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Using my card instead of a loan
pierre11
Posts: 1 Newbie
in Credit cards
Hi Everyone,
Iv'e just been turned down by alliance & leicester for a £5000 unsecured loan. I'm a bit gutted actually because I see my credit history as pretty damn good. I have just 2 payments left on a £9000 loan that never skipped a beat in 5 years!!
My local bank (Barclays) have quoted me an APR of 19.9% over 5 years which I think is scandalous, but I suppose in the current climate I'd be lucky to get better.
My question is this, would I be reading things correctly if I were to say it would be cheaper for me to just spend £5000 on the MBNA card at 15.9% APR than to accept a loan offer from my personal bank, (Barclays) at 19.9% APR. Or does APR actually work differently with credit cards? .. Sorry if this I appear stupid, but I'm not too clued up on this kind of thing.
Any advice much appreciated.
Iv'e just been turned down by alliance & leicester for a £5000 unsecured loan. I'm a bit gutted actually because I see my credit history as pretty damn good. I have just 2 payments left on a £9000 loan that never skipped a beat in 5 years!!
My local bank (Barclays) have quoted me an APR of 19.9% over 5 years which I think is scandalous, but I suppose in the current climate I'd be lucky to get better.
My question is this, would I be reading things correctly if I were to say it would be cheaper for me to just spend £5000 on the MBNA card at 15.9% APR than to accept a loan offer from my personal bank, (Barclays) at 19.9% APR. Or does APR actually work differently with credit cards? .. Sorry if this I appear stupid, but I'm not too clued up on this kind of thing.
Any advice much appreciated.
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