Transfer Loan to 0% Credit Card

Mark-W_2

Hi,

Im trying to think of the best way of getting my existing northern rock loan onto a 0% credit card.

Loan Amount £3,690.01 @7.9%

I have 2 cheques for my Barclaycard, the first offers 0% for 6 months with a 2.5% fee, the second offers 6.9% for the life of the balance with no fee.
I have just spoken to Barclaycard and they say I can pay off the loan with either cheque.

My idea was to use the 6.9% (no fee) cheque to transfer the balance to the Barclaycard, then get a Sainsbury’s Advantage 0% BT card with (no fee) and transfer the balance to it.

I don’t think I would pay any interest on the Barclaycard as the balance would be paid off in full before the due date.

Does this sound ok?

Thanks for any replies.

GaryTravers

well it depends.....

you say you are thinking of getting another 0% BT card to use, you MIGHT wanna think about that and how high the limit will be on it, and transfer straight to that.

or using the 0% cheque with barclaycard for the 6 months paying off what you can, then see about another 0% BT card.

hopefully others will give you more insight, but i think i would say you need to think will any new card have a high enough limit for you to transfer to it?

good luck either way