Credit card - Loan

Sbx_3

Can anyone advise me . I have a current £8k loan with A&L and want to move this to a 0% card can this be done under balance transfers without incurring the higher interest rates. Thanks

IWantToBeFree_2

If you get a card from which you could do a super balance transfer it would be possible, a super balance transfer is one which you can transfer to your current account.

You need to consider a few things first though, you usually get charged around a 3% fee which would be £240, and you could incur early redemption penalties on your loan, depending on the interest rate, savings could be massively reduced.

Also, if your loan is front loaded with interest you would not save anything by paying it off early.

Sbx_3

Thanks for the advice not knowing too much about the cards is there any one in particular that do super balance transfers?. I have just applied for the Capital one card listed on this site.

IWantToBeFree_2

MBNA do super balance transfers, Virgin cards are run by MBNA and they currently have a 0% BT for 16 month promotion.

Egg also do I think.

I do think that the most important thing to do though is check the repayment terms on your loan and see if the interest is front loaded otherwise you will be wasting a 3% BT fee.