Car Loan to 0% credit card?

Clasics

Just got a M&S cc with 0% for 6 months (credit limit £7,000) and no bal transfer fee. I have a car finance with HSBC with approx a year to run and the figure I've been given to pay it up is £3,000 approx. I have an Egg card (not Egg money) with nothing on it but obviously no 0% offer until my anniversary in October. My desire is to pay off the car finance and end up with it on the 0% M&S card then maybe transfer it to the Egg card on my anniversary, giving me effectively about 11 months at 0%. Is there some way of doing this that involves the Egg card? I seem to remember reading this a while back. Sorry if it's a stupid question but I'm no expert at this sort of thing. TIA!

crawley_girl

I think you have it sussed it yourself

car --> M&S --> Egg (when 0% with M&S ends)

Unless M&S won't pay off loans, then transfer on to Egg then on to M&S straightaway and then back on to Egg (when 0% ends with M&S)

Good luck

:heartpuls CG :heartpuls

Alt

You need to calculate the total cost of the transfers, as the cost of the balance transfer fee on the Egg card might not make it worthwhile.

crawley_girl

£50 max for the Egg card... I know cos I did it last week

YorkshireBoy

crawley_girl wrote:

£50 max for the Egg card... I know cos I did it last week

The OP will pay a 2.5% uncapped BT fee to move any remaining balance to Egg for their anniversary offer later this year.

crawley_girl

Apologies if I got it wrong but mine was a max of £50

YorkshireBoy

crawley_girl wrote:

Apologies if I got it wrong but mine was a max of £50

Egg have recently written to customers to tell them the Egg Card's T&C's change on 1st May, and that all BT's made on a 0% rate or other 'special promotion' after this date will be subject to the new uncapped 2.5% BT fee. Haven't you been notified?

crawley_girl

Nope. Good job I did the balance transfer last week then.

Thanks for the info thou

:heartpuls CG :heartpuls