Credit Cards to pay off Loan?

jamesd

You save the interest on the remaining balance of the loan until it is paid off. So nothing to pay back to you but you save money anyway.

frankquietly

JamesD, I am a little confused. I was under the impression the egg settlement figure includes all interest that will fall liable over the course of the full loan period. Are you saying that by settling early I will somehow circumvent some of this interest?

YorkshireBoy

frankquietly wrote: »

I was under the impression the egg settlement figure includes all interest that will fall liable over the course of the full loan period.

Under the impression?

How much is there still to repay (monthly amount x no of months remaining)?

How much is the settlement figure for early repayment given to you by Egg?

The first minus the second is your 'saving' isn't it?

Simon_Pugsley

NickX wrote: »

Only a few rather special cards have this facility (known as SBT or Super Balance Transfer)

These cards include Egg, Egg Money, Post Office Card and any card administered by MBNA (including the Virgin range of cards)

In addition MINT periodically issue Credit Card Cheques that can be paid into a Bank Account at Balance Transfer rates. However, this is the least satisfactory option because the cheques cannot be ordered and you never know when they are going to drop through your letterbox.

So are these the only cards that allow you to pay off loans. Im looking to transfer the balance of my further loan on my mortgage of £6000 at 7.14% on to a 0% credit card.

Can other cards, except the ones mentioned be utilised to pay of my loan or not.

Many Thanks

YorkshireBoy

Simon_Pugsley wrote: »

So are these the only cards that allow you to pay off loans. Im looking to transfer the balance of my further loan on my mortgage of £6000 at 7.14% on to a 0% credit card.

Can other cards, except the ones mentioned be utilised to pay of my loan or not.

The cards capable of transferring a balance (whether real or ficticious overdraft) from your current account (ie a Super Balance Transfer, or SBT) are denoted by a red marker on this table...

http://www.stoozing.com/0fees.php

You'd then settle your loan from your current account.

Simon_Pugsley

Sorry, also are the same cards listed above the only ones able to transfer the available credit balance to a bank account.

Sorry for the double post

Thanks

Simon_Pugsley

YorkshireBoy wrote: »

The cards capable of transferring a balance (whether real or ficticious overdraft) from your current account (ie a Super Balance Transfer, or SBT) are denoted by a red marker on this table...

http://www.stoozing.com/0fees.php

You'd then settle your loan from your current account.

Much appreciated...

COOLTRIKERCHICK

sorry to jump on this thread,

we have now got a virgin credit card and transfered our bal from cap one, which the 0% was just about to end, i didnt realise until reading this thread that you could also transfer a loan onto the 0%.

i have a business loan which to be honest is taking the michael with the interest rate, bgut i was desperate to have then money to buy a much needed secondhand van... 6 months down the line with the loan i have only paid £14 off the actual loan amount:eek: ...

there is £1600 left on the virgin credit card that i can transfer over to pay some of the loan off, which then leaves another £1100 on the loan..

could i apply for lets say the egg card then max it out by transfering the max amount into my account, pay off the bal of the business loan £1100 and then stash the rest into a higher interest easy access account, which can be used to pay the min payment each month, until the final month before the 0% ends, and then pay off the bal, ( or transfer to anotehr 0%) and carry on paying min payment from the intest account.

or if i cant aply for the egg card, which one can i apply for, which will do the above, ( as it might be the same company as the virgin card)

I know there wouldnt be loads of interest earned, but it will be something..

hope all that made sense..lol...

NickX

COOLTRIKERCHICK wrote: »

could i apply for lets say the egg card then max it out by transfering the max amount into my account, pay off the bal of the business loan £1100 and then stash the rest into a higher interest easy access account, which can be used to pay the min payment each month, until the final month before the 0% ends, and then pay off the bal, ( or transfer to anotehr 0%) and carry on paying min payment from the intest account.

Yes this is reasonable plan.

You can hold multiple MBNA cards at the same time, so you could apply for another MBNA card rather than Egg, but not another Virgin card.

Also the Post Office Card allows Super Balance Transfer aswell.

COOLTRIKERCHICK

NickX wrote: »

Yes this is reasonable plan.

You can hold multiple MBNA cards at the same time, so you could apply for another MBNA card rather than Egg, but not another Virgin card.

Also the Post Office Card allows Super Balance Transfer aswell.

great thanks NickX.. just wanted to be sure, .....:beer:

i think i have finally got my head round this stoozing.....:j