Using a 0% cc to rid myself of a personal loan

Weyland_Yutani

Hi all, i hope someone can point me in the right direction with this.

Im looking to take out a credit card with a 0% option to stop payin interest on my current personal loan, my bank overdraft and my old credit card.

The total amount of debt is roughly £2000, but obviously im making little headway into that each month what with paying interest etc.

My orginal idea was to get a card with 0% on purchases, withdraw the money needed for each item (loan etc), pay them off, and then settle the balance on the new credit card before the 0% interest offer finishes.
However, i think im probably being naive in thinking that a '0% on purchases' offer would include withdrawals. I hope not, but its more than likely.

Can somebody please clarify this for me, and if my cunning and devious plan is based purely on optimism as opposed to actual fact, perhaps offer me a better solution?

Any help offered - even a heckle or two - would be greatly appreciated.

Thanks for your time

td_007

Weyland_Yutani wrote: »

My orginal idea was to get a card with 0% on purchases, withdraw the money needed for each item (loan etc), pay them off, and then settle the balance on the new credit card before the 0% interest offer finishes.
However, i think im probably being naive in thinking that a '0% on purchases' offer would include withdrawals. I hope not, but its more than likely.

Withdrawals are just that - withdrawals and will not be considered purchases! You will be hit with withdrawal fees and huge interest for the moment you make a withdrawal - in short this will not work

Backbiter

It would work to a degree if you use you 0% purchases card for ALL purchases for a while until you've used the money you would have spent on those purchases to clear the loan. And then clear the amount you've run up on purchases before the 0% period ends.

That would in theory save on interest on the loan, and there'd be no bal transfer fees.