credit card balance transfer or loan ?

DMC75_2

hi,

I have put cost of conservatory on credit card £6000 with sainsburys

should I balance transfer or loan with sainsburys at 7.9%?

martafdz

I think loan would be better.. but do not decide Sainsburys just because the rate looks good, those rates are not fixed usually, they depend of your personal circumstances and credit score, etc. I would ask for several quotes around from almost every bank.

You always pay more interest on a card than on a loan. If you transfer the balance, you also have to pay a fee on top of it. Beside that, they usually have really strict rules, you have to be sure you always pay the payment on time because otherwise you lose whatever deal you have, and you pay high amounts of interest.
Have you seen how much is the interest free period (if any)? How much are you going to pay after that per year? Even if they give you a 1 year interest free period, you will probably pay more interest in the next years than if you pay interest from day one with a loan.