Balance Transfer QUick QUestion (new to CC's)

Guesty6

Hi All,

I have an outstanding loan that I have been saving to pay off, i am currently £800 short of my settlement figure and paying nearly £2 of interest per day apparently!

If i was to get a CC with 0% balance transfers, could I pay off the loan and pay the CC back over the 6/12 month period in installments

I realise most cards charge a small fee for transfers, 2-3% so that would cost me about £15-20.

I already have one Card with A&L but have never used it, think its about a £350 limit and had it over a year now so the 0% may have expired

Help would be appreciated and thanked!!

CLAPTON

you can't in general use a CC directly to pay off a loan.. you need one that allows you to BT from your currrent a/c .. the MBNA stable of cards allow this.

Guesty6

Yeah, I will be transfering the money into a current account and then using that to pay the loan with the money I already have saved towards it.

There is an Abbey Zero card, would they pay into an Alliance&Leicester or Lloyds Bank account do you think?

NickX

Guesty6 wrote: »

There is an Abbey Zero card, would they pay into an Alliance&Leicester or Lloyds Bank account do you think?

No, Abbey Zero does not offer Super Balance Transfer (SBT) capability.

As Clapton says you need a card run by MBNA (e.g. Virgin, Sony, MBNA itself etc).

Guesty6

Nice one, thanks for your help!