loan vs credit card

star69_2

Hi All

Need a bit of advice and it's not sinking in when i try work in out,
I have a loan with settlement figure of £3200 with 28 more monthly payments left , ive just had a offer from sainsburys bank of 3.4% balance of life deal credit card with 3% fee,

Am i better sticking where I am?

thanks

stephane_2

if you have enough credit on CC and if interest on CC are lower than loan which probably will be then it would be a good idea to transfer loan onto CC. You'll have about £96 fee to pay for transfer.CC provider will transfer up to 95% of your credit limit

thriftymomma

I don't think you can balance transfer a loan directly.

stephane_2

That is correct, it would need to be a credit card which offer the option to transfer cash to current account "super balance transfer" with a card like (MBNA/Virgin, Egg, Post Office)