getting credit card to pay loan can you help?

candy69

Hi,
I`m wondering if any one thinks its possible to and if so is it a good idea to apply for a credit card with 0% on purchases to pay my loan off.I have 18 months left on my loan so I thought maybe I could get a card offering 0% for 9mths then after 9mths change to another card offering 0% on balance transfers.Also I dont know how much my credit limit would be on a new card but my loan is around £2000 left to pay..Does anyone have any experience or wisdom they could share with me please?

primester

Virgin are offering 0% for 16 mths .. might be useful

Hucks77

Ask your bank if they will accept one of the credit cheques for payment from a credit card provider.

I did look into this but was told by HSBC they wouldn't accept it.
This was in pre-credit crunch times and they may have a different attitue now!
From memory there may have been a Consumer Credit Act reason to them refusing to do it, if so you maybe stuck.

mcmanlyn

The virgin cards 16 months 0% counts for money transfers too - so you can transfer the money into your bank pay off the loan and still pay 0%.

Don't think there is anyway anyone can guess what your limit would be - depends on your circumstances.

You'd also need to check that they won't charge you an early repayment fee for settling up on your loan - I have one that does this unfortunately...

sparkey1

Virgin will charge 3% for the balance transfer. At the end of the period they will also adjust your APR. There are loads of complaints on here about rates being increased to 34.9%. Virgin min repayment is min + £5 so be awareif you only pay the minimum, then after 18 months, you will only have paid £90 off.