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Can i pay off a loan with a credit card?

norbertt
norbertt Posts: 5 Forumite
in Loans
Can i pay off a loan with a credit card and only inccur the normal 3% transfer fee or would any other fees normally be charged? Thanks

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    Depends on whether your loan company will accept payment by credit card - most don't. If they do happen to then it would be treated as a purchase.

    If they don't then usually you need to have a credit card that allows money transfers - where you pay the money into your current account and then pay the loan off from that. Only some cards allow money transfers (aka super balance transfers) and they usually charge a slightly higher transfer fee for these types of transfers - list of cards that allow money transfers here - http://www.stoozing.com/sbt.php
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