Can i.......

NaughtyNick_2

Pay a loan off with a credit card?

I currently have a loan with the AA which finishes in about 3 years. In 2 weeks i might be jetting off to Ibiza for 4 month so i need to keep my monthly payments to a minimum. I was thinking of getting a new credit card with 0% interest for 6 months and using it to pay off my loan and pay the minimum payments while im there. I have my car to sell when i get back to pay the card off. I dont usually agree with credit cards but what else can i do and is this a bad idea?

---lee---

I suppose you could pay off the loan by writing a cheque drawn against the credit card account, but I would be wary of this as the CC companies usually levy heavy fees for these types of cheques. I think Martin covers this in his CC article (linked at the top of this forum).

You can call your loan company to obtain a settlement figure which will show you exactly what remains to be paid on your loan.

YorkshireBoy

You'll need a card with Super Balance Transfer capability.

However, I think it's fair to say that you won't have time to get it all organised before you go.