Can you pay credit with credit?

MascaraMinx

I have a loan with a ridiculous interest rate (15.9%) and I want to move it to something with a cheaper rate. I have fairly good credit score (870) and the balance is about £5700. I was thinking of trying to pay it with a 0% card like the post office one, but I don't know if they'd give me that kind of limit. Also I don't know if you can pay a loan with a card (although could I get the balance transferred to my current account and pay it from there?)

And I would be grateful to hear any other suggestions too.

Thanks

MoneyMagnet

I had a Lloyds loan some time ago that I wanted to pay off with a 0% CC, but on checking the T&Cs discovered that they only accepted cheques or debit cards. I don't know if this is normal for loans (would make sense if it was though) - maybe different companies have different policies, and it would be worth checking with your loan provider?

I have a Virgin card, and quite regularly get letters from them saying, why not simplify your finances & transfer your other CC balances, overdrafts, loans etc onto the card. It's not something that interests me, so I've never paid that much attention to the letters & am not sure how they do it, but I think they said something about using CC cheques - not a good idea! :eek:

Maybe you could get a lower rate loan instead if it doesn't work out with the card?

steffzi

I'm not sure, I paid off my egg loan this morning and he explained they wouldnt have taken a card, I wanted to pay by transder anyway so that was okay.

Hope it works out.

S x