a builder that will take a CC will be harder, money transfer credit cards exist but expect to pay a transfer fee, Halifax where doing a no fee as do Tesco but again will a new lender give you 15k off the cuff?

[williaa68]

£15k borrowed from Sainsbury's bank over 12 months would cost you £15241, less than the balance transfer fee on most cards?

[John D.]

Virgin credit cards are doing money transfers/purchases 0% for 32 months. Small fee up front on the transfer. Money Saving Expert was recommending this as a good source of cheap credit recently.

[davepoth]

Why not do it the other way around - spend the money on the extension and then use the credit card for any purchases you might need?

[kingkongsfinger]

Ordered a Virgin credit card, £5K limit and interest free.

Will try and purchase the materials with this so I can keep some cash spare, just a back up really and it obviously wont pay for all the job.

As for labour, your right. Cash is king.;)