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loan-credit card-transfer.

aledclifford
Posts: 2 Newbie
in Credit cards
i have a 5k loan which i pay £140 a month for. I'm looking to transfer this on to a O% credit card. if i pay the same amount each month i'll pay the debt off quicker. Unfortunately, i'm unable to find a credit card that'll accept balance transfers from a loan to a credit card:mad:. Does anyone have any advice? Many thanks.
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Comments
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the MBNA stable of cards will allow a BT to your current a/c from where you can pay the loan off.
Do bear in mind that the 0% will only last a limited period (say 12months) after which you will start to pay the full rate (often over 20%)0 -
execlent. thanks for taking the time.:beer:0
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........and you pay a 4% fee on top of the amount you transfer into your bank account.0
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A few things to watch out for:
1. There may be an early settlement fee on the loan.
2. If you only pay the minimum on MBNA (1%) each month you'll owe considerably more in 12 months time than you would have done on the loan.
3. If you breach the T&Cs your 'loan' could finish up on 25%+ APR (if you miss the opt out clause in the notification letter).
4. 0% deals may not be around in 12 months time. If they are, they may have 5-6% fees attached and/or be of much shorter duration.
What's the APR on the loan? Would a 5.9% APR (plus 1.5% fee) LOB card be a better option for peace of mind?0
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