Loan transferred to 0% CC

tootles_2

I am considering transferring a loan of approx £4500 to a credit card via a balance transfer, I figure that I would rather not be paying the 9.7% interest for another 3 years, would rather try and increase the payment to a 0% CC. Its a fixed rate loan......any suggestions as to which card would be the best, it would have to be one that provides cheques to do the transfer I presume.

YorkshireBoy

You need a credit card that provides Super Balance Transfers (SBT's). Click the 'Super BTs' link in the blue box above your post to see further details.

Also, check for any early repayment penalties that may apply to your loan. Somebody who understands loans (I don't!) will be along shortly to tell you of a possible way to avoid them.

[Deleted User]

Re the loan, some loans have penalties, some don't. The way to compare is to

*add up the repayments you have left

and compare with

* the settlement figure on the loan plus future interest charges on the cc (after the 0% period etc).

If the latter is greater than the former then don't do it!

The penalty for early settlement is usually a couple of months interest but that should be set out in the credit agreement you signed.