Credit Card Section

How To Borrow Money at 3.9%

April 2005

The Personal Finance world for many people is a game. Learn how to play, learn the rules and you can find some outstanding deals. Case in point is how to easily borrow money at 3.9% when current UK base rates are 4.75%.

One of the problems with the 0% Credit Card shuffle is that you've got to be organised and many aren't, or at least many find out too late that they aren't. Also, you've got to change cards every 6-9 months and there's always the possibility that the card companies will be onto your game, and refuse to play so jacking up the rate from 0% to say 14.9%.

Perhaps a better solution is to move the debit balance of your cards over to the Texaco Card which offers an outstanding rate of 3.9% for the lifetime of the balance, or put it more simply, till the debt is paid off.

Moving House/ First Time Buyer

Here's a good example of how you can use this card.

• Make sure you have a present credit card
• Also make sure you have the maximum credit possible, or at least the maximum amount that you'll need for your purchases
• If your credit limit is too low then call the card company and ask for a higher limit, 8/10 they'll agree to this
• Buy your new sofas, beds, house furnishings on your credit card
• Then apply for the Texaco Card and transfer the total balance of your present card over
• Note : it's actually best to apply about -12 weeks beforehand so you can determine your maximum credit limit. Chances are they'll give you a standard £1,000 limit but this can normally be increased by sending details of higher credit limits with other Credit Cards
• Once you have the Texaco card you have up to 6 weeks to transfer balances over
• You're now borrowing money at 3.9% until you pay the debt off (usually the minimum payment is 3% a month)
• IMPORTANT - Do NOT use the Texaco card again because you'll find that the Card won't let you pay off these 'new' debts before you pay off the original balance transfer and the new charges on the card won't be at 3.9%
• This is what we mean by learning the rules of the game

Other Uses

• Of course, you could also look to buy a new car using the above trick, it really doesn't matter how you spend the money on the original card
• Also look into the fact that Texaco Card may let you transfer balances from a number of different Credit cards - The Virgin card lets you do this on 0% balance transfers

Summary

There is simply not a better deal in all of the UK right now. However be aware that your Credit Rating must be ok. Better to check these facts out beforehand. One simple way to do this is to apply for a new credit card via the internet (anyone will do) and then once accepted don't sign and return the formal application that will be sent to you.

But if this all seems like too much hard work then look no further than the Alliance & Leicester Personal Loan offered at 5.9% - Click Here

See Also

• Texaco Card
• Alliance & Leicester Loan at 5.9%
• Find's List of Credit Card Providers
• Find's List of Loan Providers