Paying off loan with credit card

sho84

I was thinking about applying for a credit card that has 0% on balance transfers (or at least a rate lower than my loan rate) and paying off my loan with it, is this possible?? If so how do i go about it?

I took out a small loan (£1000) with Halifax for 18months in Jan 06 the rate is 16.9% and the monthly payments are £64.40

Any advise would be appreciated!! Thanks

Blue_Lou

Sounds good.

I did the same last year. There were no problems.

Halifax One
Barclaycard
Capital One

They have offers on at the moment they may help. I personally think it'd be funny if you used a Halifax card, transferred the settlement figure to your current account and paid off your loan with it meaning you owe Halifax less by borrowing from itself

(I hate Halifax).

$17mma

Paying off your loan with a 0% card is a good idea but there are a few thnings you need to remember.

Whatever card you choose ensure that it can do Super Balance transfers, which means that it can transfer the funds into your bank account so you can pay off your loan. Most cards cant/wont do this.

Get rid of any payment protection if you have any on your loan and see if you can get a refund on it which could reduce the amount you have to pay back.

Also you need to find out if you will be penalised for paying your loan early and how much this will cost.